The automatic deduction can only happen if the account holder has allowed for the same. 20 per annum will be deducted from the account holder’s bank account through an ‘auto-debit’ facility in one instalment. The risk coverage under the scheme is Rs 2 lakh for accidental death and full disability, and Rs. Interested applicants should give their consent to join or enable the auto debit option before 31st May for the coverage period from 1st June to 31st May on an annual renewal basis.Īn aadhaar card is needed for the KYC and the bank account. The scheme is available to people in the age group 18 to 70 years with a bank account. To make life insurance reachable to the rest of the population, the central government launched Pradhan Mantri Suraksha Bima Yojana. As per the data from India Spend, India’s life insurance penetration was 2.72%. It’s quite shocking that just 25 percent of the population is covered under life insurance. That, shockingly, is more than the population of the entire Europe. At least 75 percent of Indians are not covered under any form of life insurance, says a report.
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