Banks are sending SMS and informing their savings account holders also by way of other modes of communication about the deduction of premium towards Pradhan Mantri Suraksha Bima Yojana (PMSBY). The bank account will get debited only for these who had enrolled for the PMSBY scheme. One can even join the PMSBY scheme by filling up the application in a bank or by applying it on line immediately after logging on to the net banking of their bank.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a scheme supplying insurance coverage against accidental death and disability. It is a one-year cover and may possibly be renewed every single year by the person. For these who had currently enrolled for the PMSBY scheme, the premium of Rs. 12 per annum ( like GST) is deducted from the bank account of the insured by way of ‘auto-debit’ facility in one installment. Your bank account will ordinarily get debited involving May 25 and May 31 of every single year.
For renewal of the policy, the needed premium will be auto-debited usually involving May 25 and May 31, unless the account holder has provided a cancellation request to the bank for the policy.
The coverage period of PMSBY is from 1st June to 31st May every single year. Therefore, if one desires to continue with the scheme, the renewal premium is to be paid in the month of May every single year. It is compulsory to give consent to join or allow the auto-debit in the bank account although joining the scheme.
The eligibility circumstances are straightforward as all these involving the age of 18 and 70 years with a bank account can enroll in the scheme. In the case of numerous bank accounts held by an person in one or distinct banks, the individual would be eligible to join the scheme by way of one bank account only. If you discover more than one bank deducting the identical quantity, it is much better to method all of them except one exactly where you want to continue with the scheme.
PMSBY is an Accident Insurance Scheme supplying accidental death and disability cover for death or disability on account of an accident. Death due to all-natural causes such as heart attack and so on will not be covered.
The threat coverage below the scheme is Rs. 2 lakh for accidental death and complete disability and Rs.1 lakh for partial disability. Claim settlement will be made to the bank account of the insured or his nominee in case of death of the account holder.
Death: Rs 2 lakh
Total and irrecoverable loss of each eyes or loss of use of each hands or feet or loss of sight of one eye and loss of use of one hand or one foot: Rs 1 lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot: Rs 1 lakh