The Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme is a one-year accidental insurance plan launched by Prime Minister Shri Narendra Modi on May 9, 2015. This scheme aims at catering to people's financial needs during unforeseen events, such as accidents. Let’s understand more about PMSBY in this article.Read more
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PMSBY full form is Pradhan Mantri Suraksha Bima Yojana (PMSBY). The PMSBY scheme is offered by Public Sector General Insurance Companies (PSGICs) and other general insurance companies. It is an Accident Insurance Scheme that provides one-year cover and is renewable from year to year.
The PMSBY Scheme offers coverage for accidental death, total and partial disability, and permanent disability. The PMSBY age limit is 18 years to 70 years and for those who hold a bank account. The yearly premium, excluding service tax, is Rs. 20, automatically deducted from the scheme holder's bank account. In case of total incapacitation or accident-related death, the nominee receives Rs. 2 lakh. For partial permanent disability due to an accident, the subscriber receives Rs. 1 lakh.
Under thePMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana), a death benefit of Rs. 2 Lakhs is available to the policy beneficiary in case of the life assured's accidental demise. Moreover, coverage of Rs. 2 Lakhs is provided in case of total disability like an irrecoverable or complete 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 Rs. 1 Lakh is provided to the life assured.
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.
As defined under PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana), the policy covers the following risks:
Disability caused by natural calamities
However, the plan does not provide the following coverages:
Coverage against suicide, but death due to murder is covered under the policy
Coverage in case of irrecoverable loss of eyesight, loss of one hand, or foot
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Here are the steps to subscribe to PMSBY via SMS:
Step 1: Firstly, get the activation SMS.
Step 2: Respond with 'PMSBY Y' to activate.
Step 3: Receive an acknowledgment message.
Step 4: The bank handles processing from the savings account's back-end.
Here are the steps to subscribe to PMSBY via internet banking facility:
Step 1: Log in to your respective bank's internet banking account.
Step 2: Access the insurance section.
Step 3: Choose the account for premium payment.
Step 4: Review details and confirm.
Step 5: Download the confirmation receipt and note the reference number provided.
The following are the banks that offer PMSBY Scheme:
|Axis Bank||Bank of India||Bank of Maharashtra||Bharatiya Mahila Bank||Canara Bank||Central Bank||Federal Bank||HDFC Bank||ICICI Bank||IDBI Bank||IndusInd Bank||Kerala Gramin Bank||Kotak Bank||Punjab and Sind Bank||Punjab National Bank||South Indian Bank||State Bank of India||UCO Bank||Union Bank of India||United Bank of India|
To be a part of the Pradhan Mantri Suraksha Bima Yojana, listed below are the documents that will be required:
The duly filled application form of the PMSBY scheme (Pradhan Mantri Suraksha Bima Yojana) is required, which contains details such as the name, contact number, Aadhar number, and nominee details. The PMSBY Scheme form is available in nine regional languages, including Hindi and English, making it easy to understand.
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 by the PMSBY application form.
Here is the eligibility criteria for subscribing to Pradhan Mantri Suraksha Bima Yojana:
|Age||18 years||70 years|
|Premium||Rs. 12/- per annum deducted through auto-debit|
|Flexibility||Exit and rejoin with annual premium payment, subject to conditions|
The PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana) provides accidental death and disability coverage which is confirmed by documentary evidence. In case of accidental demise of the life assured, 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 life assured. 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.
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