Pradhan Mantri Suraksha Bima Yojana Scheme (PMSBYS) – Accidental Death Insurance, Life Insurance Cover

Pradhan Mantri Suraksha Bima Yojana Scheme Introduction, Eligibility, Coverage, Benefits list, Features details

Pradhan Mantri Suraksha Bima Yojana Scheme Introduction, Pradhan Mantri Suraksha Bima Yojana Scheme (PMSBYS) – Accidental Death Insurance, Life Insurance Cover. PMS Bima Yojana Scheme was announced by Honourable Finance Minister in the year 2015-16. PMSBY Government Scheme provides Accidental Death insurance Cover at very low premium per annum. In case of death of scheme holder due to an Accident then insurance cover is provided to Scheme holder’s family by the Government of India. This PMSBY scheme provides death insurance cover for only one year which can also be renewable from year to year with low premium.

Pradhan Mantri Suraksha Bima Yojana Scheme Eligibility, Coverage, Benefits list, Features
Pradhan Mantri Suraksha Bima Yojana Scheme Eligibility, Coverage, Benefits list, Features

PMSBY life insurance cover scheme will start from 01 June 2015 to 31 May 2016. The Annual Premium payable by Account holder is Rs.12 only which is valid for 1 year. Under this PMSBY Govt’s scheme Rs.2,00,000 is payable to scheme holder’s family in case of death due to Accident.

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PMSBY Scheme Eligibility Conditions

  • 1.Entry Age: Minimum – 18 years (completed),Maximum – 70 years(Age Nearer birthday)
  • 2.Period: 1 year(Renewable from year to year).
  • 3.Premium: Rs.12 per annum plus service tax as applicable.
  • 4.Date of Implementation : 1st June 2015
  • 5.Mode of Paying Premium: Directly Auto-debited by the bank from the Account holder’s account in one instalment.
  • 6.Primary KYC :  Aadhar number.
  • 7.Tax benefits: Premium paid towards this scheme is eligible for tax deduction under section 80C.

Government PMSBY Scheme Benefits

Type of Accident Sum Insured
Death Rs.2,00,000
Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot Rs.2,00,000
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Rs. 1 Lakh

 

Download Copy PMSBY Scheme form

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