The central government offers Accidental and Death Insurance under a nominal premium under the Pradhan Mantri Suraksha Bima Yojana. According to this policy (PMSBY scheme), on the death or accident of a customer buying an insurance, his dependent gets an amount of Rs 2 lakh. The annual premium of this scheme is only 12 rupees. But if you have not yet paid its premium, then it may be a matter of concern for you. Because it is necessary to pay this premium by the end of the month of May. The premium amount of the policy will be deducted from your bank account on May 31 itself. But if for some reason there is no balance in your bank account at the end of May, then this policy will be canceled.
What is the terms of PMSBY?
-If there is no balance in the account, the policy will be canceled.
-The policy will end in case of bank account closure.
-One single bank account can be linked to this scheme.
-The policy cannot be renewed if the premium is not deposited.
How to register for new insurance cover in PMSBY?
You can apply for PMSBY policy by going to any branch of the bank. Bank friends are also delivering PMSBY door to door. Insurance agent can also be contacted for this. Government insurance companies and many private insurance companies also sell this plan.
Benefits of PMSBY scheme
>> People of the age of 18-70 years can avail the benefit of PMSBY scheme. The annual premium of this scheme is only Rs. 12. The premium of PMSBY policy is also deducted directly from the bank account.
> The bank account is linked to the PMSBY at the time of purchasing the policy. According to the PMSBY policy, on the death or accident of a customer buying insurance, the dependent gets a sum of Rs 2 lakh.
>> If the person buying insurance becomes permanently disabled, then he gets an amount of one lakh rupees.
>> Premium can be deposited at any time in PMSBY scheme. It is also important to note here that in the end of May, if there is no balance in the bank account then the policy will be canceled.