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  • Pradhan Mantri Suraksha Bima Yojana

    Health Insurance
    • Premiums as low as Rs12/day for coverage of Rs.4 Lakhs*
    • 10,000+ hospitals for cashless treatment
    • Claim up to Rs. 55,000 deduction under section 80D**

    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.

    Eligibility for Pradhan Mantri Suraksha Bima Yojana

    People who wish to enroll themselves in Pradhan Mantri Suraksha Bima Yojana must meet the following eligibility criteria:

    • This scheme is available only for the savings account customers of participating banks.
    • Anyone between the age of 18 years and 70 years can avail this cover.
    • This cover starts from June 1 and ends on May 31 of every year.

    Premium Amount

    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.

     

    Features of Pradhan Mantri Suraksha Bima Yojana

    Some of the key features of Pradhan Mantri Suraksha Bima Yojana can be listed as follows:

    • The sum insured amount available under this policy coverage is Rs.2 lakh.
    • Only one policy can be issued per customer. Customers cannot have multiple policies by opening multiple savings account in a bank (or different banks).
    • This policy cover is offered by various state-owned and private banks in the country including HDFC, ICICI, SBI, Axis Bank, Union Bank of India, Canara Bank, etc.
    • This policy will terminate after the insured reaches 70 years of age.
    • This policy cannot be availed by anyone who has not updated his/her mobile number in the bank account.
    • Aadhar number will act as the primary KYC for this policy cover.
    • The premium amount will be debited from the customer’s savings account every year unless cancelled by the customer.
    • The sum insured amount up to Rs.1 lakh received following a claim is tax free.

    Benefits of Pradhan Mantri Suraksha Bima Yojana

    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

    Exclusions of Pradhan Mantri Suraksha Bima Yojana

    The exclusions that apply to Pradhan Mantri Suraksha Bima Yojana can be given as follows:

    • Any kinds of intentional self-injury, suicide, or attempted suicide
    • Injury or death caused while under the influence of drugs or alcohol
    • Any loss caused while breaking the law with criminal intent
    • Any kinds of medical expenses arising out of an accident
    • Injury or death caused while participating in extreme or adventure sports
    • Injury or death caused by act of war, invasion, riot, or warlike activities
    • Any loss caused by radiation, nuclear weapons, chemical weapons, etc.
    • Death or disability resulting from childbirth or pregnancy

    Claim Procedure

    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:

    • Duly filled claim form
    • Medical bills
    • Death certificate (if applicable)
    • Physician certificate
    • Police report (if necessary)

    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.