One of the newest social sector schemes launched by the Government of India, Pradhan Mantri Suraksha Bima Yojana offers accident insurance. Realizing that less than 20% of the total population of the country has any sort of insurance, the government decided to launch a cheaper alternative that brings more people within the safety umbrella.

Like with the Pradhan Mantri Jan Dhan Yojana, the main thought behind launching this insurance scheme was to promote financial equality across all sectors of society. Financiers like Bajaj Finserv have certain requirements and eligibility criterion, following which you can avail of the benefits of this government announced insurance scheme.
Here’s all you need to know about this extremely beneficial insurance scheme:

Rules for Pradhan Mantri Suraksha Bima Yojana

To be eligible for this scheme, you have to meet certain eligibility criterion laid down by the banks. For instance, NBFCs like Bajaj Finserv expect the following guidelines to be met

  • The age of account holders should be between 18 years to 70 years.
  • In case the applicant has savings accounts across multiple banks, only one such account can be used to avail of this scheme.

If you meet the aforementioned criteria, you can apply for the scheme and get accidental death and disability insurance by government.

All the Details You Need to Know

Now that you are aware of the eligibility requirements, let’s acquaint you with what exactly the scheme offers you as an individual. First off, the insurance cover is valid for a period of one year, which for the current year is June 1, 2015 to May 31, 2016. To complete the formalities, you have to give your consent for auto-debit from the prescribed savings account before 31 August 2015.

An annual premium of Rs 12 is debited from the saving account of each individual who has subscribed to the scheme. The total risk coverage under the scheme is INR 2 lakh. The benefits are as such:

  • In case of death of the policy holder a sum of INR 2 lakh will be deposited to the beneficiary
  • If the policy holder suffers from total and irrecoverable loss of both eyes, both hands, or both feet, or loss of one eye and one hand/feet, then the beneficiary will be paid INR 2 lakh
  • In case the policy holder experiences total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot, the beneficiary will be paid INR 1 lakh.

With this article we have tackled some frequently asked questions on Pradhan Mantri Suraksha Bima Yojana. To avail the benefits of this scheme, go to a financier like Bajaj Finserv, who offers features like online account access and easy loan approval.

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