- Get Up To Rs. 2 lac Cover
- Covers Accidental Death/Disability
- Accidental Cover At Just Rs.20/-
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Pradhan Mantri Suraksha Bima Yojana
The PMSBY is an accident insurance scheme that offers coverage for accidental death or disability due to an accident. It was launched by Prime Minister Narendra Modi on May 9, 2015, in Kolkata, West Bengal, to provide affordable insurance coverage for everyone.
You can get up to Rs. 2 lacs by paying Rs.20/- per annum per member. However, on annual premium payment, you’ll get one year of coverage under PMJJBY valid from June 1 to May 31. It would be a one-year cover, renewable from year to year.
Bank or post office account holders between the ages of 18 and 70 years in participating banks/ post offices can opt for the PMSBY scheme.The public sector term insurance company and other general insurance companies provide the PMSBY scheme.
Pradhan Mantri Suraksha Bima Yojana Details
Coverage Duration
Under the PMSBY policy, you’ll get coverage for one year, stretching from 1st June to 31st May, with payment of the annual premium.Premium
In this government term life insurance scheme, you can get up to Rs. 2 lacs by paying Rs.20/- per annum per member. However, the premium will automatically be deducted from your bank or post office account through the ‘auto debit’ facility on or before 1st June of each annual coverage period under the scheme.Eligibility
People with a bank account in a participating bank aged between 18 years and 70 years can opt for the scheme. To do so, you’ve to give consent to enable auto-debit.Termination of Cover
The accident cover of the member shall terminate on any of the following events:- Once you attain the age of 70 years.
- Closure of bank account or insufficient balance to keep the insurance in force.
- If a member opts for more than one time under PMSBY and the insurance company receives a premium inadvertently, the insurer will restrict insurer coverage.
Pradhan Mantri Suraksha Bima Yojana Benefits
The Pradhan Mantri Suraksha Bima Yojana benefits scheme are as follows:
| Table of Benefits | Sum Insured |
|---|---|
| Upon the policyholder’s death due to an accident, the nominee shall receive Rs. 2 lakhs. | Rs. 2 lakhs |
| On total & permanent disability and irrecoverable loss of both eyes, feet, or hands, the policyholder shall get a cover of Rs. 2 Lakhs. | Rs. 2 lakhs |
| On total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, the policyholder shall get a cover of Rs. 1 Lakhs. | Rs. 1 lakhs |
How Can I Apply for Pradhan Mantri Suraksha Bima Yojana?
Pradhan Mantri Suraksha Bima Apply Online
You can easily opt for the PMSBY online through your bank’s internet banking portal.
- Log in to your bank’s net banking portal.
- Click on the insurance tab.
- Navigate to the social security schemes and select the PMSBY scheme.
- Select the account you want to use to pay your premium.
- After that, apply or download the acknowledgment receipt.
Pradhan Mantri Suraksha Bima Apply Offline
In order to enroll for this scheme offline, you can do so by submitting the Pradhan Mantri Suraksha Bima Yojana form.
- Visit the official site jansuraksha.gov.in and download the form.
- After that, fill out all the details along with the required documents and submit it to the bank.
- Once the application is submitted, you’ll get an acknowledgment slip and certificate of insurance.
Claim Procedure of Pradhan Mantri Suraksha Bima Yojana
Claim Intimation
The nominee shall submit the duly completed claim form to the bank, preferably within 30 days of the occurrence of the accidental disability or death of the insured person due to an accident.
Claim Submission
Fill out all the details along with the required documents and submit it to the bank. The following documents needed to be submitted:
- Proof of permanent disability due to an accident or death.
- The insured person and nominee’s Aadhaar and PAN number.
- KYC document in respect of the nominee/appointee/claimant
- First two pages of the passbook or canceled cheque of the account of the nominee/appointee/claimant.
- Proof of being a legal heir, in case the claimant is other than the Insured member/Nominee/Appointee.
- Advance receipt for discharge of claim, duly filled in and signed
Claim Settlement
The authorized official of the bank/post office shall check the insured member’s account and confirm all the details. He will certify the correctness of the information given in the claim form and the duly completed.
The bank/post office will forward the claim documents electronically to the designated email ID of the partner insurer within seven days of the submission of the claim.
After that, the claim amount will be credited to the insured’s or the claimant’s bank account.
Conclusion
With Pradhan Mantri Suraksha Bima Yojana, you can get protection against accidental death and disability due to an accident. It is a one-year cover that you have to renew on an annual basis. The government launched this scheme, and it is available at a highly affordable premium of Rs. 20/- per year.
To know about these sorts of cost-effective plans, you can reach out to us via the website Policyx.com or call us at 1800-4200-269.
Pradhan Mantri Suraksha Bima Yojana : FAQs
1. How will the PMSBY scheme premium be paid?
The premium for the PMSBY scheme will be deducted from the account holder’s bank through an ‘auto debit’ facility in one installment, as per the consent given by the subscriber at the time of enrolment.
2. What is the enrollment period for Pradhan Mantri Suraksha Bima Yojana?
Pradhan Mantri Suraksha Bima Yojana’s enrolment period stretches from 1st June to 31st May.
3. How do you check the Pradhan Mantri Suraksha Bima scheme application status?
Visit the bank website where you have a savings account and have applied for the scheme. Enter the account and application number. Click on the submit tab to track the PMSBY application status.
4. Can individuals who leave the PMSBY policy re-join?
Yes, you can rejoin the PMSBY policy in the future by paying the annual premium, subject to conditions that may be laid down.
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Written By: Sahil Singh Kathait
A boy-in-squares bagging escapades of switching streets in groove & sensing musical airy-notes from 6 1". Under wayed nyctophile sketching the walls of life from the panorama of anime.
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