Health Insurance - Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana
The recently announced PMSBY covers personal accident death and disability. It has attracted lot of interest and the scheme details are as under:
All savings bank account holders in the age 18 to 70 years in participating banks are entitled to join. Participating banks must tie up with any approved non-life insurer who will offer a Master Policy to such bank for the cover. Any person would be eligible to join the scheme through one savings bank account only and if he enrolls in more than one bank, he gets no extra benefit and the extra premium paid will stand forfeited. Aadhar would be the primary KYC for the bank account.
The cover shall be for the one year period from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year.
Rs.12/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one instalment on or before 1st June of each annual coverage period. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit. Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.