Pradhan Mantri Suraksha Bima Yojana

Do you know what is Pradhan Mantri Suraksha Bima Yojana? Three Social Security Schemes i. e. Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, and Pradhan Mantri Jeevan Jyoti Bima Yojana. These schemes were launched by the Indian Government in 2015. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of them.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is the Government’s Accident Insurance Scheme. This scheme was first mentioned in the Budget speech by Finance Minister Late Arjun Jaitley. On 8 May 2015, this scheme was formally launched by Prime Minister Narendra Modi in Kolkata. Pradhan Mantri Suraksha Bima Yojana scheme delivers one year of accidental coverage.

pdf link- https://nationalinsurance.nic.co.in/sites/default/files/Rules%20for%20PMSBY%20-%20English.pdf

Pradhan Mantri Suraksha Bima Yojana Logo:
pradhan mantri suraksha bima yojana logo

Features of Pradhan Mantri Suraksha Bima Yojana:

The features of this scheme are as follows-

  • The compensation of this scheme is auto-debited from the account of the policy holder
  • The annual compensation to be paid is Rs. 12 (excluding the service tax i.e. 14%)
  • If the subscriber dies in an accident or is disabled then a cover of Rs. 2 lakh is payable to the nominee of the account
  • An individual can renew Accidental Death Insurance each year
  • An individual can also avail of the long term insurance option
  • An individual can exit the scheme at any time or sign-up the scheme in future

Pradhan Mantri Suraksha Bima Yojana Benefits:

  • If an accident causes the death of the policy holder then Rs. 2 lakh will be payed to the nominee of the account
  • If an accident causes total or irrecoverable loss of eyes or loss eyesight in one year, loss of use of hands or foot then Rs. 2 lakh will be payed to the policy holder
  • If an accident leads total or irrecoverable loss of hand, foot or eyes then Rs. 1 lakh will be payed to the policyholder

Pradhan Mantri Suraksha Bima Yojana Eligibility Criteria:

Pradhan Mantri Suraksha Bima Yojana age limit and eligibility criteria are as follows:

  • The minimum age requirement is 18 years.
  • The maximum age requirement is 70 years.
  • Individuals with a savings bank account and complete minimum age requirement are eligible to apply for the policy.
  • The bank account must be linked with the Aadhaar card.
  • If the bank account is not linked with the Aadhaar card, then the Aadhaar card copy must be attached with the application form.
  • If the individual has more than one savings account, he or she is only eligible to join the scheme through a single bank account.
  • Premium to be paid is Rs.12 yearly.
  • The primary KYC document required is the applicant’s Aadhaar card.

Documents Required for Pradhan Mantri Suraksha Bima Yojana:

The details required to be filled in the form are:

  • Proof Id
  • Aadhaar card
  • Contact information
  • Nominee details
  • Application form (English, Hindi, Bengali, Marathi, Oriya, Telugu, Tamil or Gujarati)
  • You have to submit Aadhar Card copy with the form if your aadhar card is not linked with the savings bank account

Steps to Enroll for Pradhan Mantri Suraksha Bima Yojana:

An individual can download the Pradhan Mantri Suraksha Bima Yojana form online or can approach through the insurance companies that are associated with Suraksha Bima Scheme-

Pradhan Mantri Suraksha Bima Yojana Apply Online:
  • Login to the internet banking account
  • Click on Insurance
  • Identify the account to be used for paying the premium amount
  • Check details and confirm
  • Download receipt and note the stated reference number
PMSBY Regisret Using SMS Facility:
  • Receive activation SMS
  • Reply to the activation SMS with ‘PMSBY Y’
  • Receive a message acknowledging the receipt
  • Bank will manage the processing information from the back-end of the savings account

How to Claim Pradhan Mantri Suraksha Bima Yojana:

The following is the procedure to claim for the benefits under PMSBY:

  • The policyholder or the nominee must immediately inform the bank about the accident
  • Duly fill the Insurance claim form. This form is available at the bank or the insurance company
  • The duly filled claim form has to be submitted to the designated insurance company via the website
  • With the claim form, you have to attach documents like FIR, post mortem report, death certificate in case of death
  • In case of disability, you have to attach a disability certificate that is issued by a civil surgeon, discharge certificate
  • Bank will forward the case to the Insurance company within 30 days after checking your bank account details
  • After insurance confirmation, it is added to the list of the insured persons in the master policy
  • The claim will be processed within 30 days after submission of the documents to the bank
  • Then an admissible claim will be added to the nominee’s or policy holder’s bank account
  • If the policyholder does not appoint a nominee then the death claim will be paid to the legal heir
  • The legal heir must have to produce the Succession Certificate

Conditions for Termination of Pradhan Mantri Suraksha Bima Yojana:

The accidental coverage will be discontinued on the following conditions-

  • When the subscriber attains 70 years
  • If the savings bank account is closed due to non-maintenance of the minimum balance that is required to keep the insurance in force
  • If the subscriber apply through more than one account, the insurance cover will be restricted to one account
  • If the insurance cover is ceased due to technical reasons or due to insufficient balance, the same can be reinstated after the premium is paid in full
  • The participating banks will have to deduct the premium in the month when the auto debit option is given and that amount will be remitted to the insurance company in that same month

The aim of the Pradhan Mantri Suraksha Bima Yojana scheme is to bring insurance coverage to the uninsured sectors. The scheme also serves the goal of ensuring financial security.

Here, we covered the piece of information about the PM Jan Dhan Yojana. For Pradhan Mantri Jan Dhan yojana loan online apply, registration process, and more information related to the schemes, you can visit the official website.

You can also get added information about this scheme using PM Jan Dhan Yojana Helpline Number- 011-23361571 / 011-23748738 or you can also contact through email missionfi@nic.in.

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