Corporate health insurance provides coverage for employees, safeguarding them against medical expenses. This type of insurance is essential for companies, as it allows them to offer comprehensive health protection to their employees. However, choosing the right insurance policy can be a daunting task. With several options available in the market, it becomes crucial to pick a plan that caters to the diverse healthcare needs of employees.
One such insurance scheme offered by the government of India is the Pradhan Mantri Suraksha Bima Yojana (PMSBY). Launched in 2015, the scheme aims to provide financial security to individuals from all walks of life. It is a low-cost insurance scheme that offers accidental death and disability coverage.
In this article, we take an in-depth look at the PMSBY scheme details and how it benefits companies in providing health protection to their employees.
What is PMSBY Scheme?
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accidental death and disability insurance scheme. It provides a cover of Rs.2 lakh for accidental death and permanent disability and Rs.1 lakh for partial disability. The scheme is available to individuals aged between 18 to 70 years with a savings bank account in any participating bank.
The scheme is renewable on an annual basis and is available for a premium of just Rs.12 per annum. The premium amount is auto-debited from the policy holder’s savings account, making it a convenient option for people.
PMSBY Scheme Details
The PMSBY scheme details are as follows:
Eligibility: Any individual between the age group of 18 to 70 years with a savings bank account in a participating bank is eligible to enroll in the scheme. However, the individual should not have any other accidental insurance policy. The scheme is also available for students who have a savings bank account.
Accidental death and disability cover: The scheme provides a cover of Rs.2 lakh for accidental death and permanent disability and Rs.1 lakh for partial disability.
Premium: The premium for the PMSBY scheme is Rs.12 per annum, which is auto-debited from the policyholder’s savings account.
Coverage period: The policy term of the scheme is one year, starting from 1st June to 31st May of the next year. The scheme is renewable on an annual basis.
Claim settlement: The claim settlement process of the scheme is straightforward and hassle-free. The policyholder or the legal heir can file the claim with the bank where the savings account is held. The claim amount is directly credited to the policyholder’s savings account.
Why opt for PMSBY Scheme for Employees?
The corporate health insurance is a vital part of an employee’s benefits package. It not only protects the employees but also reduces the financial burden on the company in case of any medical emergency. However, comprehensive health insurance packages can be costly, making it challenging for small and medium-sized companies to offer the same.
The PMSBY scheme is a low-cost insurance scheme that provides accidental death and disability cover to employees. It is an affordable option for companies looking to offer some form of health protection to their employees.
Moreover, as the premium amount is auto-debited from the policyholder’s savings account, it saves the company from the administrative hassle of managing employee insurance policies.
The PMSBY scheme details are simple, and the claim settlement process is hassle-free. This makes it an ideal option for companies that have a diverse employee base, including students, low-wage earners, and contractual workers.
Conclusion
Corporate health insurance is critical in providing comprehensive health protection to employees. The PMSBY scheme is a low-cost insurance scheme that offers accidental death and disability cover to individuals aged between 18 to 70 years. The premium amount for the scheme is Rs.12 per annum, making it an affordable option for companies looking to offer health protection to their employees.
The simple PMSBY scheme details and the hassle-free claim settlement process make it a feasible option for companies of all sizes. It not only protects the employees but also reduces the financial burden on the company in case of any medical emergency. Thus, the PMSBY scheme is an effective way to ensure the well-being of the workforce and enhance corporate productivity.