PMSBY Scheme: Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance program that provides coverage for accidental death and disability in the event of death or disability due to an accident.
Each member will have to pay a premium of Rs 20. The premium will be debited from the account holder’s bank account in one installment on or before 1st June of each annual coverage period under the scheme through ‘Auto Debit’ function.
The policy will be valid for one year from June 1 to May 31. However, if auto debit occurs after June 1, the coverage will start from the day of auto debit of premium by the bank.
keep these things in mind
Individuals in the age group of 18-70 years having a personal bank or post office account are entitled to enroll under the scheme.
According to HDFC Bank, ‘All savings bank account holders in the age group of 18 to 70 years in participating banks will be entitled to join. In case a person has multiple savings bank accounts in one or different banks, the person shall be eligible to join the scheme through only one savings bank account.’
Take a look at the benefits
- 2 lakh will be given on the death of the insured.
- Rs 2 lakh will be given for complete and irreparable loss of both eyes or loss of use of both hands or legs.
- Rs 1 lakh will be given for ‘complete and irreparable loss of vision of one eye or loss of use of one hand or leg’.
