The PM Suraksha Bima Yojana policy is one of the best insurance policies curated by the Indian government to cater to the needs of lower-income groups. Read on to find out details about this scheme.
Accident insurance is beneficial in providing a family with financial assistance in the form of compensation and ensuring their security. In India, if you seek various accident insurance schemes, then Pradhan Mantri Suraksha Bima Yojana (PMSBY) tops the list.
This government-based scheme is available to people aged between 18 to 70 years. In order to avail of the insurance, you must compulsorily have a bank account. The following article will uncover all the details related to the PMSBY scheme.
PM Suraksha Bima Yojana Overview
The PMSBY scheme is mainly launched to assist economically low-income families in India. In the event of accidental death or disability of an individual, the scheme provides adequate health coverage to their families.
Coverage
The coverage offered by the PMSBY policy is given below:
| Insured’s accidental death | Beneficiaries of the policy receive ₹2 lakhs |
| Permanent disability (totally) | ₹2 lakhs |
| Permanent disability (partially) | ₹1 lakh |
Features of PMSBY
- You can purchase the policy for a minimum amount of ₹12.
- After the accidental demise of the insured, the beneficiaries of the policy will receive the amount.
- The premium amount of health insurance is debited automatically from the linked savings bank account.
- Either of the two policy types can be chosen, which includes a renewable plan and a long-term policy.
- Entry and exit measures are easy to understand.
- Several tax benefits are included.
How to enroll yourself?
To subscribe to the PM Suraksha Bima Yojana policy, you can visit a nearby local bank. Bank accounts are a must for this scheme. Bajaj Allianz health insurance is one of the partners of PMSBY and offers policy-related services. You can obtain the application form from the Jansuraksha website of the government. An interest banking facility can be used to register for the policy. The policy can either be activated through SMS or by using internet banking.
Banks that support the PMSBY Scheme
Following are the banks that offer services under the PMSBY scheme.
| Name of the associated Banks | |||
| Allahabad Bank | Dena Bank | Kotak Mahindra Bank Ltd | State Bank of Hyderabad |
| Axis Bank | Corporation Bank | Karur Vysya Bank Ltd | State Bank of Patiala |
| Andhra Bank | HdFC Bank Ltd | Oriental Bank of Commerce | State Bank of Mysore |
| Bank of India | Federal Bank Ltd | Lakshmi Vilas Bank | State Bank of Travancore |
| Bank of Baroda | IDBII Bank Ltd | Punjab National Bank | UCO Bank |
| Bhartiya Mahila Bank | ICICI Bank Ltd | Punjab and Sind Bank | Syndicate Bank |
| Bank of Maharashtra | Indian Overseas Bank | South India Bank Ltd | United Bank of India |
| Central Bank of India | Indian Bank | Ratnakar Bank Ltd | Union Bank of India |
Terminating Conditions for PMSBY
The insurance can be terminated on the following grounds:
- Once the person is 70 years or above.
- If the balance in the savings account is not enough to pay the premium amount.
- Forfeiting an extra premium amount on having multiple bank accounts.
Eligibility Criteria for PMSBY
A person is eligible for the scheme on the following conditions:
- Age lies between 18 to 70 years, and has a bank account.
- Presence of Aadhar Card for KYC document verification.
- A copy of the Aadhaar card needs to be attached to the application form if the bank account is not linked with Aadhar.
- All account holders can be a part of the scheme in case of a joint account.
- NRI applicants are eligible, but the insurance money will be received in rupees by the nominee.
Claiming Process of PMSBY
You can claim the insurance through 5 steps:
- Step 1: The bank must be informed immediately after the accident.
- Step 2: The claiming form should be obtained from the bank or the company website. It should be submitted along with supporting proofs such as a post-mortem report or death certificate.
- Step 3: After verification, the bank will forward a case to the insurance company. This shall take place within 30 days from the submission of the claim.
- Step 4: After confirmation, the claim will be processed. This shall take place within 30 days of receiving the documents.
- Step 5: The insured account receives the claim amount. Without a nominee, the amount is transferred automatically to the insured’s legal heir.
Documents Required to apply for the scheme
To apply for the PMSBY scheme, you need the following documents:
- PMSBY Application Form
- Aadhar Card as a primary KYC document.
How to check the application status of PMSBY?
You should perform the following steps to check the PMSBY application status:
- Visit the official website of your bank.
- Log in to the internet portal of the bank.
- Visit the PMSBY section.
- Enter your bank account number.
- Enter your PMSBY application number.
- Click on ‘Submit’
- The screen displays your application.
Benefits of PMSBY that one can achieve
The benefits of this policy are
- It offers insurance without demanding a lump sum premium amount.
- It assists the dependents financially after the accidental death of the insured.
- The policy is continuous.
- It is flexible.
- It has an auto-debit feature.
Conclusion
Accidental insurance is an additional benefit, especially to the economically weaker section of society. The Pradhan Mantri Suraksha Bima Yojana is one of few insurance policies which provides great benefits by demanding only a small premium amount. The above details contain everything that you must know about the PMSBY scheme.
FAQs:
1. How to renew PMSBY Policy?
The auto-debit feature of premium payment can be used for the automatic renewal of the policy. The policy will renew automatically after the premium amount is debited from the linked bank. The duration of renewal of the policy is from June 1 to May 31, and it can be renewed annually.
2. What is not covered under the PMSBY Scheme?
The PMSBY policy provides financial assistance in cases of disability and accidents. However, there are a few limitations: PMSBY is not liable to support financially if the insured commits suicide. It is not bound to pay if the nature of the disability is not permanent.
3. What is the premium amount to be paid for the PMSBY Scheme?
The PLSBY is a scheme that demands a very small premium amount. Indian citizens can enroll in this scheme for a minimum amount of ₹12 per year. This amount will be deducted automatically from the insured’s linked bank account. June 1 is the date on or before which the amount is deducted.
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