The policy term of Pradhan Mantri Bima Suraksha Yojana is from June 1 to May 31 every year.
If you buy this policy within the stipulated time, then every year in the month of June, the premium amount will be deducted from your account. Under this plan, you get a coverage of Rs 2 lakh. Also, if you and your spouse have a joint account, you can still take advantage of it.
The Central Government has implemented such an insurance policy for the poor and low-income people, in which the benefit of two lakh rupees can be taken by paying a premium of Re 1 every month i.e. Rs 12 per annum. Under this premium plan, if a policyholder dies in an accident or becomes disabled, then he gets an amount of two lakh rupees. The name of this scheme is Pradhan Mantri Bima Suraksha Yojana, which was started in 2015.
Who can get benefit
- Any Indian in the age group of 18 to 70 years can take advantage of this scheme.
- It is mandatory to have a savings account in any bank to take benefits under this scheme.
- If you and your spouse have a joint account, then you can get the benefit of this scheme.
- NRIs can also take advantage of this scheme.
- In case of any claim, payment will be made in Indian currency only.
- One can join this scheme only through one savings account if there is an account with multiple banks.
What is covered in this plan
- Permanent or complete disability has been included in this scheme. Accidental death case has also been covered under the scheme.
- The amount of risk coverage in this scheme has been kept at Rs.2 lakh.
- The risk coverage on temporary or partial disability is Rs 1 lakh.
Payment of premium of Re 1 per month
- The plan pays a premium of Rs 12 per member every year.
- That is, you will have to save only one rupee per month and you can get the benefit of up to two lakh rupees.
- This premium amount will be automatically deducted from the customer’s account on or before 1st June every year through auto debit facility.
To become a beneficiary of this insurance scheme, you have to log in to the internet banking facility of the bank where you have your savings account and after that you have to follow the procedure prescribed for the scheme. An account holder can take advantage of this scheme through a savings account of only one bank. Under this, the benefit of cover is available from 1st June to 31st May i.e. for 1 year.