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Everything You Need to Know About Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana

In India, medical expenses are sky-rocketing. While everyone cannot afford quality healthcare, the upward graph of medical inflation adds to the woes of people. When someone can’t afford basic healthcare, it doesn’t mean that he/she doesn’t deserve it. This is where schemes like Pradhan Mantri Suraksha Bima Yojana act as a blessing in disguise.

The government has introduced various schemes for the upliftment of the downtrodden in our country. There are three main social security schemes announced by the Government of India, out of which the Pradhan Mantri Suraksha Bima Yojana is one of the easiest health insurance plans to access right now. Under this plan, you get disability coverage along with accidental death coverage and it can be renewed on an annual basis. It is beneficial for people who have an extremely low income. The plan comes at it a premium as low as Rs. 12 per annum. The plan ensures that the premium doesn’t burden the policyholder.

Under this scheme, you get a death benefit of 2 Lakh Rupees in case of an accidental death. In case of partial permanent disability, it provides coverage of Rs. 1 Lakh.  When it comes to health insurance plans and even family health insurance policies, this is definitely one of the best plans.

Know about the Coverage under PMSBY Policy

The Pradhan Mantri Suraksha Bima Yojana is beneficial for the policyholders as it is one of the best health insurance plans in India.

The only difference is that it is not exactly like the conventional private health insurance plans wherein you can file for a reimbursement claim later. However, it is purely a life insurance plan and the people who can afford it can avail additional health insurance coverage.

Inclusions and Exclusions of the Pradhan Mantri Suraksha Bima Yojana?

Unlike many private health insurance plans and family health insurance policies, the PMSBY covers accidents that occur due to natural calamities too. In case there is an accident that results in death or partial disability of the insured, they can avail the benefits of PMSBY.

However, one of the main exclusions of this policy is suicide. The policyholder is not entitled to get insurance benefit if the cause of the death is suicide. Additionally, there is no coverage is provided case there is a loss of a hand or a foot.

What is the Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana?

  • To avail this scheme, the individual must be eighteen to seventy years old.
  • Even non-resident Indians can avail this plan However, the claims will be processed only in Indian currency.
  • The individual needs to have a savings bank account in order to avail this individual scheme.

Who Backs this Scheme?

This particular scheme is offered by almost all the general insurance companies who cater to the public sector. You must be thinking, with such less contribution from the policyholder, who is the main contributing stakeholder. Well, the answer is that it is an initiative by the government to ensure that more and more people can access family health insurance policies and health insurance plans in India.

What is the Government’s Contribution to this plan?

This plan is not restricted to the contribution of a single entity. In fact, various different ministries who can co-contribute the premium for the varying categories for the betterment insurance buyers are co-contributing.

PMSBY in a Nutshell

The Pradhan Mantri Suraksha Bima Yojana is a very useful scheme for people who cannot afford private health insurance plans in India. It provides additional cover apart from the family health insurance policy (if any) for the individual members of their family. The best part about this scheme is that it is not very complicated when it comes to the required documents or the eligibility criteria. Anybody between the age of 18-70 can avail this particular scheme.

One thing that has made this scheme one of the most popular initiatives by the government is the collaboration between government and banks. More than 20 banks in the country have collaborated with the government to make this scheme more accessible to the common man.

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