This scheme is a government based accident insurance scheme in our country. Our Finance minister, Mr. Arun Jaitley first mentioned it in February 2015 in the budget speech. Our Prime Minister, Mr. Narendra Modi announced it formally on May 9, 2015 in Kolkata.
Premium Amount: The premium amount for this scheme is Rs. 12 per head yearly.
The renewal premium amount would be deducted automatically by the bank before 1st June of every year. It may be according to the instructions of Ministry of Finance (MOF).
Under this scheme, Rs 2 lakh will be paid on the death of the insured person or any accident causing irrecoverable loss.
If the following situations occur, then they can lead to automatic termination of policy:
One must submit the claim form to the branch of the bank in which the insured person had the account that was used for paying the premium of policy, within thirty days of the accident.
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