In the union budget 2015-2016 Indian Finance Minister Arun Jaitley
offered a path breaking effort -Pradhan Mantri Suraksha Bima Yojana (PMSBY) to
boost the morale of vulnerable in the country. Presently, 40% of vehicles are
plying on the roads with insurance. So we can hope with this trigger Government
may see more claim applications for the vehicles in the future.
Let’s give a look
what’s the catch behind this low cost accidental cover
What is
Pradhan Mantri Suraksha Bima Yojana: It is an accidental insurance policy which will
cover disablement or death of the policyholder in case of any damage because of
accident.
Risk Coverage: Provides a
complete disability cover and accidental death coverage of Rs 2 lakh and for
the partial disability it will provide a cover of Rs 1 lakh.
Premium: Rs 12 every
year
Launch Date: June 2015
Mode of
Payment: The amount of premium will be directly deducted by the banks from the
policyholder’s account.
Renewal: Policy
Holders have to renew the account per annum or auto debit instructions can also
work.
Companies
offering schemes: National Insurance Company, United India Insurance
Corporation, New India Assurance Company and The Oriental Insurance
Corporation.
Subscription: Any individual
with an Aadhaar link bank account along with the application form can join the
scheme.
Conclusion: Those who are
without any insurance cover it is an ideal option for them. However for the
middle class the cover is not adequate. One can have an equivalent cover
normally with roughly Rs 100. Mostly it is not ideal for middle class.
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