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The Pradhan Mantri Suraksha Bima Yojana (PMSBY), popularly known as the 12 Rupees insurance scheme is one of the three social security schemes announced by the Modi Government as a part of the 2015 Budget. Despite being a revolutionary scheme, the awareness surrounding it is limited. This limits the number of people leveraging this scheme for their benefit. Through this article, you will understand what PMSBY is and its benefits.
PMSBY is an accident insurance scheme that offers an accidental death and disability cover. It can be renewed annually.
The cover is provided for a one-year period, starting from 1st June to 31st May every subsequent year. The option to join or pay has to be given by 31st May of every year. Subscribers must give their consent for auto-debit before 31st May for successive years to extend the cover beyond one year.
Let’s now look at the key features of the 12 Rupees insurance scheme:
The cover will be invalid to avail in any of the following events:
Under PMSBY, death due to an accident has to be confirmed by documentary evidence. The accident should also be reported to police in case of incidents like road, rail, and other vehicular accidents and death by drowning or involving any crime. A hospital record is required in case of snakebite, fall from a tree, etc.
The 12 Rupees insurance scheme is a great initiative by the PM Narendra Modi government. At the one-time premium payment of Rs. 12, policyholders are covered for death or disability due to an accident. You can enroll in this scheme with ease through an insurance company or nearby bank.