12 Rs Insurance Scheme: For about Rs 12 a year, you may obtain insurance up to Rs 2 lakh. In case you’re searching for affordable insurance, this could be a viable choice for you. By paying a yearly subscription of just Rs 12, you can obtain insurance coverage for your successor up to Rs 2 lakh under the Pradhan Mantri Suraksha Bima Yojana 2024.
Contents
What is the Prime Minister Security Insurance Scheme 2024?
If someone is killed or rendered crippled as a result of an accident, they may file a claim for the insurance amount under the Pradhan Mantri Suraksha Bima Yojana, an accident insurance policy. This program has an annual renewal requirement and an expiration date of one year. Under this insurance plan, an individual receives an insurance payout of Rs 2 lakh in the event of an accident-related death or total disability. In the event that the accident leaves the victim partially crippled, he will receive Rs 1 lakh. Because the premium for this scheme is only Rs 12 per year, it is especially advantageous for those who are less fortunate financially.
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How to get insurance of Rs 2 lakh for Rs 12?
Pradhan Mantri Suraksha Bima Yojana is simple to apply for; just visit any of the nearby bank branches and complete the paper application. In addition to this, Bank Mitra is another option for purchasing this policy. In addition to banks, insurance brokers and certain insurance companies also sell insurance products under the Suraksha Bima Yojana. This scheme is linked to your account. You also immediately incur an expense to your savings account for the premium. Every year, the deadline falls between May 20 and May 31. It will automatically renew every year once you finish it. The only money that ought to be in your account is the amount of the premium.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) 2024 Overview
| Name of the scheme | Pradhan Mantri Suraksha Bima Yojana. |
| Started by. | Prime Minister Narendra Modi. |
| When started. | 2015 |
| Official Website | Pradhan Mantri Suraksha Bima Yojana |
| Who can get insurance? | Indian citizens aged 18 to 70 |
| Claim amount. | Rs 2 lakh in case of accidental death. |
| Toll free/Helpline number | 18001801111 / 1800110001 |
Eligibility for Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana is open to everybody who satisfies the requirements indexed beneath:
- Applications for the plan are open to absolutely everyone between the ages of 18 and 70.
- He or she would like to have a bank account connected to their phone number.
- An Aadhaar statistics must be provided by the candidate at the time of program application submission. Perhaps their bank account is linked to these Aadhaar details.
- A person can also handiest use one financial institution account to enrol in the program if they have several accounts with identical or extraordinary banks. all bank account holders are eligible to get the plan blessings inside the event of a joint account.
- In the case of a nri beneficiary, the nominee will only receive claim benefits in Indian currency.
Coverage in Pradhan Mantri Suraksha Bima Yojana 2024
Under the Pradhan Mantri Suraksha Bima Yojana, the following is the accident coverage:
- The insured would receive coverage of Rs 2 lakh in the event of an accident-related death or total physical disability.
- The insured will receive a Rs. 1 lakh insurance coverage in the event that he becomes partially incapacitated.
There are two options to subscribe to the plan:
- Complete and return the form by June 1st of each year. The bank will then take 12 rupees as a premium out of your account.
- The second alternative is to go with two or four years of long-term coverage, in which case the bank will automatically remove the premium from the account each year.
Pradhan Mantri Suraksha Bima Yojana 2024 Last Date
June 1, 2015, saw the start of the Pradhan Mantri Suraksha Bima Yojana, which ran until May 31, 2016. To ensure that people can benefit from this program for a long time, there is a mechanism to prolong its length as well. A customer will need to meet certain requirements if he wishes to continue with the program after this time frame. To continue to receive benefits from the scheme, the customer must deposit a premium of Rs 12 annually by May 31.
Because of this insurance plan’s low cost, an increasing number of people can obtain protection. The policyholder will maintain their access to accident coverage by paying the payment on schedule.
The facility in Pradhan Mantri Suraksha Bima Yojana 2024
The country’s authorised banks and insurance companies have all joined the Pradhan Mantri Suraksha Bima Yojana. Moreover, additional insurance companies that comply with all of the plan’s standards manage it. LIC or other private banks would eventually be joined to this project, which was launched by SBI Bank. If a person previously participated in the program but left for any reason, they may re-enroll provided certain conditions are met. The insurance will expire when the policyholder turns 70 years old. If the policyholder fails to pay the premium on time, the bank or insurance provider has the right to cancel the coverage. The insurance coverage will remain on one savings account and the premium amount deposited from the second account will end if an individual has two linked savings accounts and has paid premiums from both of them.
Benefits of Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers insurance coverage to those from disadvantaged social groups. Insurance companies from the public and commercial sectors oversee the program. Below are some of the advantages that the program offers:
- All account holders of the Pradhan Mantri Suraksha Bima Yojana are eligible for a one-year life insurance policy of Rs. 2 lakhs. This life insurance covers unintentional death and permanent disability.
- The policyholder receives a Rs. 1 lakh life insurance policy in the event of a partial handicap.
- Anyone between the ages of 18 and 70 can participate in this program.
- The account holder’s nominee may profit from the scheme in the event of the account holder’s death.
- Each member of the scheme is eligible to receive an annual premium of Rs. 12. This premium is automatically deducted in one payment on or before June 1st of each year.
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There are only three situations under PMSBY when the nominee receives the claim in the event of the policyholder’s death.
If an accident results in death, the insured’s nominee will receive Rs 2 lakh.
- The insured will receive Rs 2 lakh in the event of total disability resulting from an accident, including loss of one or both hands, one or both eyes, one or both legs or one or both legs.
- If an accident results in partial impairment, such as blindness in one eye, paralysis in one limb, or loss of function in one hand, the insured will receive Rs. 1 lakh.
| Description of benefits | Sum Assured |
| On death | Rs 2 lakh |
| Complete or partial loss of both eyes or both legs. Complete loss of sight in one eye, one hand or arm completely disabled (non-functioning) | Rs 2 lakh |
| In case of partial disability in an accident like loss of vision of one eye, non-functioning of one leg and one hand, an amount of Rs 1 lakh will be paid to the insured person. | Rs 1 lakh |
Key terms and conditions of the PMSBY scheme –
- You must maintain the balance in the account. If there is no money in the account at the time of renewal, the insurance will be considered cancelled.
- The policy will also expire if the account that is used to deduct your premiums closes.
- It is only possible to link a single bank account to the Pradhan Mantri Suraksha Bima Yojana.
- Should you neglect to make the premium payment, your policy will be deemed terminated.
Pradhan Mantri Suraksha Bima Yojana 2024 Apply Online Apply like this
The PM Suraksha Bima Yojana is simply registerable for participation by any qualified citizen of the nation. You can apply through the banks or insurance providers associated with this program. You can now take out a policy online thanks to the internet banking services offered by many institutions. In addition, texting the toll-free number to enrol in the program is another option if your cell phone is linked to the bank. Because of how easy and convenient this process is, an increasing number of people are able to benefit from this program.
PMSBY Claim Settlement Procedure 2024
If you have insurance under the Pradhan Mantri Suraksha Bima Yojana (Ormsby plan) 2024, you can receive payouts of up to Rs 12 per year in the event of an accident. The nominee is eligible for a claim of two lakh rupees under such circumstances.
This claim amount is limited to accidental death. In the event of an accident-related death, only the nominee will be qualified for this. Friends, if someone has insurance and passes away in a car accident, the money does not automatically transfer into your account. You must go through a paper process in order to do this. whichever bank or insurance provider you purchased the policy from. You must go there and complete the Pmsby claim paperwork. In addition, there will be other formalities that need to be finished.
Conditions for PMSBY Calim – 2024
Only accidents are covered by the Pradhan Mantri Suraksha Bima Yojana 2021 life insurance. For this reason, the first requirement is that the nominee will only get the claim amount in the event that an accident claims a life.
- In the event of an accident, a Panchnama or FIR must be completed.
- The nominee must notify the bank if the policyholder passes away in the event of an accident.
- It is imperative that you carry the policy with you. Additionally, the fully completed claim amount form needs to be turned in to the bank if the premium is automatically deducted.
- The claim form is available for printing from this page or can be obtained at the bank branch. since insurance providers guarantee its accessibility.
- Within 30 days following the accident, you must turn in the claim form to the bank.
- Should the policyholder have passed away, the ensuing paperwork needs to be turned in. The bank will want documents such as a death certificate, a copy of the FIR, a Panchnama, or, in the event of a handicap, a disability certificate (provided by the appropriate government).
- A receipt bearing one rupee must be signed by the nominee or the insured.
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When will the insurance cover be considered property
When will the insurance policy be deemed to have expired, how long will the policyholder receive benefits in the event of an accident, and how long will the policy stay valid? The following are the point-by-point details:
- The policyholder or his nominee (heir) will not get the benefit if the policyholder has reached the age of seventy.
- The insurance policy will also be deemed cancelled if it is not renewed because there are not enough funds in the policyholder’s account.
- A person will only receive the benefits of one insurance policy if they have taken out policies in multiple accounts. Immediately, the second policy will be terminated or confiscated.
- The amount of the premium is subtracted from the account of each and every person covered by a security insurance policy in May. In order to have his policy renewed, the individual must maintain a certain amount of money in his bank account during the month of May. In the event that this occurs, the policy will be cancelled.
Faq’s
Q. Who is eligible for PMSBY Scheme insurance?
Ans: The Suraksha Bima Yojana is open to Indian nationals between the ages of 18 and 70. The premium for a year is just Rs. 12.
Q. What is the maximum amount covered by the Suraksha Bima Yojana?
Ans: An insurance payment of Rs 2 lakh is paid to the insured’s heirs in the event of his death in a traffic accident. In addition, if a person loses one hand or one leg, they are eligible to get a claim of Rs 1 lakh.
Q. What is the PMSBY premium amount?
Ans: Pradhanmantri Suraksha Bima Yojana premiums are only Rs. 12 per year.
Q. Pradhan Mantri Suraksha Bima Yojana: What is it?
Ans: The Central Government launched the social security program Pradhan Mantri Suraksha Bima, which has a yearly premium of merely Rs 12/-. In the event of the insured person’s death, the nominee is entitled to a claim of Rs 2 lakh under the Pradhan Mantri Suraksha Bima Yojana.
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