Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme

The 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.
• The policy coverage amount, nominee details, and premium amount will be displayed on the screen according to the selected account. You can either choose the saving account nominee or add a new nominee.
• Once you are done with these, 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 that has a unique identification number.
  • For any further reference, don't forget to save the acknowledgment number.

List of Participating Banks Offering Pradhan Mantri Suraksha Bima Yojana

The following are the banks that offer Pradhan Mantri Suraksha Bima Yojana:

• 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

Documents Required for PMSBY Scheme

To be a part of the Pradhan Mantri Suraksha Bima Yojana, listed below are the documents that will be required:

1. Form

   The duly filled application form of the Pradhan Mantri Suraksha Bima Yojana scheme is required, which contains details such as the name, contact number, Aadhar number, and nominee details. The PMSBY form is available in nine regional languages, including Hindi and English, making it easy to understand.

2. Aadhar Card

   In case the applicant's Aadhar card details are not linked to the savings bank account, a copy of the Aadhar card needs to be submitted. The equivalent needs to be accompanied along by the PMSBY application form.

Eligibility Criteria for PMSBY

Individuals between the age group of 18-70 years are eligible to buy PMSBY. Moreover, NRI's can also join the policy, provided that any claims will be paid to the policy's beneficiary.

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, 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 a disability claim, the sum assured amount will be credited to the policyholder's bank account. Similarly like in term insurance plan, in case of death the death benefit will be paid to the beneficiary of the policy.

Final Thoughts

With all these benefits and features this policy offers and 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.

FAQ's