All You Need to Know About Pradhan Mantri Suraksha Bima Yojana

Time and again, the Government of India has taken steps to ensure optimum care and protection of its citizens. From bringing about developmental and infrastructural changes in the healthcare industry to providing social security through various subsidised health insurance  schemes, the Indian Government has left no stone unturned in showing concern for its citizens.

Back in the year 2015, the then Finance Minister of India – Late Mr. Arun Jaitley – launched three social security schemes during the Budget Speech. All these schemes were aimed to provide social security to those working in the unorganised sector in India. One of these three schemes was Pradhan Mantri Suraksha Bima Yojana (PMSBY).

Through this article, we have tried to throw some light on PMSBY scheme and what it is all about. Continue reading to know more.

What is PMSBY?

As mentioned above, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the social security schemes which was launched by the Government of India during the 2015 Budget Speech in the Parliament. The PMSBY scheme is a Government-backed accident insurance scheme which provides protection against accidental death and disability to individuals between 18 to 70 years of age.

This scheme is highly helpful in preparing an individual for unexpected emergencies by providing an accident insurance coverage of up to ₹2 lakhs at a highly affordable premium of ₹20 per annum.

Key Highlights of PMSBY scheme

The primary features of the PMSBY insurance scheme include:

• Coverage for a year and is renewable on annual basis
• Indians as well as NRIs can avail the benefits of this scheme
• Provides coverage of up to ₹2 lakhs against death and full or partial disability caused due to an accident
• The annual cover will remain valid from 1st June till 31st May
• To avail the benefits under this scheme, each member will have to pay an annual premium of ₹20
• Annual premium of ₹20 will be auto-debited from the beneficiary’s bank account

What are the inclusions and exclusions under the PMSBY scheme?

Here is what will be covered and what won’t, under the PMSBY insurance scheme:

• Accidental death of the applicant will be covered by the scheme.
• If the applicant dies by suicide, it won’t be covered by the scheme.
• If the applicant dies because of murder, it will be covered by the scheme.
• Permanent total disability, i.e. loss of both eyes, hands, or feet will be covered.
• Permanent partial disability, i.e. loss of one of the eyes, hands, or legs will also be covered.
• A compensation of ₹2 lakh will be paid in case of accidental death or permanent total disability. Whereas, in case of partial disability, a compensation of ₹1 lakh will be paid.

Eligibility criteria for availing the benefits of PMSBY scheme

All individuals belonging to the age group of 18 to 70 years can enrol themselves to avail the benefits of the PM Suraksha Bima Yojana. Both, Indians as well as NRIs can avail these benefits. However, the claim amount shall be paid in Indian rupees only.

Below are the key points to remember regarding an individual’s eligibility for this scheme:

• He/she should have an individual or a joint bank account in his/her name.
• Aadhar number is mandatory for KYC purpose.
• If an individual has multiple bank accounts, her/she can join from only one bank account.
• In case of joint account, all account holders can join the scheme from the same bank account.

How to avail the benefits of this scheme?

The PMSBY scheme will be administered through public sector general insurance companies and private insurance companies such as ICICI Lombard. You can apply with any of these insurance companies through SMS or Net Banking to become a beneficiary under this scheme.

All you need to do is download the PMSBY form the Government website and approach a bank or insurance company with the duly filled form.

Steps to enrol for PMSBY through SMS

Step 1 – Send a message on the onboarding organisation’s toll-free number

Step 2 – You will receive an activation message

Step 3 – Reply to the activation message with “PMSBY Y”

Step 4 – You will receive an acknowledgement message

Step 5 – The bank will process your request as per the information in your savings account

Steps to enrol for PMSBY through Net Banking

Step 1 – Log in to your net banking account

Step 2 – Click on “Insurance”

Step 3 – Select the bank account to be used for premium payment

Step 4 – Verify the details and click on “Confirm”

Step 5 – Download and save the acknowledgement receipt for future reference

How to file a claim?

In case of accidental death or disability of the beneficiary, he/she or his/her nominee can file a claim under the PMSBY insurance scheme. Here’s what needs to be done:

Step 1 – Reach out to the bank or insurance company from where the scheme was purchased.

Step 2 – Obtain a claim form and fill it. It may ask for your name, address, contact details, and accident details. You can download the PMSBY claim form Jansuraksha website. 

Step 3 – Submit the duly-filled claim form with relevant supporting documents, including the death certificate or disability certificate.

Step 4 – After verifying the documents submitted by you, the insurer will transfer the claim amount to the specified bank account.

To summarize

The essence of the PMSBY scheme is to provide social security to the citizens through personal accidental cover at a much lower price than the prevalent market rate. It is a yearly scheme which needs to be renewed every year through auto-debit of the premium amount of ₹20. The policyholder or his/her nominee will get a fixed sum of ₹1 lakh or ₹2 lakhs upon filing a claim.

ICICI Lombard also provides health insurance plans like Personal Accident Insurance, Family Health Insurance, Health Booster, Arogya Sanjeevani Policy, Corona Kavach Policy  which offers people with the much needed financial backup during any medical emergencies.