Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme
The government of India has announced Pradhan Mantri Suraksha Bima Yojana as one of the three social security schemes. PMSBY is an accidental insurance scheme that provides one year of accidental death and disability coverage 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 lakhs for the accidental demise and permanent total disability and Rs.1 lakh for permanent partial disability.
+Tax benefit is subject to changes in tax laws. +Standard T&C Apply
++Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
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- Pradhan Mantri Suraksha Bima Yojana (PMBSY)
Types of Term Plans
Individuals aged 18-70 years and having a participating savings bank account can subscribe to this scheme. If 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 policy beneficiary in case of the insured'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. 1lakh is provided to the insured.
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, the policy covers any death, accidents, and disability caused due to natural calamities. 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.
The Process to Subscribe Pradhan Mantri Suraksha Bima Yojana through SMS
- The subscribers need to reply to the SMS' PMSBY<space>Y' to enroll in the scheme.
- 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 the auto-debit of the premium fails due to insufficient balance, the policy's coverage 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
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:
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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.
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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
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Question: What are the benefits of the PMSBY scheme?
Ans: The following are the benefits of the PMSBY scheme:- Avail an accident insurance cover without spending much when compared to the other policies.
- Money will be given to the nominee in case of the demise of the policyholder.
- Flexibility to either or discontinue as per convenience
- Tax deduction as per Section 80C and the sum insured of Rs. 1.5 lakh remains non-taxable as per Section 10(10D) of the IT Act.
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Question: What is the maximum age requirement to subscribe to Pradhan Mantri Suraksha Bima Yojana?
Ans: The Pradhan Mantri Suraksha Bima Yojana scheme is easily accessible to people aged between 18 years and 70 years. The individual should hold the savings bank account and give consent to enable the facility of auto-debit either on or before May 31 for the coverage term June 01 to May 31 on a yearly renewal basis. -
Question: Who can apply for Pradhan Mantri Suraksha Bima Yojana?
Ans: Any individual who has either a single or joint bank account and falls between the age of 18 years and 70 years in any of the participating banks is eligible to join the PMSBY scheme. In the case of multiple bank accounts in one or different banks, the individual is entitled to join the PMSBY scheme via one bank account only. -
Question: How to download the Pradhan Mantri Suraksha Bima Yojana certificate?
Ans: The individual needs to get in touch with the bank that has the savings account and through which they registered for the Pradhan Mantri Suraksha Bima Yojana scheme and download the PMSBY certificate. -
Question: How can I track the status of my Pradhan Mantri Suraksha Bima Yojana account?
Ans: Anyone who wishes to track the PMSBY account's status should visit the bank's website with which they have the savings bank account and likewise have applied for the scheme. Enter the account and application number and then click on the ‘submit’ tab to track the PMSBY application status.
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