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Home Finance, Insurance Pmsby Scheme: Benefits, Eligibility, And Claim Process

Pmsby Scheme: Benefits, Eligibility, And Claim Process

Pradhan Mantri Jeevan Jyoti Bima

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed insurance scheme in India aimed at providing financial security to individuals and their families in the event of accidental injuries or death. This scheme, along with the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana, is part of the Indian government’s efforts to extend financial inclusion and social security to a wider population. In this article, you will focus on the PMSBY scheme, its benefits, eligibility criteria, and the claim process, shedding light on how it complements other insurance options like mediclaim policies for parents.

Benefits of PMSBY

  • Accidental death coverage: One of the primary benefits of the Pradhan Mantri Jeevan Jyoti Bima scheme is the coverage it offers in case of accidental death. Under this scheme, in the unfortunate event of the insured’s death due to an accident, the nominee or beneficiary is entitled to a sum assured amount of ₹2 lakhs. This amount provides crucial financial support to the family of the deceased during a difficult time.
  • Total and partial disability coverage: PMSBY also covers cases of total and partial disability due to accidents. In case of total and irrecoverable loss of both eyes or both hands or both feet, the insured is eligible for a sum assured of ₹2 lakhs. If there is a loss of one eye, one hand, or one foot, the insured is eligible for ₹1 lakh. This coverage helps individuals cope with the financial challenges that often accompany such disabilities.
  • Low premium: The PMSBY scheme is affordable and accessible to a vast portion of the Indian population. The annual premium for this scheme is only ₹12, making it one of the most cost-effective insurance schemes in the country. This affordability ensures that even individuals with limited financial resources can secure their and their family’s future.
  • Easy enrolment: Enrolling in the PMSBY scheme is a straightforward process. Individuals can enrol by simply visiting their bank or enrolling online through the bank’s net banking facility. This simplicity has encouraged more people to participate in the program and secure their financial well-being.

Claim process

The claim process under the PMSBY scheme is designed to be simple and hassle-free for beneficiaries. In the unfortunate event of an accident leading to disability or death of the insured, the following steps should be followed to initiate the claim process:

  • Notify the bank: The first and most crucial step in the claim process is to inform the bank where the PMSBY policy is held. This notification should be made as soon as possible after the accident to ensure a smooth and timely claim settlement.
  • Obtain claim forms: The bank will provide the necessary claim forms to the nominee or beneficiary. These forms need to be filled out accurately and completely, providing all the required information.
  • Submit documents: Along with the filled-out claim forms, the bank will also require certain supporting documents, which typically include a copy of the FIR (in case of an accident), the death certificate (in case of accidental death), medical reports (in case of disability), and other relevant documents.
  • Bank’s verification: The bank will review the submitted documents and verify the claim. This process may involve the bank’s internal verification as well as coordination with insurance providers.
  • Claim settlement: Once the claim is approved, the sum assured amount will be disbursed to the nominee or beneficiary’s bank account. This financial support can be vital for the family during a difficult period.

Mediclaim policy for parents and PMSBY

While the PMSBY scheme provides valuable coverage for accidental deaths and disabilities, it does not address the broader spectrum of health-related risks that individuals may face. This is where a mediclaim policy for parents or family health insurance comes into play. Medicairement policies offer coverage for hospitalisation, medical expenses, surgeries, and various illnesses, ensuring that families are financially protected in the face of health-related challenges.

For families, especially those with elderly parents, a mediclaim policy for parents is a critical component of financial planning. These policies provide coverage for various health-related issues, including but not limited to hospitalisation, doctor’s fees, medicines, and surgery costs. The PMSBY scheme, on the other hand, focuses solely on accidental deaths and disabilities.

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a significant step in extending financial security to a vast section of the Indian population. Its benefits, including accidental death and disability coverage, low premium, and easy enrollment, make it an attractive option for individuals seeking financial protection. When used in conjunction with a mediclaim policy for parents or family health insurance, the PMSBY scheme can help families build a comprehensive financial safety net that covers a wide range of risks. Understanding the eligibility criteria and the claim process is essential to make the most of this scheme and ensure that individuals and their families are financially secure in the face of adversity.

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