Why should you register for Pradhan Mantri Suraksha Bima Yojana

One of the various social benefit schemes offered by the government, providing insurance against accidental death and disability is the Pradhan Mantri Suraksha Bima Yojana.

PMSBY is an accident insurance plan that provides accidental death and disability protection for death or injury due to an accident. The policy will not cover demise due to natural causes such as heart attack etc. It is a one-year cover, and the user will have to renew it each year.

The eligibility requirements are simple, as all those aged between 18 and 70 with a bank account can be a part of the scheme. In the case of numerous bank accounts held by an individual in one or more banks, the individual would only be eligible to join the scheme from one bank account. Giving consent to activate and allow the bank account auto-debit when you enter the scheme is a must.

In general, the required premium for policy renewal will be auto-debited between the dates of May 25 and May 31, unless the account holder has submitted a policy cancellation request to the bank. PMSBY's coverage period is every year from June 1 to May 31. PMSBY is every year renewable scheme.

The risk coverage of the scheme is INR 2 lakh for accidental death and full disability, and INR 1 lakh for partial disability. In the case of the death of the account holder, the insurance payout shall be made to the bank account of the insured or their nominee.

Death of the account holder: INR 2 lakh

Total and irreversible loss of both eyes or loss of both hands or feet or loss of sight of one eye and loss of one hand or foot: INR 1 lakh

Total and irreversible damage of one eyesight or loss of one hand or one foot: INR 1 lakh

To benefit from the advantages of PMSBY, you also need to contact any of the general insurance companies in the public sector and other general private insurance companies that need to be linked to the banks. One can register by filling in the required form and sending it to the bank where the account is held. Many banks have launched net banking or mobile banking enrollments. If you do not have a separate policy for an accidental and disability, get one.

The PMSBY policy which was initiated in 2015 is a voluntary sustainable one-year accidental death and disability protection. The social security scheme is introduced in conjunction with scheduled commercial banks, national rural banks and cooperative banks by insurance companies in both the public and private sectors.