PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY)

As per the last blog update about PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)
now i am writing in brief about PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY) which is another Insurance Policy Schemes by Government of India 2015.

I've also opted for PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY) policy,

Nature of Scheme:
This Policy will cover you for one year Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident

Benefits of the Scheme:
Premium Payable: Rs. 12 per year.

Benefits	Sum Insured
Death	Rs. 2 Lakh
Total and irrecoverable loss of both eyes or loss of use of both	Rs. 2 Lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot	Rs. 1 Lakh

Requirement:
Active Savings Bank Account with any Banks as premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, you can also authorize bank for auto debit the amount every year on the month of May till the scheme is in force.

My Case:  In my case i already have an active Savings Bank account with HDFC Bank., so i visited the branch and found they have recently started to insure subscribers for PRADHAN MANTRI SURAKSHA BIMA YOJANA with United India Insurance Company Ltd (Is the insurance provider for me)

Who offers the Scheme (Master Policy Holder):
Insurance would be administered  through  LIC India  and  other  Life  Insurance companies willing  to  offer  the  product  with  necessary  approvals  on  similar  terms.

It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process and transfer the amount due to the insurance company.

My Case:  HDFC Bank coordinates with Insurer "United India Insurance Company Ltd" on behalf of me.

Elligibility:
All savings bank account holders with age between 18 - 70 years.

 In case of multiple saving bank accounts held by an individual
in one or different banks, the person would be eligible to join the scheme through one savings bank account only.

Enrolment Period:

 Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions thatmay be laid down.

Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that may be laid down. 

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health

Accident Cover Assurance Termination:
1. On attaining age 70 years (age neared birth day).
2. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3. In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.

Evaluating Jeevan Jyoti Bima Yojana (PMJJBY) & Suraksha Bima Yojana (PMSBY)

Features	Pradhan Mantri Suraksha Bima Yojana (PMSBY)	Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Eligibility	18-70 years	18-50 years
Number of Policy	One Policy Per Person	One Policy Per Person
When to Join the Scheme?	Any time	Any time
Sum Assured (Fixed)	Rs 2 lakhs	Rs 2 lakhs
Premium	Rs 12 per annum	Rs. 330 per annum
Cover stops at age	At the age of 70 years	At the age of 55 years
Maturity Benefit	Nil	Nil
Death Benefit (Natural Death)	Nil	Rs 2 lakhs
Death Benefit (Accidental Death)	Rs 2 lakhs	Rs 2 lakhs
Disability of both eyes, both hands, both legs or one eye and one limb	Rs 2 lakhs	Nil
Disability of one eye or one limb	Rs 1 lakh	Nil
Maximum Insurance cover	Rs 2 lakhs	Rs.2 lakhs
Risk Period	1st June to 31st May every year.	1st June to 31st May every year.
Mode of Payment	Premium will be auto debited from account in the month of May every year.	Premium will be auto debited from account in the month of May every year.

High Lights:

Accident Insurance worth Rs. 2 Lakhs at just Rs. 12 per annum

• For All Bank account holders whose age in between 18 - 70 years

• Insurance also convers permanent disablement due to accident

Period of Insurance, Annual: 1st June - 31st May

• The Premium will be deducted from the account holder's savings bank account through auto-debit facility.

• The person would be eligible to join this scheme through one savings bacnk account only.

• Contact your bank branch or Bank mitra/Insurance agent immediately.

For More information on PRADHAN MANTRI SURAKSHA BIMA YOJANA call:

National toll free number: 1800 110 001 / 1800 180 1111
Visit: www.jansuraksha.gov.in / www.financialservices.gov.in