Rs 12 premium – Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Today, Mr. Narendra Modi has launched Pradhan Mantri Suraksha Bima Yojana Scheme (PMSBY) which offers Rs 2 Lakhs accidental death benefit insurance plan with just Rs 12 premium per annum. You would spend Rs 12 for a cup of tea or coffee. Why not spend Rs 12 for Rs 2 Lakhs accidental death insurance coverage? This is low cost accidental death scheme promoted by Govt. of India. What are the features of Pradhan Matri Suraksha Bima Scheme? How to open this low cost Pradhan Matri Bima Yojana scheme with the banks?
Features of Pradhan Mantri Suraksha Bima Yojana
- This is simple plan which covers Accidental death benefit, total disability and partial disability.
- Sum assured is Rs 2 Lakhs for accidental death benefit and total disability benefit
- Sum assured is Rs 1 Lakh for partial disability.
- Age of entry is 18 to 70 years of age.
- Premium payable is Rs 12 per annum.
- Premium is same for all age groups of 18 to 70 years. This is one more unique features of this scheme.
- This scheme is promoted by Govt. Of India.
- Any individual who has Aadhar linked Savings Bank Account can opt for accidental insurance plan. They need to approach their bank and subscribe to this plan.
- This accidental death plan is for 1 year for the period 1-Jun to 31-May. One can inform their bank and opt for long term and premium would be deducted every year in May month.
Also Read: How is Pradhan Mantri Jeevan Jyoti Bima Yojana Life Insurance plan which comes with Rs 330 Premium?
FAQ’s of Pradhan Mantri Suraksha Bima Yojana
When this scheme would open for subscription?
This scheme has already opened for subscription, however the effective date of this plan would for the period 1st June, 2015 to 31st May, 2016
What is the premium charged for this life insurance plan?
The premium is Rs 12 per annum, which is same for all age groups.
Who would be nominee under this accidental death scheme?
While applying for this scheme, one need to provide a nominee name for this scheme. In case of unfortunate death of the life insured, sum assured would be paid to the nominee of this plan.
What are the tax benefits of Pradhan Mantri Suraksha Bima Yojana?
Though premium is small, premium paid is eligible for tax deduction u/s 80C of income tax act. In case of unfortunate death of the life insured, life insurance proceeds are tax free. However, any life insurance proceeds in excess of Rs 1 Lakh would attract a 2% TDS in case they have not submitted any Form 15G / Form 15H.
Who is offering this Pradhan Mantri Suraksha Bima Yojana Scheme?
This scheme is promoted by Govt. Of India. All public sector general insurance companies are offering this scheme in tie-up with banks. Other private life insurance companies can join this scheme in collaboration with any bank.
Is there any termination clause in this Suraksha Bima Yojana Scheme?
This accidental death scheme would be terminated in following cases:
- Once an insured individual attains 70 years of age.
- If he or she closes account with the bank where they opted for this scheme.
- If he or she does not keep sufficient funds to renew / pay insurance proceeds in the future who has opted for auto debit facility.
- If any member has covered through more than one account and premiums are deducted for more than 1 account.
Can I join this scheme after 1st June?
Yes. You can join this scheme any time during the year.
I have opted for this scheme, but exited due to some reasons, can I rejoin?
Yes. You can rejoin any time in case you have exited before for some reasons.
Whom I need to contact in case I have any query or question about this scheme?
In case anyone has any questions, they can contact toll free nos. 1800 110 001 or 1800 180 1111 or visit www.jansuraksha.gov.in
Also Read: Which are the cheap and best Term Insurance Plans in India?
How to subscribe for Pradhan Mantri Suraksha Bima Yojana?
You need to have Aadhar linked Savings Bank account to subscribe to this accidental death benefit scheme. You can approach your bank, fill a simple application form of Pradhan Mantri Suraksha Bima Yojana and submit to your bank account. Many banks are offering simple SMS facility now where you can do it in 5 seconds.
Should you subscribe to Pradhan Mantri Suraksha Bima Yojana?
There is no doubt this is a very good scheme promoted by Govt. of India, which offers accident death benefit for just with a cost of a cup of tea. You can consider this scheme. Like I indicated earlier, if you observe, the sum assured of Rs 2 Lakhs is small. You can consider this as additional accidental death insurance coverage. You can suggest this option for your friends / relatives / housemaid at home / your drivers who are in low income group. Premium of Rs 12 per annum is nothing.
Readers, what is your view on this Pradhan Mantri Suraksha Bima Yojana accidental death scheme promoted by Govt. of India?
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Suresh
Pradhan Mantri Suraksha Bima Yojana
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can a mother/sibling act as a nominee?
Sir, My father expaired on unnatural death and he was a member of 12 rupees PMBSY. Does the nominee illegible for death claim.
If your father has expired due to accident, you are eligible for this. Pls approach your bank where you have enrolled for PMBSY
Sir, Fews day back my father died of Heart attack. He was a member of 12 rupees PMBSY. Does the nominee illegible for death claim.
Hi Gautam, The coverage is only for accident. Since heart attack is not accident, you are not eligible
Dear sir,
With due respect. My father also join the insurance of 12 rupees PMJBY in 2015. And last year march 25, 2017 I lost my father an accident. So please give me your favorable reply regarding settlement of the insurance amount, supporting documents for this and customer care contact no. My mail
Hi my father is die due to heart attack.how am alligiable for this offer
Sir, my father dies due to illness. He was member of this scheme. Shall we claim?
Rajesh, One can claim only if the insured individual dies due to accident. Since your father died due to illness, you are not eligible to claim this
Is this applicable for heart attacks
Hello sir i have a confusion regarding this policy actually i want to ask that this policy include death due to brain haemorrhage, GI bleeding or any other disease… Plz tell me sir..
The claim is possible in suicide case.
The plan is released in the month of june 2015 and the term is for one year till may 2016… Can I subscribe it now, in the month of february 2016?
can any body tell me if nothing happens will I get any amount and what is the tenure of this policy to get the amount back
This is pure accidential death plan. If something happens, you would get amount, if nothing happens, you would not get any amount.
I have a doubt. In the case of accidents, we have motor vehicle third party/full insurance coverage. Let one has taken PMSBY also. Whether he is eligible for getting both these insurance benefits? (I have heard that one person will get only one insurance for the same reason. Is it true?)
Ajith, Yes, all these are counted seperately for benefits purpose.
Can I apply multiple lots and also can I apply for different policies for multiple beneficiaries.
What is the claim procedure? Will it be running from pillar to post?
Hi, Policy is issued by an insurance company. It would be like normal insurance plan where one need to approach insurance company for claim.
Mr.Suresh, Incase of partial fracture or damages leading to physical injury / disablement will this be eligible to claim?
Hi Swami, Partial disablement is where a individual may not be able to perform his day to day activities which could lead to loss of job/work. Partial fracture may be recovered in 2-3 months which is not eligible.
Thnaks Suresh.. Nice one..
could you brief the difference between Life Insurance and Accident Insurance of Government scheme…
Accidental death insurance is any death strictly due to accident. . Life insurance covers death for every thing excluding suiside, where certain clauses are applicable for it.
Sir,
Please suggest me:
I am having savings account in Indian bank. Can i open this scheme over there.
I am not having Aadhar card. And also if i had already lic term insurance plan in my name, can i open this scheme?
Pls submit Aadhar card to Indian bank and you can opt by filling the form.
What if Bank refuge to accept /give this policy /service ?
Banks cannot refuse. This is offered by general life insurance companies in tie-up with banks. If you are eligible, insurance companies has to accept it.
If a person has applied for this and also Pradhan Mantri Jeevanjyoti Bima Yojana, and in case of death, does the person assured get 2 + 2 = 4 Lakhs?
Hi DM, In case of death due to accident, one would get Rs 2 Lakhs. If it is non accidental death, they would get only Rs 2 Lakhs as per Jeevan Jyoti Scheme
Hai Suresh.
What a co-incident! In my office I am discussing with my colleague about this scheme and we have
covered more than 25 employees who haves bank accounts under this scheme.
At that time I saw your posting and I took out a printouts of yours and gave it to all staff.
Very nice / simple/ easily understandable.
Really I appreciate your timely efforts. Thanks & regards. s. ravi chandiran. 9894828077
Good to hear that it was useful fir you Ravi Chandran
Is this available to salaried class also?
This is for every individual who has saving account