PMSBY insurance scheme: Rs 12 premium to be deducted from bank account before May 31

Banks are informing savings account holders about the deduction of premium for Pradhan Mantri Suraksha Bima Yojana (PMSBY) through an SMS, among other methods of communication.

An annual premium of Rs 12 (including GST) is deducted from the account through an auto debit facility for those who have already enrolled for the PMSBY scheme. The amount is usually debited between May 25 and May 31 every year.

The amount will be debited only for those who have enrolled for the scheme.

PMSBY is a government-backed accident insurance scheme. It is a one-year cover and can be renewed annually by the individual.

One can apply for PMSBY scheme online by filling an application form in the bank or by logging on to the bank’s net banking platform.

Under the PMSBY scheme, people between the age of 18 and 70 years can avail benefits. On the death or accident of a customer having opted for the insurance, the dependent gets a sum of Rs 2 lakh.

PMSBY’s coverage period is from June 1 to May 31. The annual premium is Rs 12 and if a beneficiary wants to continue with the plan, the renewal premium is paid in May. If you have enrolled for PMSBY, you must keep Rs 12 balance in the bank account. This amount would be automatically deducted from your bank account on May 31. The bank account is linked to PMSBY at the time of purchasing the policy.

The person’s nominee must go to the bank or the insurance company from where the policy was purchased to claim the insurance amount. Details such as name, address and phone number will have to be filled as part of a form that needs to be submitted while making the claim.