Pradhan Mantri Suraksha Bima Yojana, Benefits, Apply Online

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accidental insurance scheme in India.

It provides accidental death and disability coverage to individuals between the ages of 18 and 70 for a premium of just Rs. 12 per year.

Enrollment in the scheme is through the subscriber’s bank account and is done on an annual basis.

The scheme is open to all savings bank account holders. In case of accidental death or permanent total disability, the subscriber or nominee is eligible for a sum assured of Rs. 2 lakh.

In case of permanent partial disability, the subscriber is eligible for a sum assured of Rs. 1 lakh. The scheme is implemented through public sector general insurance companies and all other insurers who are willing to offer the product on similar terms.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

CountryIndia
Prime Minister(s)Narendra Modi
MinistryFinance
Key peopleLate Arun Jaitley
Launched9 May 2015; 7 years ago
StatusActive

Benefits of Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides several benefits to its subscribers, including:

Accidental death and disability coverage: In case of accidental death or permanent total disability, the subscriber or nominee is eligible for a sum assured of Rs. 2 lakh. In case of permanent partial disability, the subscriber is eligible for a sum assured of Rs. 1 lakh.

Low premium: The premium for the scheme is just Rs. 12 per year, making it affordable for a large number of people.

Automatic Enrollment: Enrollment in the scheme is done automatically through the subscriber’s bank account, and no medical examination is required.

Wide coverage: The scheme is open to all savings bank account holders between the ages of 18 and 70.

Easy claim process: The scheme is implemented through public sector general insurance companies and all other insurers who are willing to offer the product on similar terms, which makes the claim process easy.

Tax benefits: Premium paid towards PMSBY is eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

Encourages people to have insurance coverage: The scheme encourages people to have insurance coverage who are unable to afford the high premium of commercial insurance policies.

Eligibility for Pradhan Mantri Suraksha Bima Yojana

To be eligible for Pradhan Mantri Suraksha Bima Yojana (PMSBY), individuals must meet the following criteria:

Age: The scheme is open to individuals between the ages of 18 and 70.

Bank Account: The individual must have a savings bank account with a bank participating in the scheme.

Automatic Enrollment: Enrollment in the scheme is done automatically through the subscriber’s bank account, so the individual need not fill any form for the scheme

Nationality: The scheme is open to Indian citizens only.

Premium: The premium for the scheme is Rs. 12 per year, which will be automatically debited from the subscriber’s bank account.

NRI’s: Non-resident Indians (NRI’s) are not eligible for this scheme.

Insured person should be alive: The insured person should be alive on the date of the accident.

Insurance cover is for accidental death or disability only: The insurance cover is for accidental death or disability only, and does not cover illnesses or natural deaths.

It is important to note that the scheme is implemented through public sector general insurance companies and all other insurers who are willing to offer the product on similar terms, so the eligibility criteria might vary based on the insurer.

How To Apply Pradhan Mantri Suraksha Bima Yojana (PMSBY)

To enroll in the scheme, individuals need to follow these steps:

Visit the nearest branch of a bank participating in the scheme.

Inform the bank officials that you wish to enroll in the PMSBY scheme.

Provide the bank with your savings account details and a photocopy of your identity proof (such as Aadhaar card, PAN card, voter ID, etc.).

The bank will then deduct the premium of Rs. 12 from your savings account for the current financial year.

The enrollment will be confirmed by the bank and you will receive an acknowledgement slip.

It is important to note that the scheme is automatically renewed every year, so there is no need to re-enroll. However, the bank will continue to deduct the premium of Rs. 12 from the subscriber’s savings account every year.

You can also check with your bank if they participate in the scheme, and what is the process they follow to enroll in PMSBY.

How To Check Status Pradhan Mantri Suraksha Bima Yojana

There are several ways to check the status of your Pradhan Mantri Suraksha Bima Yojana (PMSBY) enrollment and policy details:

  1. Bank Statement: You can check your bank statement to see if the premium for PMSBY has been debited from your account.
  2. Contact the bank: You can visit or call your bank and inquire about your PMSBY enrollment status and policy details.
  3. Online portals: Some banks provide online portals for their customers to check their PMSBY enrollment status and policy details.
  4. SMS: Some banks also send SMS to the policyholder’s mobile number after the premium has been debited from the account, providing the policy number and other details.
  5. Visit the Insurance Company website: You can also check your policy details and status of claim if any, on the website of the insurance company that provides the coverage under PMSBY scheme.

It is important to note that the scheme is implemented through public sector general insurance companies and all other insurers who are willing to offer the product on similar terms, so the process to check the status of the enrollment and policy details may vary based on the insurer.

You can also check with your bank about the process they follow to check the status of PMSBY policy.

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