The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an insurance scheme that provides affordable insurance coverage, especially for underprivileged people. It was launched in 2015 as part of the Pradhan Mantri Bima Yojana initiatives.
Read along to learn more about this scheme.
What is Pradhan Mantri Suraksha Bima Yojana?
The PMSBY is an insurance scheme that offers coverage against accidental death and disability. It provides a one-year insurance cover, renewable annually, to all eligible individuals who enrol and consent to auto-debit the premium from their bank accounts. With a nominal PMSBY premium of Rs 12 per year, the scheme provides individuals and their families a safety net.
Features of Pradhan Mantri Suraksha Bima Yojana
The features of the PMSBY scheme are:
- Affordable annual premium of Rs
- Coverage of Rs 1 lakh for partial disability.
- Coverage of up to Rs 2 lakh for total disability or accidental death.
- Auto-debit facility for premium payment from the insured’s bank account.
Benefits of PMSBY scheme
The PMSBY benefits are:
- Financial security for the family in case of the insured’s accidental death.
- Compensation for total or partial disability caused by accidents.
Eligibility criteria of Pradhan Mantri Suraksha Bima Yojana
The eligibility requirements for the PMSBY policy are:
- Individuals aged between 18 and 70 years.
- Must hold an active savings bank or post office account.
- Should provide consent for auto-debit of the premium from their account.
Inclusions and exclusions under PMSBY policy
It is essential to understand what the policy covers and excludes.
Inclusions:
- Accident-related death.
- Total and irrecoverable loss of both eyes or loss of use of both hands or feet.
- Total and irrecoverable loss of use of one hand or foot or loss of sight of an eye.
Exclusions:
- Death or disability due to natural causes or illnesses.
- Injuries or death resulting from self-harm or suicide.
- Accidents occurring from the influence of alcohol or drugs.
- Injuries sustained while engaging in criminal acts.
How to enrol for PMSBY policy?
Enrolling in the PMSBY scheme is a straightforward process:
- Bank or post office: Visit the bank or post office branch where you hold an account and fill out the enrolment form. Providing the necessary details and consent for auto-debit.
- Net banking or mobile banking: Login to your bank’s net banking portal or mobile banking application. Navigate to the insurance section and select PMSBY. Consent for auto-debit and confirm enrolment.
What are the documents required under PMSBY scheme?
The documentation required are:
- Completed application form
- Aadhaar Card
- Bank account details
- Consent form for auto-debit of the premium
PMSBY online registration
The Pradhan Mantri Suraksha Bima Yojana apply online facility allows individuals to register conveniently from their homes.
Net banking:
- Log in to your bank’s net banking portal.
- Navigate to the “Insurance” or “Social Security Schemes” section.
- Select “Pradhan Mantri Suraksha Bima Yojana.”
- Choose the account from which the premium will be debited.
- Provide nominee details and confirm enrolment.
Mobile banking:
- Access your bank’s mobile banking application.
- Locate the “Insurance” or “Services” section.
- Opt for “Pradhan Mantri Suraksha Bima Yojana.”
- Fill in the required details, including nominee information.
- Authorise the auto-debit of the premium.
Premium under Pradhan Mantri Suraksha Bima Yojana
The PMSBY premium is one of the most affordable aspects of the scheme, costing just Rs 12 annually.
What is the claim process of PMSBY?
The claim process involves the following steps:
- Inform the bank and insurance company.
- Submit the claim form along with the necessary documents.
- The claim amount is disbursed directly to the nominee’s bank account.
How to renew PMSBY policy?
The PMSBY renewal process is automatic, as the premium is auto-debited annually.
How to check PMSBY scheme’s application status?
To check the PMSBY scheme’s application status, individuals can visit their bank’s website or contact customer care. The status can also be tracked through the official PMSBY portal.
FAQs
- What is the coverage amount under PMSBY?
Accidental death: Rs 2 lakh; Total disability: Rs 2 lakh; Partial disability: Rs 1 lakh.
- Is there an age limit for PMSBY?
Yes, individuals aged 18 to 70 years are eligible.
- Can I enrol in PMSBY without a bank account?
No, a savings bank account is mandatory.
Conclusion
The Pradhan Mantri Suraksha Bima Yojana is a revolutionary step towards ensuring financial security for all citizens. With its low PMSBY premium, comprehensive coverage, and easy enrollment process, the scheme has become a popular choice among Indians. For broader medical protection, individuals should consider health insurance. Protecting yourself and your family with health insurance for parents is important. It’s better to be safe than sorry.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis or treatment. Please consult a certified medical and/or nutrition professional for any questions. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.