Many a times lack of awareness is what makes us feel helpless. During this lock-down phase, I have spoken to many women who work as house-helps, other jobs earning small sum, many of them didnot have Jan-dhan account, the ladies who had Jan-dhan account, most of them, depending on the eligibility, got the money deposited in their account as promised by government. We may not have ultra-social security facilities, but we do have many benefits which a lot of people are not aware of. Let us take the responsibility and share the information on Jan Dhan account, Life Insurance – Pradhan Mantri Jeevan Jyoti Bima Yojana, Personal accident insurance (Pradhan Mantri Suraksha Bima Yojana) and Atal Pension Yojana.
Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana offers Accident cover for only Rs. 12 per year. Let us look at Eligibility, Cover and benefits. It is a government-backed accident insurance scheme.
It is an personal accident insurance, introduced by PM Narendra Modi in the year 2015, to include all Indian Citizen under this social security cover. This is helpful for people especially who don’t have life insurance or health insurance cover to financially protect the policy holder incase of permanent partial or total disability incase of an accident.
Tip – To keep your PMSBY and PMJJBY insurance working, ensure to keep Rs. 340 in your Bank Account in Month of May, so that there is no default, otherwise insurance will expire and you will happy to apply fresh.
What are the features of PMSBY?
PMSBY gives the policy holder to insure oneself against unfortunate events that can lead to death or disability.
The premium is Rs. 12 per year
Insurance cover is Rs. 2 lakh
One can only have one policy under this scheme
What are the top benefits of PMSBY scheme?
In case of accidental death, as the claim amount can be availed by the nominee.
Flexibility to continue or discontinue as per one’s wish
Tax deduction as per Income tax Section 80C and Sum Insured of Rs. 1 lakh is non-taxable as per Section 10(10D)
Incase of Permanent total disability policy holder gets Rs. 2 lakh (insurance cover)
Incase of Permanent partial disability, policy holder gets Rs. 1 lakh (insurance cover)
What is the premium payment process?
The premium payment process relies on the auto-debit facility. The policyholder must approve of this while enrolling for the scheme.
When will the policy be terminated?
The policy will be terminated in the cases if the registered bank account is closed, the account balance is insufficient in the time of the yearly premium payment or the policyholder reaches the age of 70.
Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana
The minimum entry age for this scheme is 18 years
Age limit for availing this insurance benefit is 70 years
Applicant’s saving bank account should be integrated with the person’s Aadhaar card
PMSBY application form is available in several regional languages apart from English and Hindi. For example, the form is available in Hindi, Gujarati, Marathi, Tamil, Telegu, Oriya
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- Let’s Talk Money – Monika Halan
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- Aapka Paisa Aap Samhalein (आपका पैसा, आप संभालें)- Rajnish Kant
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Claim settlement Process – Pradhan Mantri Suraksha Bima claim settlement form
Nominee has to approach the Bank, referring to the savings account which is attached with the Policy. Nominee needs to fill the form withe required documents mentioned in the form within 30 days of accident resulting claim.
What is not covered under Pradhan Mantri Suraksha Bima Yojana?
Suicide death is not covered in the policy
Banks Participating in PMSBY
State Bank of India, Union Bank of India, UCO Bank, Punjab National Bank, Canara Bank, Federal Bank, HDFC Bank, ICICI Bank, and many others. Please check with you Bank or closest Bank Branch of any Bank for further details.
Insurance offers cover to unforseen difficulties. Pradhan Mantri Jeevan Jyoti Yojana and Pradhan Mantri Suraksha Bima Yojana hundreds and thousands of families in India financial support in times of grief and difficulties.
Thanks for reading, share with a few people who may need this information.
Will come back to you with more informative blog posts. You can share your suggestions, queries and your experience on PMSBY, PMJBBY, Jan Dhan account in the comment box to help others.
