All beneficiaries of Pradhan Mantri Suraksha Bima Yojana must be able to pay the annual premium of Rs 12, which will quickly be auto-debited from their financial institution accounts. The beneficiaries might be notified by means of SMS in regards to the deduction of the premium quantity.
Under the scheme, in case of demise because of accident or full incapacity, the beneficiary’s nominee will get Rs Two Lakh, whereas in case of partial incapacity an quantity Rs One Lakh is given to the nominee.
When is the premium debited?
An annual premium of Rs 12 is auto debited from the account of those that have enrolled themselves below the insurance coverage scheme. Banks inform beneficiaries about this by means of SMS, which is generally accomplished between May 25 and May 31 yearly.
Auto debit of annual premium continues except the beneficiary provides directions in any other case. However the auto debit choice is obligatory for enrolling below the scheme.
Anybody can enrol within the scheme by filling up an utility kind or by logging in by means of web banking facility.
Which companies supply the scheme?
The scheme is obtainable by public sector common insurance coverage corporations or another common insurance coverage firm which are prepared to supply the product on comparable phrases with obligatory approvals and tie up with banks for this function.
What is the declare course of?
For looking for declare, the nominee has to submit a kind to the financial institution for which demise certificates or incapacity certificates is critical. After verification, the declare quantity is transferred to the beneficiary’s account.