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Pradhan Mantri Suraksha Bima Yojana Benefits

The Government of India initiates different schemes for the welfare of people and society. Several schemes are set to mitigate a number of public issues and help individuals live their lives comfortably. One such scheme that came into play in 2015 is PMSBY Scheme.

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Read on to know more about PM Suraksha Bima Yojana benefits in detail: 

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

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. 

List of Banks Offering PMSBY Benefits 

Here is a list of banks that provide the PMSBY scheme benefits at their branches: 

Axis  Allahabad Bank  Central Bank 
Bhartiya Mahila  Bank of Maharashtra Bank Of India
Canara Bank Dena Bank Kotak Bank
HDFC Bank Federal Bank ICICI Bank 
Induslnd Bank IDBI Bank State Bank of India
OBC Bank Corporation Bank Punjab National Bank 
Punjab and Sind State Bank of Hyderabad South Indian Bank
State Bank of Travancore Kerala Gramin Bank UCO Bank 
Union Bank of India Syndicate Bank United Bank of India and Vijaya Bank 

Features of PMSBY Scheme  

In order to avail of Pradhan Mantri Suraksha Bima Yojana Benefits, it is important to be aware of the features of the plan. Here’s a quick laydown: 

  • The yearly premium for PMSBY is 12 Rupees. The amount excludes the service tax that is 14 percent.

  • The policy’s beneficiary will receive the death payout after the unforeseen death of the policyholder in a mishap such as an accident. 

  • Auto-debit facility is available. The amount of premium is deducted automatically from the policyholder’s bank account. 

  • The accidental insurance coverage is renewable annually 

  • Applicants are flexible to choose between a long term policy or a yearly renewable plan 

  • The re-entry and exit measures are easy to understand. The policyholder can sign in or exit the plan anytime in the future. 

  • Get tax savings benefits based on the prevailing laws of the income tax act. 

Benefits of Pradhan Mantri Suraksha Bima Yojana Scheme 

The Pradhan Mantri Suraksha Bima Yojana is financial aid for economically backward families in India. It provides sufficient insurance coverage to the policyholder in case of their disability or death due to an accident. The below table provides an overview of the different benefits of PMSBY scheme: 

  • The scheme offers accidental insurance coverage without spending a lot of amounts 

  • The scheme provides financial assistance to the dependents if the policyholder dies in an accident. 

  • With the option of auto-debit, the policyholder no longer has to worry about the missing premium due dates. 

  • The scheme provides safe processing and continuous coverage 

  • The life assured has the option to either continue or discontinue the scheme at their convenience 

  • The premium amount paid for the scheme can be claimed for tax exemptions under section 80C of the old Income tax act. Moreover, the amount of up to Rs 1 Lakh received by the nominees/beneficiaries is non-taxable u/s 10(10D) of the ITA, 1961. 

As discussed the Pradhan Mantri bima yojana benefits in the above section, let’s now discuss the coverage under PMSBYS scheme 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 the feet or hands, eyes loss or sight loss 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)

Eligibility Criteria of Pradhan Mantri Suraksha Bima 

The eligibility standards for availing the benefits of Pradhan Mantri Suraksha Bima Yojana are:

Minimum Entry Age  18 years 
Maximum Entry Age  70 years 
Primary KYC Document  Aadhar Card 
Annual Premium  Rs. 12
Renewability  Yes, the plan can be renewed annually 
Applicability of Plan  1 year

Other Eligibility Criteria 

  • Any person coming under 18 years to 70 years age group having a savings account is eligible for the scheme 

  • The bank account should always be registered with an Aadhar card 

  • If in case Aadhar card is not registered with the savings bank account, then the copy of the document should be submitted with the PMSBY application. 

  • If the policyholder has a savings account i.e., more than 1, then they can join the plan by a single account of bank

  • In the case of a joint account, all policyholders of the account can join the plan. 

  • If the policyholder is an NRI (Non-Resident Indian) and is eligible, the claim payout will be paid out the life assured/nominee in Rupees.

Documents Required for Pradhan Mantri Suraksha Bima Yojana Scheme Benefits 

The PMSBY application is to be filled out to avail of PMSBY Scheme benefits. The details required to provide are:

  • ID Proof 

  • Aadhar card 

  • Contact details 

  • Details of nominee 

  • PMSBY Application form (in different languages)

One of the important KYC documents that should be submitted with the PMSBY application is a copy of the Aadhar card if it is not registered with your bank account.

Claim Settlement Benefit Steps of Pradhan Mantri Suraksha Bima Yojana 

Following is the process for claiming PMSBY benefits: 

  • Step 1: The life assured or nominee (in case of the insured’s demise) should immediately inform the bank about the occurrence of an accident.
    Claim application forms can be availed from the bank, specified insurers, or through the website. Fill out the form completely.

  • Step 2: The completed claim application form must be submitted to the bank (online or offline) within 30 days of the accident 

  • Step 3: Along with the claim application form, Original FIR, death certificate, disability certificate issued by a civil surgeon, post mortem report, and discharge certificate is also submitted

  • Step 4: The bank will then check the information of the account and then transfer the case to the insurer within 30 days of submitting the claim. 

  • Step 5: Then, the insurance company will check that the life assured is on the list of the master policy of insured individuals. 

  • Step 6: The claim will be processed within 30 days of providing the documents to the bank

  • Step 7: The admissible claim benefit is then credited to the nominee/insured’s bank account 

  • Step 8: If the policyholder has not assigned a nominee, the death claim payout will be paid to the policyholder’s legal heir. The succession certificate must be provided by the legitimate heir. 

  • Step 9: The bank takes 30 days to complete the entire claim process. 

Documents Required for the Claim Process 

  • Insured’s name 

  • Insured’s full address 

  • Name and Address of the bank 

  • Saving account number 

  • Insured’s contact number 

  • Nominee’s details 

  • Day, date, and time of accident, place, and nature of the accident

  • Cause of death or injury details 

  • Name and details of the attending physician or the hospital 

  • Date and time when the medical officer can visit the policyholder

Exclusions of Pradhan Matri Jeevan Bima Yojana Benefits

  • The policy does not provide coverage for death due to suicide 

  • Non-permanent disabilities i.e., partial disabilities without irrecoverable loss are not covered

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