Indialends, 08 May 2023

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Pradhan Mantri Suraksha Bima Yojana

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The Pradhan Mantri Suraksha Bima Yojana is a social security scheme that offers one year of accidental and disability cover. It gets renewed on a yearly basis. This scheme was announced by the Government in the 2015 budget. The other schemes that are linked with Pradhan Mantri Suraksha Bima Yojana are Atal Pension Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana.

Eligibility criteria of Pradhan Mantri Suraksha Bima Yojana

• All individual bank account holders who are the holder of single or joint account status in the age group of 18-70 years are eligible to join the PMSBY scheme.
• In case the individual is holding multiple accounts in multiple banks, in that case, he or she becomes liable to join the scheme through one bank only.
• In the case of the joint account holders, all the holders are allowed to avail of the scheme.
• NRIs can also join the scheme; however, in the event of a claim arising, the beneficiary/ nominee will be paid in Indian currency only.

The premium amount of Pradhan Mantri Suraksha Bima Yojana

The premium amount applicable to this scheme is Rs 12 per annum. It will get auto-debited from the bank account of the scheme holder. It is a nominal amount charged to uplift the weaker section of society and encourage them to show their participation in this scheme. scheme. The amount will be deducted on or before June 1st; if it is deducted after June 1st, then the cover shall commence on the date of auto-debit.

List of scheme inclusions

The scheme is offering a risk cover of Rs 2 Lakh for accidental death and Rs 1 Lakh given in case of permanent disability. 

What is Permanent disability?

It is defined as a total and irrecoverable loss of both eyes or loss of use of both or one hand or foot.

The following table illustrates the causes leading to death or disability that are covered in the scheme.

What is the right time and process to get enrolled in the scheme?

The enrolment period starts from June 01 to May 31st of the subsequent year. The scheme is offered and administered by the Public Sector General Insurance companies and other general insurance companies in collaboration with the participating banks. To get the enrolment, either the individual can contact the affiliated bank or the government website- - https://www.jansuraksha.gov.in/Forms-PMSBY.aspx. The participating banks are offering applications via SMS and Net banking also.

Documents required to apply for Pradhan Mantri Suraksha Bima Yojana

• The individual needs to submit the form and the Aadhar card.
• The individual will receive the activation SMS.
• The individual must respond to the SMS as ‘PMSBY Y’.
• The individual will receive the acknowledgment message.
• The Bank will process the request with the information available in the savings account.

The following are the steps to enroll in the scheme through Net Banking:

• Log in to the Internet banking account.
• Click on Insurance.
• Identification of the account through which the premium is paid
• Verify all the details and confirm.
• Download the acknowledgment and save it for future reference.

Procedure to make a claim

In the event of an unfortunate accident like an accident, drowning, etc. the same must be reported to the police. Hospital records were presented as evidence.

In case of death, 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 disability claim will be credited to 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
• In what cases the scheme can be terminated?
• The Scheme will be terminated in the happening of any of the following events:
• The individual turns 70 years old
• In case of closure of bank account or not having sufficient 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.

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
• South Indian Bank
• State Bank of Hyderabad
• State Bank of India
• State Bank of Travancore
• Syndicate Bank
• UCO Bank
• Union Bank of India
• United Bank of India
• Vijaya Bank