All beneficiaries of Pradhan Mantri Suraksha Bima Yojana will have to be ready to pay the annual premium of Rs 12, which will soon be auto-debited from their bank accounts. The beneficiaries will be notified through SMS about the deduction of the premium amount.
Under the scheme, in case of death due to accident or complete disability, the beneficiary’s nominee gets Rs Two Lakh, while in case of partial disability an amount Rs One Lakh is given to the nominee.
When is the premium debited?
An annual premium of Rs 12 is auto debited from the account of those who have enrolled themselves under the insurance scheme. Banks inform beneficiaries about this through SMS, which is normally done between May 25 and May 31 every year.
Auto debit of annual premium continues unless the beneficiary gives instructions otherwise. However the auto debit option is compulsory for enrolling under the scheme.
Anybody can enrol in the scheme by filling up an application form or by logging in through net banking facility.
Which agencies offer the scheme?
The scheme is offered by public sector general insurance companies or any other general insurance company which are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.
What is the claim process?
For seeking claim, the nominee has to submit a form to the bank for which death certificate or disability certificate is necessary. After verification, the claim amount is transferred to the beneficiary’s account.