BANKING AFFAIRS

Detailed explanation-1: -The PMSBY premium is Rs. 12 for a year. It will be auto-debited from the registered bank account of the policyholder. There is a possibility that the premium will be reviewed as per the annual claims experience.

Detailed explanation-2: -The risk coverage under the scheme isRs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 20 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment.

Detailed explanation-3: -Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme PMSBY is an accidental insurance scheme that provides one year of accidental death and disability coverage with an annual renewal. With the minimum premium rate of Rs. 12/-per annum, this policy is most beneficial to the poor and low-income section of the society.

Detailed explanation-4: -Anyone between the ages of 18 and 70 may participate in this program, but they must have a bank account. The scheme’s yearly premium, without including service tax, is Rs. 20. The premium payment is automatically deducted from the scheme holder’s bank account.

Detailed explanation-5: -DETAILS OF THE SCHEME: PMSBY is an Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. It would be a one-year cover, renewable from year to year.