Under PMSBY, bank account holders get an accidental life insurance of 2 lakh rupees. In case of partial permanent disability, the sum assured is Rs 1 lakh.
Pradhan Mantri Suraksha Bima Yojana
Banks are informing their savings account holders about the deduction of premium for Pradhan Mantri Suraksha Bima Yojana (PMSBY) by sending an SMS (SMS). Bank account will be debited only for those who have enrolled for PMSBY scheme. One can apply for PMSBY scheme online by filling the application form in the bank or logging in on the netbanking of his bank.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a scheme that provides accidental death and insurance on disability. It is a one-year cover and is renewed annually by the individual. For those who have already enrolled for PMSBY scheme, the premium of 12 rupees (including GST) is deducted from their account through auto debit facility. Your bank account will usually be debited between 25 May to 31 May every year.
When will the money be deducted
The premium for renewal of the policy will be automatically debited between 25 May and 31 May, unless the account holder has given a request for cancellation of the policy to the bank.
The coverage period of PMSBY is from 1 June to 31 May each year. Therefore, if anyone wants to continue this plan, the renewal premium will be paid in the month of May every year. It is mandatory to give consent for auto-debit in a bank account while joining the scheme.
People aged 18-70 can apply for PMSBY. Under this scheme, the accident insurance of Rs 2 lakh is provided in case of the death of an insurance taker, accident or complete disability. Permanently partial crippling provides a cover of 1 lakh rupees.
This claim process
To claim the insurance amount, the nominee or the person concerned must first go to the bank or insurance company from where the policy was purchased. A form will be found here, which will have to be filled and submitted to the nominee. Information like name, address and phone number will have to be filled in it.
Submit the filled form to the insurance company along with all the related documents. It is necessary to include a Death Certificate or Disability Certificate. After this the insurance company will examine all the documents. If all the documents are correct, then the claim amount will be deposited in the said account and in this way the process of claim settlement will be completed.
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