Pradhan Mantri Suraksha Bima Yojana PMSBY

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Pradhan Mantri Suraksha Bima Yojana (PMSBY) is another flagship social security scheme launched by PM Narendra Modi which is an accidental death and disability insurance scheme. With this the government has launched total 3 social security schemes which are announced in 2015 budget. The other 2 are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY).

What is PMSBY and what all are covered?

It is an Accident insurance scheme; it provides one-year accidental death and disability cover and which can be renewed yearly. On PMSBY, the risk coverage will be Rs 2 lakh for accidental death and total permanent disability and Rs 1 lakh for permanent partial disability.

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Eligibility for Pradhan Mantri Suraksha Bima Yojana

  • The minimum age – 18 years
  • The maximum age – 70 years
  • The bank accounts must be linked to Aadhaar card
  • Those are having a saving bank account and falling under the age group of 18 to 70 years is eligible to the policy.
  • Premium to be paid Rs.12/- per annum also it is auto debited from the bank account of the subscriber
  • If the individual has more than one saving account then you are eligible to join the scheme through a single bank account

Features for Pradhan Mantri Suraksha Bima Yojana

The features of Pradhan Mantri Suraksha Bima Yojana scheme as below

  • Once, the government insurance scheme has the renewal on yearly basis with a one year.
  • For this plan, the organization has a satisfactory number of approvals and link-ups. Under the PMSBY These organization should be declared about putting forward
  • The accident death plan is one year for the period of June 1st, 2015 to May 31st, 2016. Once can inform their bank and opt for the long term and premium will deduct every year in the month of May.
  • The banks will have an appointing any insurance organization means that to put forward the scheme

Premium for Pradhan Mantri Suraksha Bima Yojana

The annual premium of the scheme is Rs.12 excluding the service tax. The banks will auto-debit this amount from the policy holder’s account on 1st June of the annual coverage period. If the premium is paid after 1st June of a particular year, the insurance coverage will begin on the first day of the following month. As, if one has paid the insurance premium on 21st June, then the risk coverage will begin from 1st July.

Benefits for Pradhan Mantri Suraksha Bima Yojana

  • Accident causes the person death up to Rs. 2 lakhs
  • If accidents causes irrecoverable and total loss of legs or hands or foot or eye or sight, the insurance cover will be up to Rs. 2 Lakh
  • Under the PMSBY scheme, will provide an insurance cover of Rs.1 Lakh for the person loses eye sight or one hand or feet in the accident
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How to apply for Pradhan Mantri Suraksha Bima Yojana

Method – I

  • Choose your preferred language for “Application Form”

  • Application Form will be open in PDF format as shown

  • Download the application form, fill all the details accurately and submit the nearest bank.
  • Some banks have initiated an SMS and net banking based on enrollment process

Few banks have initiated an SMS based enrollment process too and conversely through net banking as follows:

Method – II

Process to activate through SMS

  • If customer is eligible for the scheme, then he will get SMS asking them to reply as ‘PMSBY Y’
  • To enroll for the scheme, customer need to reply as ‘PMSBY Y’
  • Then, the candidates can get an acknowledgment message to the response.
  • For the process of Application Form, they collect demographic details, the nominee name, relationship; date of birth will be taken as per the details in the saving account.
  • If in case, the nominee details don’t exist in bank records, the confirmation process will not be taken for further processing, customers need to apply from the nearest branch or through net banking
  • If the auto debit of the premium fails due to insufficient funds or other reasons. Then the insurance cover ceases to be applicable.

Method – III

Through Net banking

  • Log in to the net banking
  • You will see PMBSY at relevant space
  • Select the account from which you want to pay your premium
  • The following details will be displayed (as per selected account) premium amount, nominee details, and policy coverage amount. Here you can select duplicate savings account nominee or add a new nominee
  • Now click on the below declarations:
    • Terms and conditions / FAQS/ scheme details
    • Good health declaration
    • I do not hold any other policy of the same
  • Click on ‘Continue’
  • You will get complete details of the PMSBY scheme you have produce for
  • click on ‘Confirm’ button, if you are satisfied with scheme registration details
  • Download the acknowledgment that carries a reference number then save the acknowledgment receipt for future purpose.
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