Description

Coir Board had been implementing Coir Board Coir Workers Group Personal Accident Insurance Scheme for the benefit of the coir workers in the country. The scheme started from the year 1998 was aimed at providing insurance coverage against accidental death, permanent total disability and permanent partial disability to the coir workers. The coir workers aged 18 and above engaged in the industry were covered under the scheme. The insurance coverage was given on the basis of a comprehensive policy covering 4 lakh coir workers without naming each and every worker. The scheme titled "Coir Board Coir Workers Group Personal Accident Insurance Scheme" which was in operation up to 31.05.2016 has been converged to "Pradhan Mantri Suraksha Bima Yojana"(PMSBY) with effect from 01.06.2016.

Nature of assistance

The scheme is for a period of one year cover, renewable from year to year. Accident insurance coverage is given for death or disability cover for death or disability on account of accident to coir workers.

Who can apply?

The coir workers to be enrolled through Coir Board may be self-employed, employed under the SFURTI coir clusters, coir workers engaged in the units already registered with the Board, coir workers coming under the fold of Welfare Fund Board, PSUs, Corporations, Federations, Cooperative Societies, etc.

Features of the PMSBY Scheme

·       One can purchase the policy for a nominal amount of ?12.

·       The policy's beneficiaries will receive the death benefit after the insured’s unfortunate demise in an accident.

·       The health insurance premium is auto-debited from the linked savings bank account.

·       Applicants can choose between a long-term policy or an annually renewable plan as per convenience.

·       The exit and re-entry measures are simple to understand.

·       It offers several tax benefits.

Benefits of PMSBY Scheme

·       This health insurance policy offers accidental insurance coverage without spending a lot of money.

·       The policy provides financial aid to the dependents if the insured dies in an accident.

·       With the auto-debit option, the insured no longer has to worry about missing the premium due dates.

·       The policy offers secure processing and continuous coverage.

·       The insured gets the flexibility to either continue or discontinue the plan as per their wish.

·       The premiums paid towards the plan can be claimed for tax deductions under Section 80C of the old income tax regime. Also, the sum of up to ?1 Lakh received by the beneficiaries is non-taxable under Section 10(10D) of the Income Tax Act, 1961.

How to Renew Pradhan Mantri Suraksha Bima Yojana

You can enable the auto-debit facility of paying the premium amount to auto-renew the policy. Once this amount is debited from your associated bank, the policy will automatically renew. The PMSBY scheme can be renewed annually and has a duration of June 1 to May 31. It is advisable to renew the plan before the end of May.

PMSBY Premium

Much like any government-initiated scheme, PMSBY is available to Indian citizens for a nominal price of ?12 per year. This amount is deducted directly from the linked savings bank account of the insured on an annual basis. The premium is deducted on or before June 1 each year.

Conditions for Termination of Pradhan Mantri Suraksha Bima Yojana

The insurance cover will be terminated under the following circumstances:

·       Once you attain 70 years of age

·       If you do not have a minimum balance in your savings account to pay the premium, i.e. ?12 per annum

·       If you have multiple accounts, the insurance premium amount will be auto-debited from one account, and the extra premium will be forfeited.

·       If the insurance cover is terminated due to technical reasons or insufficient balance, it can be reinstated after the premium is paid in full.

Eligibility Criteria of Pradhan Mantri Suraksha Bima Yojana

The applicant should fulfil the following eligibility criteria to apply for PMSBY:

·       Any person in the age group of 18 to 70 years with a savings account.

·       Aadhaar Card must be furnished as a primary KYC document.

·       If the Aadhaar Card is not linked to the savings bank account, a copy of the same should be attached to the PMSBY application form.

·       The applicant can join the scheme only through a single bank account.

·       In the case of a joint account, all account holders can join the scheme.

·       If the applicant is a Non-Resident Indian (NRI), although eligible, the claim benefit will be paid to the insured/nominee in Rupees

Claim Process of Pradhan Mantri Suraksha Bima Yojana

The claim process of PMSBY is completed in 5 easy steps.

·       Step 1: The insured or the nominee must immediately inform the bank about the accident.

·       Step 2: The PMSBY claim form can be obtained from the designated bank or the insurance company’s website, which must be completed and submitted to the bank (offline or online) within 30 days of the accident. It must be submitted along with the FIR, post-mortem report, or death certificate. In the case of total or partial disability, the disability certificate must be provided, which is issued by a civil surgeon. A discharge certificate must also be enclosed.

·       Step 3: The bank will verify the documents and details, after which the case is forwarded to the insurance company within 30 days of claim submission.

·       Step 4: After confirmation of the insured's name in the list of insured persons in the master policy, the claim is processed within 30 days of receiving the documents from the bank.

·       Step 5: The claim amount is then deposited into the nominee/insured’s account. If a nominee is not appointed, the amount is transferred to the legal heir after the insured's death. However, the legal heir has to submit the succession certificate. The maximum time allotted to the bank to finish the claim procedure is 30 days.

Documents Required for Pradhan Mantri Suraksha Bima Yojana

To enrol under PMSBY, you need the following document(s):

·       PMSBY Application Form: The insured has to fill out the PMSBY form, which is available in most Indian official languages. The details in the form include the insured’s name, Aadhaar card number, contact information, and nominee details.

·       Aadhaar Card: Ideally, the insured’s savings bank account should be linked to his/her Aadhaar card. If it is not linked, the insured must submit a copy of this card with the PMSBY application form.