Pradhan Mantri Suraksha Bhima Yojana Scheme - Eligibility, How to Open Account, and Benefits

Pradhan Mantri Suraksha Bhima Yojana Scheme - Eligibility, How to Open Account, and Benefits: Pradhan Mantri Suraksha Bhima yojana is an accident insurance policy. This scheme provides protection against death and physical disability that occurs due to an accident. Tenure of the policy is one year and it can be renewed every year. This is one of the three social welfare schemes offered by the central government of India. Accidents, deaths, or disabilities that occurred due to natural disasters are covered by this scheme. This scheme is not applicable in case of suicide and the person’s family will not get any insurance benefits.

Pradhan Mantri Suraksha Bhima Yojana Scheme

Eligibility For Pradhan Mantri Suraksha Bhima Yojana Scheme

Any person in the age group of 18 – 70 years with a bank account is eligible to join Pradhan Mantri Suraksha Bhima Yojana. In case a person has more than one account, then he/she can join through only one bank account. Coming to a joint account, all those having names in the joint account can join. NRIs are also eligible for this scheme. But when claims are made, payments to beneficiary/nominee will be in Indian currency.

How to Open Account For Pradhan Mantri Suraksha Bhima Yojana

Pradhan mantra Suraksha Bhima yojana can be obtained from public general insurance companies and also from other common insurance companies with the support of banks. The application can be downloaded from the official website for Jana Suraksha. Fill it and submit it to the concerned bank. Few banks also have an SMS based registration process. There is also a facility to join the scheme through net banking. The yearly premium for this scheme is Rs. 12. This amount is auto-debited from the account on 1st June of every year and the insurance scheme is implemented from that date.

Coverage expires if –

• The account holder crossed the age of 70 years
• The bank account is closed or there is no sufficient amount in the bank account to continue the insurance
• If the subscriber joined the scheme using one or more accounts and is paying the premium, the scheme will be limited to one account and other policies will be cancelled.

Benefits of Pradhan Mantri Suraksha Bhima Yojana

If the subscriber dies or permanently disabled in an accident, Rs. 2 lakh financial assistance is provided. If the disability is only partial, he can get Rs. 1 lakh. Losing the eyes, two hands, or legs is considered a permanent disability. Hospital expenses are not paid through this scheme. The claim can be made only when death or permanent disability occurs in an accident.

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