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Tuesday, September 27, 2022

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)

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PMSBY – Process for Pradhan Mantri Suraksha Bima Yojana

The Government of India undertakes a number of programs to benefit society and its citizens. Different programs are in place to address numerous public concerns and assist individuals in living better lives. The PMSBY plan is one such program that was established in May 2015.

Pradhan Mantri Suraksha Bima Yojana is the full name of the PMSBY. This healthcare insurance plan is offered to Indian nationals between the ages of 18 and 70 who have existing savings accounts. It provides 2 lakh in the insurance policy for accidental fatalities and total impairment, and 1 lakh in risk cover for partial impairment. The PMSBY premium is only $12 annually and is deducted automatically from the bank account. The coverage is for one year, from June 1 to May 31 of the following year. 

The Plan is open to persons between the ages of 18 and 70 who have a bank account and agree to participate and enable auto-debit on or before May 31st for the insurance period 1st June to 31st May on a yearly membership schedule. The initial KYC for the bank account will be Aadhaar. The plan provides insurance products of Rs. 2 lakh for accidental death and total impairment and Rs. 1 lakh for partial impairment. The annual premium of Rs. 20 is to be taken from the account holder’s bank in one installment using the ‘auto-debit’ function.

The scheme has been provided by Government Sector General Insurance Companies or other General Insurance Firms that are capable of providing the service on identical conditions with the relevant licenses and hook up with banks for this reason.

Benefits of PMSBY

The Advantages of the PMSBY Scheme

  1. The said health insurance policy provides accidental medical insurance without breaking the bank.
  2. If the policyholder dies in a mishap, the scheme offers financial support to his or her descendants.
  3. The policyholder no longer has to be concerned over missed premium deadlines with the auto-debit option.
  4. The policy ensures safe processes as well as continual protection.
  5. The policyholder has the choice to keep or quit the plan at their discretion.
  6. The insurance premiums for the scheme are tax deductible per Section 80C of the former income tax scheme. Furthermore, the amount of up to 1 lakh rupees earned by the recipients is exempt from taxation per Section 10(10D) of the Income Tax Act of 1961.

Process of PMSBY

You may enroll in the PMSBY scheme by visiting your local bank office. A bank account is required since the premium is automatically deducted each month. 

The online application is also available on the Govt’s Jansuraksha website and is accessible in a wide range of languages

You may enroll in the PMSBY policy using your bank’s online banking service. It is also possible to send text SMS to the toll-free contact of the enrolling organization.

To register the insurance through Text, complete the following steps:

  • SMS confirmation of registration
  • Respond with ‘PMSBY Y’ to the incoming text.
  • Get the acknowledgment receipt
  • On its end, the banks will handle and verify the data.

Complete the following processes to register the insurance using online banking:

  • Log in to the online banking account.
  • Select Coverage.
  • Select the bank to which the premium will be paid.
  • Examine the specifics and verify
  • Save the receipts and make a note of the registration number.

The bank will acquire nomination information from the savings account, such as their relation with the policyholder, date of birth, and so on. If this data is not accessible, the policyholder should contact the banks and submit the necessary information. The PMSBY policy will be terminated if the auto-debit payment fails.

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