Pradhan Mantri Suraksha Bima Yojana (PMSBY): Benefits, Scheme, Eligibility

Pradhan Mantri Suraksha Bima Yojana is an accidental insurance scheme introduced by the government of India in the year 2015. This PMSBY scheme is specifically designed to provide accidental death and disability coverage for one year, with an annual renewal. To help you know more about the Pradhan Mantri Suraksha Bima Yojana, further here we have discussed in detail about the scheme.

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

Pradhan Mantri Suraksha Bima Yojana is one of the three social security schemes backed by the government of India in the year 2015. With the minimum premium rate of Rs. 12/- per annum, this scheme is most beneficial to the poor and low-income section of society. Pradhan Mantri Suraksha Bima Yojana provides life coverage of Rs. 2 lakh for accidental demise and permanent total disability and Rs. 1 lakh for permanent partial disability.

Individuals within the age group of 18-70 years having a participating savings bank account can subscribe to the Pradhan Mantri Suraksha Bima Yojana. In case an individual has more than one savings bank account, then they can subscribe to the scheme by using only one savings bank account.

Features of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The PMSBY provides an opportunity especially to the lower income group of people to insure themselves against the accidental eventuality that can result in death or disability. Let’s take a look at the features of PM Suraksha Bima Yojana.

• The PMSBY scheme can be purchased with a minimum premium amount of Rs. 12/- per annum.
• In the event of the unfortunate demise of the account holder, the scheme benefit is given to the beneficiary of the scheme.
• The scheme offers the option of auto-debit of premium from the bank account.
• Individuals between the age group of 18-70 years who have a participating savings bank account can only subscribe to the Pradhan Mantri Bima Yojana Scheme.
• The scheme offers the option to select a long-term PMSBY policy or yearly renewability.

Benefits offered by Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The following are the benefits offered by the Pradhan Mantri Suraksha Bima Yojana Scheme.

• The PMSBY scheme offers accidental coverage in exchange for the minimum premium rate.
• The scheme ensures financial security to the family, as in case of the demise of the account holder, the claim amount is paid to the beneficiary of the policy.
• The scheme offers easy processing of continuous cover.
• The subscribers have the flexibility to discontinue or continue the scheme as per their choice.
• Under Pradhan Mantri Suraksha Bima Yojana a death benefit of Rs. 2 lakh is available to the beneficiary of the policy in case of accidental demise of the insured person.
• The scheme offers coverage of Rs. 2 lakh in case of total disability and case of partial disability, and a life coverage of Rs. 1 lakh is provided to the insured person.

Pradhan Mantri Suraksha Bima Yojana Coverage (PMSBY)

Under Pradhan Mantri Suraksha Bima Yojana a death benefit of Rs. 2 lakh is available to the beneficiary of the policy in case of accidental demise of the insured person. Moreover, coverage of Rs. 2 lakh is provided in case of total disability like an irrecoverable or total loss of both eyes or loss of use of both the hands and feet, paralysis, etc. In the case of partial disability, a life coverage of Rs1lakh is provided to the insured person.

The coverage provided by PMSBY is in addition to any other insurance plan the subscriber has. As this is a pure life insurance plan the scheme does not offer any medical i.e. it does not offer any reimbursement of hospitalization expenses caused due to an accident.

For a better understanding of our readers, here we have mentioned the coverage offered by the PMSBY scheme in tabular form.

What is Not Covered in Pradhan Mantri  Suraksha Bima Yojana (PMSBY)?

As defined under Pradhan Mantri Suraksha Bima Yojana any death, accident, and disability caused due to natural calamities are covered by the policy. However, the plan does not provide any coverage against certain circumstances. Death due to suicide is not covered under the scheme. Similarly, the plan also does not provide any coverage for non-permanent disability i.e. in case of irrecoverable loss of eyesight loss of one hand or foot.

Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

To subscribe to the PMSBY scheme, there are certain requirements that one needs to meet. Let’s take a look at the eligibility criteria of the PM Suraksha Bima Yojana Scheme.

• The minimum entry age of the scheme is 18 years.
• The entry age offered by the PMBY scheme is 70 years.
• The subscribers must have a participating savings bank account.
• The savings bank account of the subscriber should be linked with his/her Aadhaar Card.
• If the aadhaar card is not linked with the subscriber’s bank ID, then the subscriber will need to send a copy of aadhaar card along with the application to the bank.

Pradhan Mantri Suraksha Bima Yojana – Documents Needed for Claim Process (PMSBY)

The following are the required documents that should be kept handy while subscribing to PMSBY.

• The individual will need to fill out the application form thoroughly.
• The form should include details like contact number, aadhaar number, and beneficiary details.
• The form can be availed in different regional languages, apart from English and Hindi.

List of Participating Banks in the PMSBY Scheme

The following is the list of banks that are a part of the PMSBY scheme.

• Allahabad Bank
• Axis Bank
• Bank of India
• Bank of Maharashtra
• Bharatiya Mahila Bank
• Canara Bank
• Central Bank
• Corporation Bank
• Dena Bank
• Federal Bank
• HDFC Bank
• ICICI Bank
• IDBI Bank
• IndusInd Bank
• Kerala Gramin Bank
• Kotak Bank
• Oriental Bank of Commerce
• Punjab and Sind Bank
• Punjab National Bank
• South Indian Bank
• State Bank of Hyderabad
• State Bank of India
• State Bank of Travancore
• Syndicate Bank
• UCO Bank
• Union Bank of India
• United Bank of India
• Vijaya Bank

Insurance Companies Participating in Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• National Insurance
• United India Insurance
• ICICI Lombard
• Cholamandalam MS
• New India Assurance
• Universal Sompo
• Bajaj Allianz
• Reliance General Insurance

The process to Enroll and Register for Pradhan Mantri Suraksha Bima Yojana

The subscribers can enroll themselves in the PMSBY scheme by contacting the affiliated bank or insurance company. The subscribers can also download the form from the government’s Jansuraksha website.  The Pradhan Mantri Suraksha Bima Yojana Form can be availed online in multiple languages.

Let’s take a look at the process to enroll for Pradhan Mantri Suraksha Bima Yojana.

1. Through SMS

• The eligible subscriber is sent an SMS asking them to respond with ‘PMSBY<space>Y’.
• To enroll in the scheme, the subscribers need to reply to the SMS ‘PMSBY<space>Y’.
• In response to the customer to the SMS, an acknowledgment message is sent to the customer.
• For further processing, the application must have details of the subscriber’s name, marital status, date of birth, etc.
• The details are taken directly from the participating bank account of the subscriber.
• In case the required details of the subscriber are not available in the banking records, the confirmation process will not be taken forward and the subscribers will have to apply physically from the nearest branch.
• If auto-debit of the premium fails as a result of insufficient balance the coverage of the policy will cease but the policy will still be in force.

2. Through Net-Banking

• Log in to the official website of the policy and click on the insurance tab.
• Choose from both the schemes available on the page.
• Select an account via which you want to pay the premium.
• As per the chosen account the policy coverage amount, nominee details, and premium amount will be displayed on the screen. You can either choose the saving account nominee or add a new nominee.
• Once the individual is done with filling in all the details, provide the name of your policy nominee and click on the following details: –
• Good health declaration.
• Scheme details, terms, and conditions
• “I do not hold any other policy for the same”
• Once you click the continue button the detailed policy will be displayed on the screen.
• Verify the details filled in the application form and click on confirm.
• You will be provided with an acknowledgment slip which has a unique identification number.
• For any further reference don’t forget to save the acknowledgment number.

Claim Process of Pradhan Mantri Suraksha Bima Yojana

The claim can be filed against the PMSBY policy in case of the accidental demise of the subscriber or case of, total permanent disability or partial disability of the subscriber. Here is the process to file a claim for the Pradhan Mantri Suraksha Bima Yojana.

• The beneficiary or the subscriber should contact the bank or the insurance company to file the claim.
• The nominee/subscriber will need to get the claim form and fill it out thoroughly.
• In the form, one needs to fill in the details like name, contact information, address, hospital details, etc.
• Once the form is filled properly, the nominee will need to submit the form along with supporting documents like a death certificate or disability certificate.
• The insurance company will confirm the details.
• After verifying the documents, the bank or the insurance company will transfer the claim amount to the specified bank account.

Pradhan Mantri Suraksha Bima Yojana Renewal Process

An individual can renew the Pradhan Mantri Suraksha Bima Yojana by enabling the facility of auto-debit. By enabling this facility the premium will be automatically debited from the bank account of the subscriber and the PMSBY policy will be renewed.  The PMSBY renewal can be done on an annual basis.  The tenure of the schemes ranges from June 1^st– May 31^st. Thus, the scheme should be renewed before May. In case, the subscriber doesn’t want to continue with the policy then he/she will have to send a cancellation request to the bank or insurer.

How to Check the Application Status of Pradhan Mantri Suraksha Bima Scheme?

An individual can check the application status of the PMSBY scheme by following these steps:

• Visit the website of the bank.
• Login to the Pradhan Mantri Suraksha Bima Yojana online account.
• Visit the right PMSBY section.
• Enter your bank account number
• Enter the application number of PMSBY
• Click submit
• Check Status

Pradhan Mantri Suraksha Bima Yojana – FAQs

Q1.What are the benefits offered by the PMSBY scheme?

Ans- One of the major benefits offered by the scheme is that it provides a death benefit of Rs. 2 lahks to the beneficiary in case of accidental demise of the insured person and in case of total disability and Rs.1 lakh in case of partial disability of the insured person. The Pradhan Mantri Suraksha Bima Yojana is specially designed keeping in mind the lower income group of people.

Q2. What is the process of premium payment of PMSBY?

Ans- The process of premium payment is done by the facility of auto-debit.

Q3. Can the joint account holders apply for the scheme?

Ans-  Yes, the joint account holders are eligible to apply for the scheme.

Q4. Can an individual subscribe to the scheme in subsequent years after it was launched?

Ans- Yes, the individual can subscribe to the scheme in subsequent years, following the terms and conditions of the scheme.

Q5. In what circumstances was the policy terminated?

And- The scheme is terminated if the registered bank account is closed due to insufficient balance or if the account holder reaches the age of 70 years. The account holder can also cancel the scheme by applying to the bank or insurance company.

Q6. Can Non-Residential Indians Apply for this scheme?

Ans- Yes, the Non-Residential Indians (NRIs) can also apply for this scheme. The claim amount is paid in Indian currency.

Final Thoughts

With all these benefits and features offered by this policy and with its minimum premium rates, Pradhan Mantri Suraksha Bima Yojana is one of the best social security schemes. It provides life protection to those of lesser means without hurting their savings significantly.