Last updated on February 16th, 2023 at 12:54 am
Pradhan Mantri Suraksha Bima Yojana benefits: The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme in India. The scheme provides accidental death and disability cover of INR 2 lakh (approx. USD 2,700) to members of the scheme, at a premium of just INR 12 (approx. USD 0.15) per year. The scheme is open to all savings bank account holders in India who are between the ages of 18 and 70 and offers a simple and affordable way for individuals to obtain accident insurance coverage. The scheme is aimed at providing financial protection to individuals and their families in the event of accidental death or disability.
Benefits of Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana program aids in your ability to be ready for unanticipated events. The PMSBY system is especially helpful if you have to deal with unexpected death or harm to you or your family. Certain characteristics and advantages of the Pradhan Mantri Suraksha Bima Yojana entice the typical person to invest in it.
One of the main benefits of the PMSBY is that it provides a simple and affordable way for individuals to obtain accident insurance coverage. The low premium makes the scheme accessible to a wide range of people, including those who may not have been able to afford more expensive accident insurance policies. The scheme is also open to all savings bank account holders in India, regardless of their age, income, or other factors, which means that it is available to a large portion of the population.
Another benefit of the PMSBY is that it offers a convenient way for individuals to obtain accident insurance coverage. The scheme allows individuals to enroll by simply providing a one-time, auto-debitable mandate to the bank, which means that the premium payment will be automatically deducted from the policyholder’s savings bank account each year. This eliminates the need for policyholders to worry about remembering to pay their premiums, and makes it easy for them to maintain their accident insurance coverage over the long term.
The PMSBY also provides important financial protection to individuals and their families in the event of accidental death or disability. In the event of the policyholder’s accidental death, the accident insurance coverage provided by the scheme can be used to help the policyholder’s family cover the costs of funeral expenses, outstanding debts, and other financial obligations. In the event of accidental disability, the coverage can be used to help the policyholder cover the costs of medical treatment and other expenses related to the disability. This can provide much-needed financial stability and security to the policyholder and their family in the event of an accident.
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In addition, the PMSBY offers policyholders the option to extend their accident insurance coverage beyond the initial coverage period of one year. Policyholders can choose to renew their coverage each year, which allows them to continue to benefit from the financial protection provided by the scheme over the long term.
Overall, the PMSBY is a valuable and important accident insurance scheme that provides a simple, affordable, and convenient way for individuals to obtain accident insurance coverage. The scheme offers important financial protection to individuals and their families in the event of accidental death or disability and can provide much-needed peace of mind in the event of an accident.
FAQs on Pradhan Mantri Suraksha Bima Yojana Benefits
In the event of the policyholder’s accidental death, the accident insurance coverage provided by the PMSBY can be used to help the policyholder’s family cover the costs of funeral expenses, outstanding debts, and other financial obligations.
Yes, you can extend your coverage under the PMSBY by choosing to renew your coverage each year. This allows you to continue to benefit from the financial protection provided by the scheme over the long term.
Yes, you can cancel your coverage under the PMSBY at any time by contacting your bank and requesting to cancel your enrollment in the scheme. However, please note that if you cancel your coverage, you will not be able to reinstate it or receive any benefits under the scheme.
For accidental death and total disability, the risk covered under the plan is Rs. 2 lakh, and for partial disability, it is Rs. 1 lakh. The account holder’s bank account will be debited in one installment for the annual premium of Rs. 20 using the “auto-debit” feature.
There are some restrictions depending on the cause of death and the kind of disability. Deaths by suicide are not covered. Non-permanent disabilities (partial disability without irrecoverable loss), unless otherwise noted, are not covered.
