What is PMSBY?
The Prime Minister of India, Mr Narendra Modi has launched various types of social security schemes in recent few years.The kinds of schemes are insurance schemes.This schemes promise either free insurance coverage or coverage at very low premium rates.One such insurance scheme which the Prime Minister launched is Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a social security scheme that offers one-year accidental death and disability cover,that can be renewed yearly. PMSBY is one of the three social security schemes that was announced in the Government in the 2015 budget. The other two being Atal Pension Yojana (APY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The features of Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The most important features of Pradhan Mantri Suraksha Bima Yojana(PMSBY) are listed below:
- The duration of these scheme is valid for one year after that you have to renew it.
- The premium of the scheme has to be paid through auto-debit from your bank account.
- The duration of the coverage is fixed.It starts from 1st June and continues up to 31st May of the next year.
- If you agree for auto-debit of premiums from your bank account then renewal would be allowed.
- Deaths and accidents due to natural calamities and murder are also covered.
- The premium for the scheme is very low and fixed at INR 12
Who can apply for PMSBY?
- All individuals persons who has bank accounts wheather it is single account or joint accout,in the age group of 18-70 are eligible for this PMSBY scheme.
- If any person holds multiple accounts in multiple banks then he can join the scheme through one bank account only.
- In the case of joint account holders,all the holders can join the scheme
- NRI’s can also join the scheme; however, in the event of a claim arising, the beneficiary/ nominee will be paid in Indian currency only.
What is covered under PMSBY?
The PM Suraksha Bima Yojana scheme covers the following:
- Accidental deaths are covered im this scheme.
- Permanent total disablement which includes complete and irrecoverable loss of limbs (both hands or feet), loss of both eyes, loss of one eye and one hand or foot are also covered within it.
- Permanent partial disablement which includes complete and irrecoverable loss of one eye,one hand or one foot is covered in this scheme.
The amount of coverage for each instance covered under the PMSBY scheme
|Types of losses Accidental death disablement
|Permanent total disablement||Permanent partial|
|Compensation payble||INR 2 LAKH||INR 1 LAKH|
What Is The Period Of Enrolment?
The enrollment of this scheme is starting from June 1st to May 31st of the subsequent year,i.e a period of one year.The instruction for auto-debit has to be given to the bank by May 31 every year.It is a annual scheme, and hence the individual must provide consent for auto-debit before May 31 of subsequent years.
How To Apply For Pradhan Mantri Suraksha Bima Yojana?
The scheme is offered by our government and administered by the Public Sector General Insurance Companies (PSGICs) and other general insurance companies in collaboration with the participating banks.The individual can register by contacting the affiliated bank or an insurance company or they can download the form from the Government website
The participating banks are offering application to the scheme through SMS or net banking. The perso who wats to apply for this scheme needs to submit the form and the Aadhar card.
The following are the steps to enrol to the scheme through SMS:
- The individual will receive the activation SMS.
- After that the individual must respond to the SMS as “PMSBY”
- The individual will receive the acknowledgement message.
- And then the Bank will process the request with the information available in the savings account.
The Procedure For Raising A Claim:
- If any unfortunate incident happens like an accident, drowning, etc. the same must be reported to the police.In all other cases, the hospital record evidencing the event must be available.
- If death happens, the claim can be filed by the nominee/appointee as per the enrolment form or by the legal heirs in case of no nominee. The claim for disability will be credited in the bank account of the individual.
- In case of death,it will be credited to the bank account of the nominee/legal heir.
- The claims form can be downloaded at https://www.jansuraksha.gov.in/Forms-PMSBY.aspx.
Can The Scheme Be Terminated?
If any things happen like mention below then the scheme will be terminated.
- When the individual turns 70.
- Closure of a bank account or insufficiency of balance to keep insurance alive.
- In case of multiple bank accounts and receipt of the premium is inadvertently received by the insurance company, the insurance cover will be restricted to one account and the premium to be forfeited.
Things you have to remember
The Pradhan Mantri Suraksha Bima Yojana is a simple scheme of insurance.If you have a bank account you can avail this easily. However, here are some important facts which you should remember about the scheme :
- You can enroll for the coverage at any time. However,since the coverage duration is fixed,whenever you apply, the coverage expire on 31st May.
- The full premium would have to be paid even when you apply for the scheme any time after 1st June
- In case of NRIs, the claim would be paid in Indian currency only
- For renewals, your consent for auto-debit should be given before 31st May
- Even if you have other personal accident insurance schemes, the claim under the PMSBY scheme would be payable
- All the account holders of a joint account can apply for the scheme from the same account
- The premium might change in subsequent years depending on the claims experience of the insurance company
List of Participating Banks
- Allahabad Bank
- Axis Bank
- Bank of India
- Bank of Maharashtra
- Bharatiya Mahila Bank
- Canara Bank
- Central Bank
- Corporation Bank
- Dena Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IndusInd Bank
- Kerala Gramin Bank
- Kotak Bank
- Oriental Bank of Commerce
- Punjab and Sind Bank
- Punjab National Bank
- South Indian Bank
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank