All Pradhan Mantri Suraksha Bima Yojana beneficiaries will be required to pay an annual premium of Rs. 12 that will be deducted automatically from their bank accounts. The deduction of the premium sum will be communicated to the beneficiaries via SMS. The beneficiary's nominee receives two lakhs if the beneficiary dies in an accident or suffers a full disability, and one lakh if the beneficiary suffers a partial disability.
When is the premium debited?
Many that have enrolled in the insurance plan have Rs. 874 annual premium deducted automatically from their accounts. Beneficiaries are notified of this via SMS, which is usually done between May 25 and May 31 each year. Until the recipient specifies otherwise, the annual fee is deducted automatically. The auto-debit option, on the other hand, is required for enrollment in the scheme. Anyone can join the scheme by filling out an application form or using the net banking facility to log in.