Pradhan Mantri Suraksha Bima Yojana Review & Details

PMSBY Application Form | Prime Minister Suraksha Bima Yojana|Pradhan Mantri Suraksha Bima Yojana Eligibility & Claiming procedure. 

Pradhan Mantri Suraksha Bima Yojana is the second largest scheme. The Indian Government has announced accidental insurance cover to high risk categories such as the poor and low income section of the society. This scheme provides insurance cover in case of an accident, Permanent disability & partial disablement  with an annual renewal,with a premium of ₹ 12 per annum. 

When was Pradhan Mantri Suraksha Bima Yojana launched? 

">Pradhan Mantri Suraksha Bima Yojana was launched on May 8, 2015 by our Prime Minister Narendra Modi. PMSBY is a pure accidental insurance plan offered to individuals with Bank accounts. The age limit for Pradhan Mantri Suraksha Bima Yojana (PMSBY) is minimum 18 years and maximum 70 years and need to have a Savings Bank Account to avail the schemes. The annual premium is ₹ 12 (excluding service tax), premium amount deducted automatically from Saving Bank Account. If the subscriber dies in an accident or becomes completely disabled, Rs. 2 lakh is paid to the nominee. If the subscriber suffers an accident and becomes partially permanently disabled, Rs. 1 lakh is paid.

The Features of Pradhan Mantri Suraksha Bima Yojana

1. If a subscriber dies in an accident or becomes completely disabled due to an accident, a cover of up to Rs. 2 lakh is payable to his/her  nominee. 
2. The beneficiary gets Rs 1lakh life cover in case of partial disability. 
3. The scheme provides an annual premium of Rs.  12 per year per member.
4. This premium is automatically debited before June 1 of every year. 
5. At any time in future the subscriber can exit the scheme. 
6. The scheme is managed by private and public sector insurance companies.
7. Accidental death insurance is renewable every year.

The Benefits of Pradhan Mantri Suraksha Bima Yojana

1. The annual premium under PMSBY is Rs.12
2. The premium paid by the subscriber is exempt under Section 80C.
3. Under Section 10 (10D) Rs.  Up to Rs 1 lakh guaranteed amount is tax-free. 

Eligibility for Pradhan Mantri Suraksha Bima Yojana 

To qualify for the Pradhan Mantri Suraksha Bima Yojana, any individual must meet the following conditions:

1. To apply for this Scheme individual citizens should be  ages of 18 and 70 years. 
2. Applicants should have an authentic Savings Bank Account with Aadhar linked with a Bank account. 
3. A copy of the Aadhaar card should be attached with the application formIf the bank account is not linked to the Aadhaar card. 
4. If the NRI is a beneficiary, the claim benefits will be given to the nominee only in Indian currency.

Coverage for Pradhan Mantri Suraksha Bima Yojana 

The coverage of PMSBY policy offers the following :

Advantages	Sum insured
If accident causes the insured's death	Rs 2 lakh is paid to the nominee
In case of permanent disability due to insurance total and irreversible loss of both eyes or loss of use of both arms or legs or loss of sight in one eye and loss of use of hands or feet	Rs 2 lakh is paid
Insured causes of partial disability due to Loss of sight in one eye or loss of arm or leg	Rs 1 lakh is paid

Essential Documents for Pradhan Mantri Suraksha Bima Yojana 

The Application form of PMSBY is to be duly filled are:

1. Aadhar card 
2. Contact information 
3. Proof ID
4. Nominee Detail
5. Bank pass Book
6. Application form (available in Regional Languages) 

The Premium for Pradhan Mantri Suraksha Bima Yojana 

The premium is Rs.  Rs. 12 per annum and will be deducted from the account holder's bank account in one installment through 'Auto Debit' facility.  This scheme is offered by public sector public insurance companies. The premium amount auto debit takes place 1st June on an annual basis. 

How to Apply / Subscribe for Pradhan Mantri Suraksha Bima Yojana 

Applicants can approach local banks to subscribe for Pradhan Mantri Suraksha Bima Yojana. As earlier mentioned Once PMSBY enrolls, this scheme activates with the Auto Debit facility. The policy Operates through SMS & NET BANKING. 

 

The policy activates using the SMS as follows :

1. Once Receive activation Sms
2. Subscribers required to reply to the SMS 'PMSBY<SPACE>Y
3. The acknowledgement receipt receives by subscriber
4. The Bank will continue to manage and verify the information from its inception

The policy activates using the Net Banking as follows :

1. Visit the official website / Net Banking application of the policy. Choose the insurance section. 
2. Select the scheme available on the page. 
3. Choose an account via which you want to pay the premium. 
4. Once the account selected the policy coverage,nominee details and premium amount will be displayed on screen. 
5. You can select the existing (Saving account) nominee or add a new nominee. 
6. After duly filled detail once check it
7. After the process Download the receipt and  record the reference number. 

How can I Claim Pradhan Mantri Suraksha Bima Yojana?

To claim PMSBY insurance sum, the insured or nominee immediately notify the bank about the incident of the accident. The insurance policy form is to be submitted within 30days from the day of the incident. The documents required for claiming insurance sum, if the insured or nominee met with below incident are as fallow : 

Documents in case of death of insured :

1. Death certificate 
2. Original FIR or Panchnama 
3. Post Mortem record 

Documents in case of Permanent Disablement :

1. Disability Certificate 
2. Original FIR or Panchnama 
3. Enclosed format of Discharge Certificate 

The policy does not cover by the following criteria :

1. Non-permanent defects (partial defects without any irreparable damage) are not insured 
2. The incident occurred due to a suicide attempt 

Termination / Discontinue of PMSBY :

The policy terminate / be restricted accordingly on any of

 the following events:

1. If the subscriber nearest to 70 age 
2. Insufficiency of bank balance 
3. If a member is covered by more than one accounts 
4. Limited to one account and liable for loss of premium.

Application form 

Claiming form