SBI is empowering its customers to easily secure the financial future of their loved ones by simplifying the nomination process.
State Bank of India (SBI), the country’s largest public sector bank, recently launched a digital nomination facility for its customers availing Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Suraksha Bima Yojana (PMSBY) insurance policies. Is. The purpose of this step is to systematize the nomination process, making it more convenient and easier for users. Let us take a deeper look at the digital nomination process for these insurance policies:
What are PMJJBY and PMSBY?
PMJJBY
PM Jeevan Jyoti Bima Yojana is a government life insurance scheme that provides life cover in the event of death due to any cause. It offers a renewable one year life cover of Rs 2 lakh at a nominal premium rate.
PMSBY
Pradhan Mantri Suraksha Bima Yojana is an accidental death and disability insurance scheme. It provides accidental death and disability cover to the insured person in case of death or disability due to an accident. This plan offers a cover of Rs 2 lakh for accidental death and total permanent disability and Rs 1 lakh for partial permanent disability at a very affordable premium.
Importance of nomination
Nomination is an important aspect of insurance policies. This decides who will receive the benefit in the event of the death of the policyholder. This ensures that the insured amount reaches the intended beneficiary without any legal complications.
Digital Nomination Process
SBI’s initiative to enable digital nomination for PMJJBY and PMSBY adds a layer of convenience for its users. The process is straightforward and can be completed online through the bank’s digital platform. Here’s the step-by-step process:
Log in to SBI Net Banking or Mobile Banking
Access your SBI account through Net Banking or Mobile Banking using your credentials.
Go to Insurance Section
Once logged in, go to the insurance section, where PMJJBY and PMSBY policies are managed.
Select nomination option
Check out the option to nominate a beneficiary for your insurance policy. This may be under the policy details or nomination section.
Provide beneficiary details
Enter the required details of the nominee, including their name, relationship with the policyholder, date of birth and contact information.
Verify and Confirm
Carefully review the information provided to ensure accuracy. Once verified, confirm the nomination.
Authentication
Authenticate the nomination using the preferred method, be it through OTP (One-Time-Password) or any other security measure required by the bank.
Completion
On successful authentication, the nomination process is completed. Nominee details will be updated in the policy record.
What are the benefits of digital nomination?
Convenience: Users can nominate beneficiaries from the comfort of their homes, eliminating the need to visit bank branches.
Time Saving: The digital process saves time for both customers and the bank and streamlines the nomination process.
Accuracy: Online nomination reduces the chances of mistakes as customers enter details directly into the system.
Accessibility: Digital nomination ensures accessibility for users from any location with internet connectivity.
