Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an insurance scheme provided by the Indian Government for financial protection against accidental death or disability. It was launched in 2015 to provide accidental insurance cover to the Country’s uninsured population.
Anyone under the age limit of 18 to 70 years with a savings bank account is eligible for this scheme. With a nominal premium of just Rs. 12 per year, this low-priced policy is meant to cover the weaker sections of society financially. Check the benefits, cost, eligibility and other PMSBY scheme details. Read on!
The following are the features and benefits of PMSBY:
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This social security scheme is made to provide insurance schemes for economically weaker portions of our society. With a premium as low as Rs. 12, anyone can afford to keep their families financially secured.
While no amount of money can make up for the loss of life, PMSBY can provide funds necessary for mental and emotional wounds. It provides a sum of Rs. 2 lakh for the accidental loss of both hands, feet and eyes and Rs. 2 lakh to one’s immediate family for death by accident.
An insured person can claim Rs. 1 lakh under PMSBY for the loss of eyesight in one eye or loss of a limb.
One can safeguard a family member’s future by appointing a nominee. Claim settlement will be made directly to the bank account of the nominee in the unfortunate event of the policyholder’s death.
Premium amount of Rs. 12 per family member will be deducted from the bank account of the insured person via ‘auto-deduct’ facility in a single instalment.
Several Public Sector General Insurance Companies (PSGICs) and other general insurance companies provide the Pradhan Mantri Suraksha Bima Yojana with the help of participating banks. Individuals can directly register at one of the participating banks or apply through net banking or SMS.
To directly apply for the scheme, one can download the PMSBY form from the official website.
To apply through net banking, applicants should follow the given steps:
Some banks allow SMS enrolment through the following process:
Next, the bank will send the confirmation message and process the request.You can also download the enrolment form from the Jansuraksha website. The forms are available in English and regional languages. Contact an affiliate bank and fill out the form. You may send an SMS to the bank or go to the branch and get the registration process completed.
Following banks provide facilities under PMSBY:
The following are the documents required for PMSBY:
You need to follow the given steps to check the application status for PMSBY:
The following situations can result in termination of your PMSBY scheme with no benefits available thereafter:
1800-180-1111/1800-110-001 is the toll free customer care number for PMSBY.
Benefits under PMSBY will not be available for the following cases:
The following are the differences between PMSBY and PMJJBY:
|Basis of Comparison||PMSBY||PMJJBY|
|Premium||Rs. 12 per individual annually||Rs. 330 per individual annually|
|Scheme type||Accidental insurance scheme||Life insurance scheme|
|Coverage||Provides personal accident coverage to the insured||Offers life insurance coverage to the insured|
|Compensation||Rs. 2 lakh to the beneficiary if the insured dies in an accident|
Rs. 2 lakh if the insured suffers from permanent and full disability due to an accident
Rs. 1 lakh if the insured suffers partial disability because of an accident
|Rs. 2 lakh to the beneficiary if the insured dies|
|Age limit||18 to 70 years||18 to 50 years|
With a rise in industrial and road accidents in recent years, there is a growing need for insurance coverage in India. PMSBY, also known as the Rs. 12 insurance scheme, has been providing coverage for accidental death and disabilities since 2015. If you are eligible for PMSBY, prepare your documents, talk to an affiliate bank and apply for PMSBY health insurance.
Ans: Yes. NRIs that meet the eligibility criteria and have a bank account in India can get the PMSBY scheme.
Ans: PM Suraksha Bima Yojana is a yearly scheme with a period of enrolment starting from June 1 to May 31 every year.
Ans: To apply for the scheme, one will need only the Aadhaar card and PMSBY form, provided that one’s bank has the necessary contact information and nominee details.
Ans: Police FIRs are necessary in case the insured person dies due to an accident. For accidents causing disability, hospital records will suffice.
Ans: No, reimbursement of hospitalisation expenses following accidents resulting in disability or death does not take place under this scheme.
Ans: Yes , you can claim benefits of PMSBY under an existing cover.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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