On 9th May-15, PM launched PMSBY (Pradhan Mantri Suraksha Bima Yojna) for citizens of India. It is the policy with least premium in India. Just at a premium of INR 12/-, an insurance of INR 2 lacs is available. Features of this scheme is given below:
- This scheme offers accidental insurance policy.
- Sum assured under this scheme is INR 2 lacs. It cannot be reduced or increased.
- Premium amount is INR 12 per annum. It will be reviewed every year based on claim experience.
- This scheme is exempted from service tax. Therefore, no service tax would be applicable on premium amount.
- This scheme is applicable from 1st June and will be renewable on yearly basis. Enrollment period under this scheme is from 1st Jun to 31st May every year.
- Even if someone joins the scheme in the middle of enrollment period, he/ she needs to pay premium for full year.
- All savings account holder in the age of 18 to 70 years are eligible for this Scheme.
- Premium will be auto-debited from savings account.
- Only one savings account can be used to pay premium. Linking of Aadhaar number to the savings account will be mandatory.
- One can exit the scheme at any time. There will not be any refund of premium amount.
- Any person can re-join the scheme again by paying full year premium.
- This scheme can be joined through bank only.
Termination of policy
- On attaining the age of 70 years.
- Closure of bank account.
- If policy is taken using more than one bank account. Extra policies will be cancelled and premium amount will not be refunded.
- Insufficient balance in savings account to pay premium.
Benefit under this scheme is available as per following table:
|Table of Benefits||Sum Insured|
|Death||Rs. 2 Lakh|
|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 Lakh|
|Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||Rs. 1 Lakh|
Download following documents for more information: