Pradhan Mantri Suraksha Bima Yojana

 What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme introduced to provide affordable financial protection in the event of an accidental death or permanent disability caused by an accident. It is part of the Pradhan Mantri Jan Dhan Yojana and aims to offer coverage to individuals, especially those who do not have access to formal insurance.

Accidents can strike at any time, leaving individuals and their families financially burdened, especially in a country where a significant portion of the population lacks access to insurance coverage. In an attempt to provide affordable accident insurance, the Government of India launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY). Introduced in 2015, this low-cost accident insurance scheme aims to provide financial security to the most vulnerable sections of society, ensuring that in the event of an accident, the individual or their family members receive adequate compensation.

The best part? PMSBY offers coverage for just ₹20 per year, making it an accessible safety net for millions of Indian citizens. But how does it work? Who is eligible for the scheme? And how can you apply for it? In this blog post, we will break down all you need to know about PMSBY, from its key benefits to the application process and frequently asked questions.

PMSBY covers:

• Accidental death
• Permanent total disability
• Permanent partial disability

With an annual premium of just ₹20, this scheme is available to all Indian citizens aged between 18 and 70 years.

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Key Features and Benefits of PMSBY

1. Low-Cost Premium

• The annual premium for PMSBY is as low as ₹20, making it accessible for individuals from all walks of life. This minimal premium is auto-debited from the policyholder’s bank account, ensuring hassle-free renewal.

2. Comprehensive Coverage

• Accidental Death: In case of accidental death, the nominee receives ₹2 lakh as compensation.
• Permanent Total Disability: Individuals who suffer from permanent total disability due to an accident are eligible for ₹2 lakh.
• Permanent Partial Disability: Those with permanent partial disability due to accidents can receive ₹1 lakh.

3. No Medical Test

• One of the standout features of the scheme is that no medical tests are required for enrollment. This means individuals, regardless of their current health condition, can avail the insurance.

4. Renewable Policy

• The policy is renewable every year, ensuring continued coverage as long as the premium is paid.

5. Wide Accessibility

• PMSBY is available through banks across the country, making it easily accessible to both urban and rural populations.

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Eligibility Criteria for PMSBY

To avail of the Pradhan Mantri Suraksha Bima Yojana, individuals must meet the following basic eligibility requirements:

1. Age: The applicant must be between the ages of 18 and 70 years.
2. Indian Citizenship: Only Indian citizens are eligible to enroll in PMSBY.
3. Bank Account: The individual must have an active bank account linked with their Aadhaar card. Premium deductions will be made from this account.
4. No Pre-existing Medical Conditions: There are no medical conditions that disqualify an applicant from joining PMSBY; however, the coverage is limited to accidental incidents.

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How to Apply for PMSBY?

Enrolling in PMSBY is a simple process that can be completed through any bank. Here is a step-by-step guide to help you apply:

1. Visit Your Bank

• PMSBY is available through both public and private banks across India. Visit your bank branch and inquire about PMSBY enrollment.

2. Fill Out the Application Form

• Complete the application form with basic details such as your name, age, bank account number, Aadhaar number, and mobile number.

3. Premium Deduction

• The bank will auto-debit the annual premium of ₹20 from your bank account. Ensure your account has sufficient balance for this deduction.

4. Confirmation

• Once your application is processed and the premium is deducted, your coverage will be activated, and you will receive a confirmation SMS or email from your bank.

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Required Documents for PMSBY

The documentation required to enroll in Pradhan Mantri Suraksha Bima Yojana is minimal:

1. Aadhaar Card: For identity verification.
2. Bank Account Details: The bank account number linked to the applicant’s Aadhaar for premium deductions.
3. Mobile Number: A valid mobile number is required for SMS alerts and policy updates.

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How to Claim PMSBY?

In the unfortunate event of an accident, here’s how to file a claim under the Pradhan Mantri Suraksha Bima Yojana:

1. Inform the Bank

• The first step is to inform your bank about the accident and claim. The nominee or policyholder must report the accident to the bank and provide essential details such as the date of accident and place.

2. Submit the Required Documents

• After reporting the claim, the nominee will need to submit documents such as the death certificate (in case of death), medical records, police report (if applicable), and bank details for the payout.

3. Claim Settlement

• Once the claim is verified, the bank or the insurance provider will settle the claim by transferring the applicable amount into the nominee’s bank account. This process usually takes a few days, depending on the verification.

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FAQs About Pradhan Mantri Suraksha Bima Yojana

1. What is the premium for PMSBY?

• The annual premium is just ₹20, which is deducted from your bank account.

2. How can I apply for PMSBY?

• You can apply for PMSBY by visiting any bank that offers the scheme, filling out the application form, and authorizing the premium deduction.

3. Who is eligible for PMSBY?

• All Indian citizens between the ages of 18 to 70 years are eligible, provided they have an active bank account.

4. What does the scheme cover?

• PMSBY provides coverage for accidental death, permanent total disability, and permanent partial disability.

5. Can I renew my PMSBY policy?

• Yes, the policy is renewable every year, as long as you continue to pay the premium.

6. How do I make a claim under PMSBY?

• To claim, report the accident to your bank, submit the necessary documents like the accident report and medical records, and the bank will settle the claim.

7. Is PMSBY available online?

• Yes, many banks provide online registration for PMSBY through their net banking or mobile banking platforms.

8. Can I avail of PMSBY if I already have another insurance policy?

• Yes, PMSBY is an additional coverage and can complement your existing insurance policy.

9. Is medical examination required for PMSBY?

• No, there is no medical examination required to enroll in PMSBY.

10. How much is the pay out for accidental death?

• The payout for accidental death is ₹2 lakh for the nominee.