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Bajaj Allianz Pradhan Mantri Suraksha Bima Yojana

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HERE’S WHAT YOU GET

Insurance for every Indian is a call of the times! With Pradhan Mantri Suraksha Bima Yojana, you can now call yourself ‘insured’ and with pride too! Inclusive, affordable insurance that provides substantial coverage- this is the common man’s umbrella of protection against accidental death or disability. Want to know more? Read on.

First, a behind the scenes look into the rationale behind this ambitious, nation-wide insurance plan. Launched in 2015, to enable the benefits of financial inclusion to reach the lowest rung of Indian society, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides accidental insurance cover at a minimal cost of Re. 1 per month. Looked at from a macro perspective, this plan is designed to mobilize financial resources to provide equitable growth opportunities for rural and semi-rural communities through adequate insurance.

How does that benefit consumers, you ask? Well, by leveraging the basic principle of insurance, i.e spreading risk across a large number of contributors, Pradhan Mantri Suraksha Bima Yojana provides death and disability coverage at a nominal fee of just Re. 12/- per annum, Meant especially for consumers in rural areas where seasonal employment and inadequate medical services may deny victims of accidents access to affordable and timely medical care, Pradhan Mantri Suraksha Bima Yojana remains open to all Indian citizens between the ages of 18 and 70.

Just like a crop failure, an accident can severely limit your ability to earn an income. The cascading effect this can have on your family’s fortunes can potentially be felt for generations in the form of mounting debt and financial uncertainty. With Pradhan Mantri Suraksha Bima Yojana, you can be assured that your financial needs are taken care of, in the event of an accident, at an affordable cost while preventing the accrual of debt related to medical expenses.

Pradhan Mantri Suraksha Bima Yojana is part of a wider social movement aimed at reducing exposure to risk, providing financial redundancy and bridging the urban-rural divide in terms of healthcare and rehabilitation costs.

PAYMENT MODE

Pradhan Mantri Suraksha Bima Yojana may be administered by any general insurance company in partnership with participating banks, according to the guidelines issued by the Government of India. In partnership with your local bank branch, Bajaj Allianz offers services under Pradhan Mantri Suraksha Bima Yojana.

To avail benefits under Pradhan Mantri Suraksha Bima Yojana, a bank account is a must. This is because, the premium that you pay under the Yojana is directly auto debited from your bank account.

TERMINATION OF COVERAGE

Any Indian citizen between 18 and 70 years of age can enroll in Pradhan Mantri Suraksha Bima Yojana. Whether you’re single or have a family to support, a daily wage earner or an employee in a corporate office, Pradhan Mantri Suraksha Bima Yojana welcomes all into its fold. The benefits on offer make buying this insurance cover an absolute no-brainer! However, there are also certain conditions that one needs to be aware of to get the full benefits under this plan:

 

  • ✓   If you attain 70 years of age, coverage under Pradhan Mantri Suraksha Bima Yojana will cease

  • ✓   If you close your bank account or do not have sufficient bank balance to keep your policy in force

  • ✓   Policy coverage is not determined by the number of accounts you pay premium from. Each individual is only eligible for one policy

TERMS AND CONDITIONS

To continue enjoying the benefits of this Policy, read on to know the rules of the game:

  • ✓   One Person, one policy

  • ✓   The premium amount does not vary, regardless of the date the policy is entered into

  • ✓   Coverage is provided up to 70 years of age

  • ✓   It is important to update your mobile no. with the bank to be issued the policy

  • ✓   To activate auto renewal, an SMS confirmation sent to your registered mobile number is required.

  • ✓   As the insurance partner, your personal information may be shared with Bajaj Allianz

  • ✓   Insurance is based on utmost good faith. If any information provided to us is incorrect, we may not be able to proceed further with the policy. You may lose any premium already paid

  • ✓   Renewal premium would be auto debited from your associated bank account at the specified renewal date

  • ✓   If you want to cancel auto debit, let us know well before the next premium is due.

  • ✓   Join Account Holders are also welcome to join Pradhan Mantri Suraksha Bima Yojana! All you need to do is fill the prescribed forms

     

All you need to know about this insurance policy.

Important points to note before buying This Insurance

  • Inclusions
  • Exclusions

It sounds like a throwback to the 1950’s! With Pradhan Mantri Suraksha Bima Yojana, the humble rupee has once acquired some serious purchasing power. 

Read more

It sounds like a throwback to the 1950’s! With Pradhan Mantri Suraksha Bima Yojana, the humble rupee has once acquired some serious purchasing power. 

The Yojana tips the scales when it comes to buying you a comprehensive insurance cover. The returns you get on investment are also substantial. Here are some of the benefits that you can grab by signing up today.

Benefit In case of Death or Permanent Total Disability

Everyone knows that no amount of money can compensate for the loss of life or limb in an accident. However, insurance can soothe the mental and emotional wounds caused by anxiety and helplessness. 

Read more

Benefit In case of Death or Permanent Total Disability

Everyone knows that no amount of money can compensate for the loss of life or limb in an accident. However, insurance can soothe the mental and emotional wounds caused by anxiety and helplessness. 

PMBSY is just as fundamental as a first aid kit when it comes to medical emergencies.

If an accident results in death, then your immediate family member would get a sum of Rs. 2 lakhs. You would also get a sum of Rs. 2 lakhs if an accident results in damage of both hands, feet or both the eyes.

If accident causes loss of sight in one eye along with damage to either one of the hands or feet then also you would be entitled to get a sum of 2 lakhs Rupees.

Benefit In case of Permanent Partial Disability

If you lose eyesight of one eye or one of your hands or feet then you would get a sum of Rupees 1 lakhs under Pradhan Mantri Suraksha Bima Yojana.

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If you commit suicide, then your family would not be able to get the claim amount

If the accident results in damage to hands, eyes or legs that can be treated and restored, then your claim would not be processed

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Disclaimer

I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.

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