The Government of India has partnered with various insurance service providers to offer low-cost health insurance plans. Pradhan Mantri Suraksha Bima Yojana is one such low-cost scheme offered by various major players in the market. This is a government-backed insurance cover that offers protection against accidents and disabilities. This is a limited coverage plan that comes with a specific sum insured option. Following an unfortunate accident, the insured can claim the money as per the benefits listed in the policy schedule.
People who wish to enroll themselves in Pradhan Mantri Suraksha Bima Yojana must meet the following eligibility criteria:
Since this is a low-cost insurance scheme backed by the government, this policy is available to customers at an extremely low price of Rs.12 per annum.
Some of the key features of Pradhan Mantri Suraksha Bima Yojana can be listed as follows:
|Benefits||Extent of cover|
|Death of the insured||Rs.2 lakh paid to the nominee or legal heir|
|Permanent total disability (loss of both eyes or two limbs)||Rs.2 lakh|
|Partial total disability (loss of one eye or loss of one limb)||Rs.1 lakh|
|Temporary total disability||Up to Rs.5,000 per week for a maximum of 100 weeks|
|Carriage of dead body||Up to Rs.2,500|
|Child education grant for dependent children below 25 years||Rs.10,000 for one child Rs.20,000 for more than one children|
The exclusions that apply to Pradhan Mantri Suraksha Bima Yojana can be given as follows:
Following the occurrence of an event that may give rise to a claim, the insured must notify the company within a maximum of 14 days. All proofs related to the event must be submitted to the insurer in order to initiate the application proceedings. Some of the documents that must be submitted include:
Once the documents are submitted, the company will initiate the proceedings. Upon verification of all documents, the company will pay the claim amount to the insured person or nominee.