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Pradhan Mantri Suraksha Bima Yojana PMSBY

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Pradhan mantra Suraksha Bima Yojana is the new social security scheme introduced by Shri Narendra Modi. It is the accidental death and disability insurance scheme for people. The main aim of this scheme is to provide the personal insurance cover who in a high-risk category.

Accidents can take place on daily in India whether they are rich or poor family the Government decided to provide the compensation to the deceased family. This is the one of cheapest insurance cover. The scheme also covers both permanent and partial disability cover

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Pradhan Mantri Suraksha Bima Yojana:

Scheme name Pradhan Mantri Suraksha Bima Yojana Scheme
Type of Insurance Personal accident insurance scheme
Policy period 1-year coverage
Premium Rs 12 per annum
Risk coverage Sum assured up to Rs 2 lakh
Launched by PM Narendra Modi
Scheme introduce the year 2015
Payment mode Premium will be auto-debited from policyholder bank every year

PMSBY Eligibility Criteria:

  • Applicant minimum age 18 years and maximum age is 70 years
  • Applicant should maintain the savings bank account
  • That bank account should cancel with Aadhar number
  • This scheme is valid for the year and it can be renewed at end of year

List of the required documents:

  • Aadhar number
  • Contact information
  • Nominee details

Main Features for Pradhan Mantri Suraksha Bima Yojana:

  • This scheme will cover death insurance and also renewable every year
  • The annual premium is Rs 12 and this premium including the service tax at 14%
  • Subscribers die in an accident or the disabled due to the accident then the nominee receives up to Rs 2 lakh
  • Applicants can easily exit from this scheme at any time also sign up at any time in future

Apply for Pradhan Mantri Suraksha Bima Yojana:

Through SMS:

  • The subscribers sent an SMS asking them to respond with PMSBY<Space>Y
  • Then customers receive an acknowledgment SMS
  • Next, Applicant fills the application form with details like name, marital status, and date of birth etc
  • The details are taken directly from participating bank account to subscribers
  • If in case the required details of a subscriber are not available in bank records then the confirmation process will not forward (So applicants need to submit the form to the bank branch)

Through Net banking:

  • Visit your bank official website and login
  • Then click on insurance tab
  • Here choose the scheme available on page
  • And select the account which you want to pay the premium
  • And select the account policy cover amount, premium amount and nominee details
  • After entering details click on the continue button
  • Before submitting the form check the details once and click on confirm
  • After successful submission, the acknowledgment slip appears
  • Save the acknowledgment number for further use

Download Pradhan Mantri Suraksha Bima Yojana Application form:

Applicants can easily download the scheme application form through the official website . Here the application form will be available in various languages like English, Gujarati, Kannada, Odia, Tamil, Hindi, Telugu and Bangla.

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Benefits of PMSBY:

  • If the subscriber death or loss his both hands, eyes, feet, hands etc in the accident then Government paid Rs 2 lakh for a nominee
  • Applicant causes irrecoverable sight or loss of one hand or foot due to the accident then Rs 1 is paid to the nominee
  • The subscriber also avail deduction under section 80C for the premium paid
  • Under section 10 or 10D the sum insured received up to Rs 1 lakh tax-free

Conditions for termination of PMSBY:

The accidental cover will terminate be following conditions:

  • The savings account is closed due to non-maintenance of minimum balance
  • Applicant has opted more than one policy under this scheme then other policy except the oldest will canceled also terminated
  • When the applicant attains 70 years
  • This Bima Yojana scheme aims to bring the uninsured in to mainstream the insurance services
  • The applicant can maintain the insufficient balance in the savings account then the policy would be terminated

Steps for Claim Process of PMBY:

  • The insured and nominee must immediately inform the bank about the accident
  • Claim application form will be available from the bank or through official website http://www.jansuraksha.gov.in/FORMS-PMSBY.aspx
  • Fill the application form manually with required details
  • Submit the completed claim form to bank branch within 30 days
  • The claim form is to be supported by FIR, death certificate, post-mortem report or if the person is disability then disability certificate issued by the civil surgeon
  • Then the bank will verify all the account details and forwarded to the insurance company within 30 days
  • A claim will be processed within 30 days of receiving documents from a bank
  • If the insured not mentioned nominee then the amount will get the legal heir. But the legal heir must produce the succession certificate

Contact details:

If you want more information about Pradhan Mantri Suraksha Bima Yojana then logon to www.jansuraksha.gov.in/www.financialservices.gov.in

National toll-free numbers: 1800 110 001 or 1800 180 1111

Also Read: Kishore Vaigyanik Protsahan Yojana KVPY

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