Pradhan Mantri Suraksha Bima Yojana (PMBSY) Scheme

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 in Pradhan Mantri Suraksha Bima Yojana?

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.

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:

Form: The duly filled application form of the Pradhan Mantri Suraksha Bima Yojana scheme, 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, which makes it easy to understand for the people.

Aadhar Card: In case the details of the Aadhar card of the applicant is not linked to the savings bank account, a copy of the Aadhar card needs to be submitted. The equivalent needs to be accompanied along with 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 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.