All DETAILS OF THE SCHEME: Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana: PMSBY is an accident insurance scheme that provides accidental death and disability cover for accidental death or disability. It will be a one year cover which can be renewed from year to year. The scheme will be offered/issued through Public Sector General Insurance Companies (PSGICs) and other General Insurance Companies willing to offer products on similar terms with necessary approvals and tie-ups with Banks/Post Offices for this purpose.

Coverage: All bank/post office account holders aged between 18-70 years can join participating banks/post offices. Aadhar will be the primary KYC for bank/post office accounts.

Subscription Mode/Period: Coverage is for one year from June 1 to May 31 and requires access/payment by automatic debit from the designated bank/post office account on May 31 each year. This can then be added to the payment of the full annual fee. New entrants to the respective categories from year to year, or current individuals who are not currently participating, may join in future years as the program continues.

National Toll Free Number - 1800-180-1111 / 1800-110-001

Premium

12/- per annum per member. The premium will be deducted from the account holder's bank account in one installment on or before June 1 of every annual payment period under the scheme through an automatic debit facility.

Coverage duration

The coverage will last for one year from June 1 to May 31. However, in case of automatic debit after June 1, the cover will start from premium automatic debit by the Bank.

Accident insurance

The member's accident cover is canceled/restricted in any of the following events:

👉When you turn 70 (the closest age to your birthday).

👉Bank account closure or sufficient balance for insurance to take effect.

👉In case a member is covered through more than one account and the insurance premium is charged by the insurance company, the insurance coverage will be limited to only one account and the premium will be payable.

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Pradhan Mantri suraksha bima yojana benefits | Pradhan mantri suraksha bima yojana | PMSBY

Cancellation of coverage

Accident cover for members will be canceled in any of the following events and no benefits will be paid:

👉When you turn 70 (the closest age to your birthday).

👉Bank account closure or sufficient balance for insurance to take effect.

👉In case a member is covered through more than one account and the insurance company is not paid by the insurance company, the insurance coverage will be limited to one bank account only and the premium paid for the insurance (s) will be deducted twice.

👉If the insurance coverage period is terminated for technical reasons due to insufficient balance or administrative problems, it can be returned in full annual premium receipt as per the terms and conditions as may be prescribed. Risk cover will be suspended and reinstatement of risk cover will be at the discretion of the insurance company.

👉Participating banks will reduce the amount of premium in May every year, preferably in the month of car debit option, and transfer the amount due to the insurance company in the same month.

Pradhan mantri suraksha bima yojana benefits:

👉On Death - Candidate will receive $10,000. 2 Lakh

👉Total and irreparable loss of both eyes or loss of use of both arms or legs or loss of one eye and loss of use of one arm or leg - Subscriber will receive $10,000. 2 Lakh

👉Total and irreparable loss of an eye or loss of use of an arm or leg - Subscriber will receive $10,000. 1 Lakh

Access:

Individual bank account holders of participating banks between 18 years old (completed) and 70 years old (close to renewal) who have consented to opt-in / activate auto-debit as per the above procedure will be eligible.

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Application process

👉One can also open a PMSBY account online using Net bank banking services.

👉Applicants can login internet banking account and search for PMSBY on the dashboard.

👉The customer must fill in some basic details of the candidate.

👉The customer must approve the premium debit from the account and submit the form.

Required documents:

👉Proof of Identity: either Aadhaar Card or Electoral Photo Identity Card (EPIC) or MGNREGA Card or Driving License or PAN Card or Passport

👉Aadhaar Active Bank Savings Account details.

Pradhan Mantri suraksha bima yojana benefits | Pradhan mantri suraksha bima yojana | PMSBY

FAQs: Pradhan Mantri Suraksha Bima Yojana

•Who can apply for insurance benefits in the event of the death of the owner of the bank account who submitted the application?

In the event of the death of the account owner who registered for the program, the claim can be filed by the nominee/authorized person according to the application or the legal heir/s in the event that the participant's account owner did not make any nomination.

•What is the method of payment of claim amount?

The disability claim will be credited to bank account of the insured bank account holder. Death claims will be credited to the bank account of the nominated / legal heir(s).

•Will the family get an insurance benefit if the account holder commits suicide?

•Is it necessary to report accidents to the police and get an FIR to claim the benefits under the insurance policy?

In case of accidents like road, rail and similar traffic accidents, drowning, death involving any crime etc., the accident should be reported to the police. In case of incidents like snake bite, fall from tree etc., the cause should be documented by immediate hospital record.

•If the insured is missing and the death is not confirmed, will the legal heirs get the benefits of the policy?

PMSBY applies to documented deaths caused by an accident.

•Can an individual join PMSBY from multiple bank accounts?

The individual would be eligible to enter the Program through only one bank account.

•What is the minimum and maximum age limit to enter this system?

Individuals between the ages of 18 (completed) and 70 (closer to birthday) are eligible for this program.

•How will the premium be paid?

The premium will be debited from the account holder's bank account via "automatic debit" in one installment, as agreed upon registration. Members can also give a one-off mandate to auto-debit each year until the scheme comes into force, subject to recalibration which may be deemed necessary after a review of experience with the scheme.

•Can individuals who leave the program rejoin?

Individuals who withdraw from the scheme at any time may re-join the scheme in future years by paying an annual premium on such terms and conditions as may be prescribed.

•Are NRIs eligible for coverage under PMSBY?

Any NRI holding bank account with a bank branch established in India is eligible to PMSBY cover. However, if a claim arises, the claimed allowance will be paid to the beneficiary/nominee in Indian currency only.

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👉Also Check: Agnipath Yojana