The government of India has again come with a fruitful scheme for Indian citizens that is Pradhan Mantri Suraksha Bima Yojana which is an insurance scheme declared by the Finance Minister Arun Jaitley in February 2015. On 9th May, Prime Minister Narendra Modi officially announced Pradhan Mantri Suraksha Bima Yojana in Kolkata. In India, only Twenty-Five percent of India population has enrolled for any kind of insurance policy which is a very low percentage. Now the government of Indian wants to aware people about the benefits of the insurance scheme.
People between the age group of 18 to 70 years can take the benefits of Pradhan Mantri Suraksha Bima Yojana. And for this, they have to pay a premium of Twelve Rupees per month, excluding service tax, which is about fourteen percent of the premium. This amount will be automatically deducted from the bank account of a candidate. In a case of accidental death or full disability, the nominee will receive Rs. 2 lakh and in a case of partial Permanent disability nominee will receive Rs.1 lakh. Full disability has been denoted as loss of both eyes, hands or feet. Partial Permanent disability has been denoted as loss of one eye, hand or foot.
This program will be associated with the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Initially, this account opened with zero amount. The government site to decrease the number of such zero balance accounts by using Pradhan Mantri Suraksha Bima Yojana and related schemes.
Payment Mode of premium
The amount of premium will be debited from the saving account of the nominee through ‘auto debit’ facility in one instalment for the entire year, as per the option to be given on subscription.
Chances of Termination of Pradhan Mantri Suraksha Bima Yojana
On accomplish age 70 years or the age nearest birthday
At the time of re-establishment in successive years, due to the insufficiency of balance to keep the insurance the account gets closed.
If the insurance cover is halt due to any technical reasons such as inadequate balance on the due date or due to any managerial issues, the same can be re-establish on the receipt of the full annual premium, subject to conditions that are to be issued in future. During this period, the risk cover will be drape and reinstatement of risk cover will be at the sole wariness of Insurance Company.
Eligibility for Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana is introduced for the welfare of Indian people. In Indian, everyone is aware of the term insurance but its reach is very limited. There are many private insurance companies in cities but people in rural are still untouched with the benefits of Insurance. Therefore Government of India decided to launch Pradhan Mantri Suraksha Bima Yojana for people who are below poverty line and insurance is unaffordable service for them. Now anyone can take the benefits of insurance. A person should have a bank account and Aadhaar number linked to the bank account in order to take the benefits of Pradhan Mantri Suraksha Bima Yojana.
Benefits Of Pradhan Mantri Suraksha Bima Yojana
1. In case of death, nominee will receive Two Lakh Rupees
2. In the case of total 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 nominee will receive Rs. 200,0000/-
3. In case of Total and irrecoverable loss of one eyesight or loss of one hand or foot, the nominee will receive one lakh rupees.
Features of Pradhan Mantri Suraksha Bima Yojana
The program will renew every year with a single year policy at a time
These companies should be capable of offering a scheme similar to the one mentioned under PMSBY and should have proper agreement and tie-ups for this purpose.
If the individual has a various saving account, he/she would be fit to get just one insurance scheme fixed to just one saving account
The primary document required for getting registered in under the scheme Pradhan Mantri Suraksha Bima Yojana would be Aadhar Card.
The premium for the scheme would be auto-deducted from the saving account of the policy holder
If a policyholder exits the insurance scheme during any year, then he/she can rejoin it in succeeding years with the same terms and conditions.
Banks would have a free hand in fetching any insurance company that intends to offer the scheme.
Master Policy Holder
A bank that is engaged in the insurance policy will be the Master policy holder on account of the participating member. A simple and subscriber-friendly management & claim settlement process shall be selected by the respective general insurance company in discussion with the participating Banks.
Claim Resolution Process In Suraksha Bima Yojana
The innovative step of honourable Narendra Modi is very beneficial for Indians. Now people are really zealous about the launch of Pradhan Mantri Suraksha Bima Yojana. A number of people are utilising the benefit of this amazing people-centric program. A lot of people might be unaware of the benefits of this scheme, but it cannot be gainsaid at all that people are being benefitted and the schemes are ultimately reaching from the Indian citizen.
For an insurance claim, first, you need to fill up the claim form and submit it along with Death certificate, Post Mortem report or the original document of FIR, Discharge certificate and Insurance certificate at the bank where you will get the Suraksha Bima Yojana in the savings account.
Then the bank branch officer will send all the documents to the insurance office and there the inspection of the documents shall be done. The insurance company will transfer amount of clim in the bank account of the nominee and then inform the nearest branch of that bank.
This is the process of claiming but in the case of any dissimilitude is there, the insurance company shall deal with the main branch and the individual shall be informed immediately.
Other Benefits of Suraksha Bima Yojana
The Suraksha Bima Yojana is implemented by all Public Sector General Insurance Companies and all other insurers who are obliging to join the scheme and tie-up with banks for this purpose.
The premium paid will be tax-free under section 80C and also the initial amount will get tax-relaxation u/s 10(10D).But if the proceeds from insurance policy exceed Rs. 1 lakh, TDS will deduct at the rate of Two percent from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.
What is the enrollment Duration and modality?
The Subscriber can enrol for the insurances scheme within the date of 1 June 2015 to 31 May 2016 and the last date of an auto-debit option is 31st May 2015, which is extendable up to August 31, 2015. For the successive enrolment, you have to pay a full annual amount which includes some conditions that may change from time to time. If you want to continue this scheme after one year than you have to again fill agreement for auto-debit before 31 May of successive years. For delayed renewal subscriber have to pay the full premium amount and some conditions are laid down in it.