Insurance is not a newer concept to India; however, its reach is still much limited. In spite of so many insurance companies operating in India with their products and services, there are a majority of people in rural areas, who are not at all covered under any kind of insurance. Pradhan Mantri Suraksha Bima Yojana is for them.
These people are those who are mostly below the poverty line and insurance is an unaffordable service for them. PMSBY aims to reach such people with its benefited insurance schemes after the successful performance of Jan Dhan Yojana.
The premium for PMSBY is such that even the poorest of poor Indian would be able to afford it. The premium is just Rs 12 per annum for each member. This amount would be deducted from the policy holder’s saving bank account with an auto-debit facility, in the month of June every year.
If somehow, the amount could not be auto-debited from the policyholder’s account on 01st of June, the policy would commence only when the auto-debit has been done on the account and premium paid. As foreseen, the premiums would remain equally low at least for next few years.
Following are the eligibility conditions for getting a policy
Here are some of the features of the prestigious PMSBY:
In the event of following situations, the accident cover of the policy holder would be immediately terminated and no benefits would be paid thereafter:
Yes it is a fact that people are really enthusiastic about the launch of PM Suraksha Bima Yojana. Thanks to the innovative thought of PM Narendra Modi a large number of people are availing the benefit of people centric schemes. A lot of people might be skeptical about the benefits of this scheme, but it cannot be denied at all that people are being benefitted and the schemes are ultimately reaching the beneficiaries. Let us delve deep to check out the steps for availing the claim for the Suraksha Bima Yojana.
In the first step, you need to fill up the claim form and submit it along with Death certificate, the original document of FIR or Post Mortem report, Discharge certificate and Insurance certificate at the bank where you are supposed to get the Suraksha Bima Yojana in the savings account.
Then the bank branch shall send all documents to the nearest insurance office and there the scrutiny of the documents shall be done. The insurance company shall transfer claim amount in the bank account of that particular nominee and then notify the nearest branch of that bank.
This is the process and incase any discrepancy is there, the insurance company shall deal with the designated branch and the individual shall be notified immediately.