Pradhan Mantri Suraksha Bima Yojna is a social security scheme launched by the Indian government in 2015. The scheme aims to provide affordable coverage and financial security to vulnerable areas and hazardous occupation workers. It is a renewable one-year accidental death and disability insurance policy that offers a sum assured of Rs. 2 lakhs in case of accidental death or total permanent disability and Rs1 lakh in case of partial permanent disability.
Pradhan Mantri Suraksha Bima Yojana
The Scheme is open to anyone between the ages of 18 and 70 who have a bank account and who consent to join or activate auto-debit on or before May 31 for the coverage period running from June 1 to May 31 on an annual renewal basis. The primary KYC for the bank account would be Aadhar. For accidental death and total disability, the risk coverage under the plan is Rs. 2 lahks, and for partial disability, it is Rs. 1 lakh. The account holder’s bank account will be debited in one installment for the annual premium of Rs. 20 using the “auto-debit” feature.
Public Sector General Insurance Companies or any other General Insurance Company prepared to offer the product on comparable conditions with the required approvals and join up with banks for this reason, are the ones offering the plan.
Eligibility criteria for enrollment:
The scheme is available to all Indian citizens between the ages of 18 and 70 years who have a savings bank account. The policyholder must also give their consent to join and provide a self-certification of good health.
Coverage details:
The policy covers accidental death, total permanent disability, and partial permanent disability due to an accident. The coverage is available for a period of one year and can be renewed annually
Benefits of the Pradhan Mantri Suraksha Bima Yojna
Disability protection and compensation:
The scheme provides disability protection and compensation to policyholders in case of an accident. In case of total permanent disability or accidental death, the policyholder or their nominee receives a sum assured of Rs. 2 lakhs. In case of partial permanent disability, the policyholder receives a sum assured of Rs. 1 lakh.
Affordable premium rates:
The premium for the policy is Rs. 12 per annum, making it an affordable option for hazardous occupation workers and vulnerable areas.
Tax benefits for policyholders:
Policyholders are eligible for tax benefits under Section 80C of the Income Tax Act. The premium paid towards the policy is deductible from the taxable income of the policyholder.
Public Sector Collaboration in the Pradhan Mantri Suraksha Bima Yojna
Role of Public sector banks in enrollment and premium collection:
Public sector banks play a crucial role in the enrollment and premium collection process of the scheme. They are responsible for enrolling policyholders and collecting the premium amount from them. The banks also act as a bridge between the policyholders and the insurance company.
Importance of collaboration for the success of the initiative:
Collaboration between the government, public sector banks, and insurance companies is essential for the success of the initiative. The collaboration ensures that the scheme reaches its intended beneficiaries and provides them with the necessary financial security and protection.
Examples of successful collaborations:
The collaboration between the government, public sector banks, and insurance companies has led to the successful implementation of the scheme. The scheme has reached millions of beneficiaries across the country, providing them with affordable coverage and financial security.
How to Enroll in the Pradhan Mantri Suraksha Bima Yojna
Step-by-step guide to enrollment process:
To enroll in the scheme, the policyholder must visit their bank and fill out the enrollment form. The policyholder must provide their name, address, age, and nominee details. The policyholder must also provide a self-certification of good health.
Documents required for enrollment:
The policyholder must provide their Aadhaar card or any other government-issued identity proof for enrollment. The policyholder must also provide their savings bank account details.
Renewal process and important considerations:
The policy is renewable on an annual basis. The premium amount is automatically deducted from the policyholder’s savings bank account. The policyholder must ensure that their savings bank account has sufficient funds for the premium deduction.
Conclusion:
The Pradhan Mantri Suraksha Bima Yojna is a crucial government initiative that provides affordable coverage and financial security to hazardous occupation workers and vulnerable areas. The scheme has been successful in reaching millions of beneficiaries across the country. The collaboration between the government, public sector banks, and insurance companies has been instrumental in the success of the initiative.
The scheme provides disability protection and compensation, affordable premium rates, and tax benefits for policyholders. The enrollment process is simple and requires minimal documentation. The scheme has the potential to provide greater financial security and protection to hazardous occupation workers in the future.
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