In India, a lot of people travel on two-wheelers and the fact is that two-wheelers are prone to accidents. This is certainly a problem as a lot of people do not have accidental insurance in India which could guarantee them some sort of financial security. The government of India already came up with a life insurance with a premium of Rs 330 only and it was not their turn to mitigate the accidental risk as well. To deal with the issue, the government came up with Pradhan Mantri Suraksha Bima Yojana and this is basically an accidental insurance meant for the people who can’t afford expensive premiums. Here is all the information about the scheme.
What is the Pradhan Mantri Suraksha Bima Yojana?
Pradhan Mantri Suraksha Bima Yojana basically offers accidental cover to the people who have a bank account and the premium of the insurance is set at Rs 12. This enables the masses to purchase the insurance and hence get some sort of financial cover in case of an accident. The insurance can be bought in addition to the life insurance offered by the government. As per the scheme documents, the nominee gets a sum of Rs 2 Lakh if the insurance holder suffers from complete disability in case of an accident. In case of partial disability, the insurance offers a cover of Rs 1 Lakh.
How Pradhan Mantri Suraksha Bima Yojana work?
The scheme can be availed from the bank where the applicant has his bank account and the account holder also gets an option to auto-renew the insurance every year. As mentioned earlier, the premium of the insurance is Rs 12 and the validity of the insurance is 1 year from the date of purchase. If the applicant meets an accident and suffers from partial or complete disability then the applicant simply go ahead and file a claim.
Eligibility for Pradhan Mantri Suraksha Bima Yojana?
The eligibility criteria to avail the benefits of the scheme are –
- The age of the applicant should not be less than 18 years and the age of the applicant should not be greater than 70 years.
- The applicant should also have a bank account and the account should be linked to the Aadhaar card.
- The applicant must sign the policy documents and he should pay the premium on time if he opts for self-renewal of the policy.
How to apply for Pradhan Mantri Suraksha Bima Yojana?
It is possible to apply for the scheme through online as well as the offline process. To apply for the scheme through the offline process, follow the steps mentioned below
- The primary account holder can visit the bank and obtain a form for the Pradhan Mantri Suraksha Bima Yojana.
- Once the form is obtained, the applicant can simply sign the form and submit the form to the bank officials along with the details of the nominee.
- The insurance is activated as soon as the premium is received by the insurance company.
It should be noted that some of the banks also provide this facility on their online banking portal and hence you can purchase this amazing accidental insurance through the net banking as well.
What are the benefits of Pradhan Mantri Suraksha Bima Yojana?
The benefits of the scheme are mentioned below
- The scheme provides an opportunity for the people to purchase an accidental insurance at a very low premium.
- The scheme also provides some sort of financial security to the people in case they meet an accident.
- The amount paid by the insurance company can be used by the applicant to start a new life after an injury. This amount can help them in earning a living.
- The insurance also provides the coverage for accidental deaths and hence it serves the dual benefits when it comes to mitigating the risk.
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Who will back the plan?
The plan is being backed by the central government and all the banks are helping the government in the implementation of the scheme.
Details of the scheme
Scheme Name – Pradhan Mantri Suraksha Bima Yojana
Launch Date –February 2015
Scheme Launched by – PM Narendra Modi
Is this the way forward for the nation?
This is really a great move by the government as this scheme had made accidental insurance affordable for everyone. India is a country which has the highest number of accidents and such schemes are really needed to guarantee financial security to the people and their families.