- Home
- Life Insurance
- Term Insurance
- Articles - TP
- All About Pradhan Mantri Suraksha Bima Yojana
All About Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana has been announced by the government of India as one of the three social security schemes. PMSBY is an accidental insurance scheme that provides accidental death and disability coverage for one year, with an annual renewal.
With the minimum premium rate of Rs. 12/- per annum this policy is most beneficial to the poor and low-income section of the society. Pradhan Mantri Suraksha Bima Yojana provides life coverage of Rs. 2 lakh for the 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 this scheme. In case you have more than one saving bank account you can subscribe to the scheme by using only one saving bank account. To help you know more about the Pradhan Mantri Suraksha Bima Yojana, further in this article we have briefly discussed the various aspects of the policy.
What is Covered Under PMSBY Policy and for How Much?
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 irrecoverable or total loss of both the eyes, or loss of use of both the hands and feet, paralysis, etc. In 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 mediclaim i.e. it does not offer any reimbursement of hospitalization expenses caused due to an accident.
Inclusion and Exclusion
As defined under Pradhan Mantri Suraksha Bima Yojana any death, accidents, and disability caused due to natural calamities is covered by the policy. However, the plan does not provide any coverage against suicide but death due to murder is covered under the policy. The plan also does not provide any coverage in case of irrecoverable loss of eyesight loss of one hand or foot.
Process to Subscribe Pradhan Mantri Suraksha Bima Yojana through SMS
- The eligible subscriber is sent an SMS asking them to respond with ‘PMSBY<space>Y’.
- In order to enroll the scheme, the subscribers need to reply to the SMS ‘PMSBY<space>Y’.
- In response 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.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Process to Subscribe Pradhan Mantri Suraksha Bima Yojana 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.
- According to the selected account the policy cover 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 you are done with provide the name of your policy nominee 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.
Eligibility Criteria for PMSBY
Individuals between the age group of 18-70 years are eligible to buy PMSBY. Moreover, NRI’s too can join the policy, provided that any claims will be paid to the beneficiary of the policy in should be in the Indian currency.
What to do in Case of Claim
The Pradhan Mantri Suraksha Bima Yojana provides accidental death and disability coverage which is confirmed by documentary evidence. In case of accidental demise of the insured person, the accident should be reported to the police station and should be clarified by immediate hospital records. The claim can be filed by the beneficiary of the policy mentioned in the enrolment form by the insured. In case of the disability claim, the sum assured amount will be credited to the bank account of the policyholder and in case of death, the death benefit will be paid to the beneficiary of the policy.
Final Thoughts
With all these benefits and features offered by this policy and with its minimal 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.
| You may like to Read: saral jeevan bima yojana guidelines |
