Termination Criteria of the Pradhan Mantri Suraksha Bima Yojana
Any of the following conditions can result in the cancellation of membership under this scheme:
- Upon turning 70 years old.
- Account closure with the bank or insufficient funds to maintain the active insurance.
- If the insurance coverage is terminated for any administrative or technical reasons, such as an unpaid balance on the due date, it may be reinstated upon receipt of the entire annual premium, subject to any conditions that may be established. The risk cover will be suspended during this time, and the Insurance Company will have the exclusive decision to resume the risk cover.
- If a member has insurance coverage through many accounts and the insurance company unintentionally receives the payment, the insurance coverage will be limited to one account and the premium will be lost.
Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana is an insurance scheme that provides accidental coverage to the poor and the underprivileged sections of society. During his budget statement in February 2015, finance minister Arun Jaitley proposed the plan for accidental death. Prime Minister Narendra Modi launched this scheme on 9th May 2015.
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