It is compulsory to give consent to join or enable the auto-debit in the bank account while joining the PMSBY scheme.
Banks are sending SMS and informing their savings account holders also through other modes of communication about the deduction of premium towards Pradhan Mantri Suraksha Bima Yojana (PMSBY). The bank account will get debited only for those who had enrolled for the PMSBY scheme. One can even join the PMSBY scheme by filling up the application in a bank or by applying it online after logging on to the net banking of their bank.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a scheme offering insurance against accidental death and disability. It is a one-year cover and may be renewed each year by the individual. For those who had already enrolled for the PMSBY scheme, the premium of Rs. 12 per annum ( including GST) is deducted from the bank account of the insured through ‘auto-debit’ facility in one installment. Your bank account will typically get debited between May 25 and May 31 of each year.
For renewal of the policy, the required premium will be auto-debited generally between May 25 and May 31, unless the account holder has given a cancellation request to the bank for the policy.
The coverage period of PMSBY is from 1st June to 31st May each year. Therefore, if one wants to continue with the scheme, the renewal premium is to be paid in the month of May each year. It is compulsory to give consent to join or enable the auto-debit in the bank account while joining the scheme.
The eligibility conditions are simple as all those between the age of 18 and 70 years with a bank account can enroll in the scheme. In the case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only. If you find more than one bank deducting the same amount, it is better to approach all of them except one where you wish to continue with the scheme.
PMSBY is an Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. Death due to natural reasons such as heart attack etc will not be covered.
The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs.1 lakh for partial disability. Claim settlement will be made to the bank account of the insured or his nominee in case of death of the account holder.
Death: Rs 2 lakh
Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or one foot: Rs 1 lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot: Rs 1 lakh