Pradhan Mantri Suraksha Bima Yojana Benefits

Pradhan Mantri Suraksha Bima Yojana (PMSBY)- An Overview

The Pradhan Mantri Suraksha Bima Yojana (PMSBY), is one of the popular social welfare schemes backed by the Government that provides coverage for accidental death, partial disablement, and permanent disability. This plan was introduced to provide insurance on personal accidents to the major risk group such as labourers, truck drivers, and mechanics which includes more drifting/travelling.

The policy is available for Indian citizens between the age of 18 years to 70 years having their active savings account. It provides risk cover of 2 Lacs for complete disability and accidental deaths and 1 Lacs for incomplete disability. The amount of premium for PMSBY is Rupees. 12 per year and it gets auto-deducted from the registered bank account. The coverage is for a term of 1 year i.e., from 1 June to 31 May of the subsequent year. The plan can be renewed yearly. 

Death and Disability Benefits 

• Accidental death: Rs. 2 lakh 

• Partial and irrecoverable loss: Rs. 1 lakh for the loss of 1 eye or 1 foot/hand 

• Total and irrecoverable loss: Rs. 2 lakh for the loss of both eyes, both hands, both feet, 1 eye and 1 foot/hand

Benefits of Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is designed to provide people with an affordable safety net against unforeseen accidents. With a small yearly premium, it offers solid financial support when a family needs it most. Below mentioned are some of the PMSBY Benefits:

1. Protection in Case of Accidental Death

   If a policyholder loses their life in an accident, the nominee receives ₹2 lakh. This payout helps the family manage immediate expenses and provides some breathing room during a tough phase.

2.  Cover for Total Permanent Disability

   Accidents that lead to the loss of both eyes or both limbs can change life completely. PMSBY offers ₹2 lakh in these situations, helping the affected person and their family cope with medical costs and income loss.

3. Support for Partial Permanent Disability

   For injuries such as losing one eye or one limb, the scheme provides ₹1 lakh. This amount can ease the burden of treatment, rehabilitation and daily expenses.

4. Low and Accessible Premium

   The yearly premium is just ₹20. It’s one of the most affordable accident insurance options available and remains within reach even for low-income households.

5. Automatic Yearly Renewal

   The premium is automatically debited from your savings account each year. There’s no paperwork or follow-up required, ensuring continuous coverage with minimal effort.

6. Easy Enrollment Process

   Joining the scheme is simple. You can enroll through any bank, post office or via online banking. No medical tests or complicated steps are involved.

7. Available Across India

   Anyone between 18 and 70 years with a savings account can opt for this plan, giving it wide reach and easy accessibility.

   As discussed the Pradhan Mantri Bima Yojana benefits in the above section, let’s now discuss the coverage under the PMSBY benefits. 

   Criteria	Payment to the Beneficiary/nominee
   If a policyholder dies because of an accident	Rs. 2 lacs
   If an unforeseen accident causes total or irreversible loss, loss of both feet or hands, loss of sight in 1 year, and complete loss of a foot or hand	Rs. 2 lacs
   If an unforeseen accident causes irreversible and complete sight loss of 1 eye and complete loss of one foot or hand	Rs 1 Lac
   As discussed, the policyholder can avail tax deductions for the premium amount paid u/s 80C
   The SA received up to 1 Lac is free of taxes u/s 10(10D)

How to Avail PMSBY Benefits

To receive benefits under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), the insured person or their nominee must follow the claim process through the bank where the policy is linked. The claim should ideally be submitted within 30 days of the accident. The process is simple but requires timely intimation and complete documentation.

How to Enroll in PMSBY?

Step 1: Visit your bank or apply online
You can enrol through the branch where you hold a savings account or by using the JanSuraksha portal. The form is straightforward and requires only basic personal details.

Step 2: Provide consent for auto-debit
You must provide permission for the annual premium of ₹20 to be automatically debited from your savings account. This ensures the policy renews annually without requiring manual follow-up.

Step 3: Submit supporting documents
Your Aadhaar card or identity proof may be required while submitting the enrolment form. Once processed, the policy becomes active for the rest of the insurance year.

How to Claim PMSBY Benefits?

Inform the bank immediately.
In case of accidental death or disability, the nominee or insured person should inform the bank where the policy is held as soon as possible.

Get and fill the claim form
The form is available at the bank, through the insurer or on the JanSuraksha website. It must be filled accurately with details of the accident.

Submit required documents
The documents vary depending on the claim type:

For accidental death:

• Death certificate

• FIR or police report

• Post-mortem report

• Identity proof of nominee

• Bank details for payout

For permanent disability:

• Disability certificate from a civil surgeon

• Hospital records

• FIR or police report

• Identity proof and bank details of the insured

Verification and settlement
The bank checks the documents and forwards the claim to the insurer. Once approved, the benefit amount ₹2 lakh for accidental death or total disability, and ₹1 lakh for partial disability is transferred directly to the claimant’s account.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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