Pradhan Mantri Suraksha Bima Yojana
- Author :
- TATA AIG Team
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The government of India launches various schemes for the benefit of the citizens, especially for people who belong to the underprivileged strata of Indian society. The PMSBY is one of its kind of schemes launched by the Indian government.
The PMSBY full form is Pradhan Mantri Suraksha Bima Yojana. It is an accident insurance plan mentioned in the budget for the year 2015. The scheme was launched in May of the same year.
This initiative by the Indian government is in the right direction towards ensuring that people who belong to the lower income groups will also have access to monetary benefits in case of accidental death or disability. Let us get into the PMSBY meaning and PMSBY scheme details.
What is Pradhan Mantri Suraksha Bima Yojana?
The PMSBY full form is Pradhan Mantri Suraksha Bima Yojana. It is an affordable accident insurance plan scheme that has been launched to help people who belong to low-income strata. The coverage for accidental death, partial disability, and total disability are provided under the plan.
Under the PMSBY scheme, the premium you must pay for the policy is ₹12. This premium is deducted from the policyholder’s registered bank account. People aged 18 to 70 years can avail of the PMSBY benefits by providing the details of their Aadhaar card for the KYC (Know Your Customer) process.
Pradhan Mantri Suraksha Bima Yojana Scheme Eligibility Criteria
To understand the PMSBY scheme details and whether you are eligible, it is essential to check the eligibility criteria.
Here are the points to check whether you are eligible for the scheme.
- The minimum limit age to get the PMSBY benefits is 18.
- The maximum age at which you can avail of the benefits is 70 years.
- You must have an active savings bank account to be eligible for the scheme.
- The Aadhaar card of the interested person must be integrated with their bank account.
- If you have not linked the Aadhaar card with the account, you must send an Aadhaar card copy with your application.
- To get the policy, you must pay a nominal premium of ₹12.
Features of the Pradhan Mantri Suraksha Bima Yojana Policy
The PMSBY scheme was launched to ensure the low-income strata have a financial cushion in case of an accident that leads to death or disability. Here are some of the top features of the PMSBY policy.
- The PMSBY scheme is one of the most affordable and requires a premium payment of ₹12.
- If the policyholder dies due to an accident, the monetary benefit is paid to the appointed policy nominee.
- The premium of ₹12 gets auto-debited from the policyholder's bank account.
- You can choose between an annual policy renewability or a long-term PMSBY policy.
- The policy is easy to exit and then rejoin.
- You can save on taxes with the help of the PMSBY scheme.
Benefits of the Pradhan Mantri Suraksha Bima Yojana Insurance
Low premium is one of the top benefits of the PMSBY scheme. Some of the top PMSBY benefits include:
- The policy provides coverage for accidents at a nominal rate as compared to many other plans.
- The claim lump sum amount is paid to the nominee which can provide financial help to the policyholder's family in their absence.
- There is no need to remember to pay the premium as it will be auto-debited.
- You will get continuous coverage with easy processing.
- There is flexibility to exit or continue the plan according to your requirements.
- You will get tax benefits under 80C for the premium paid; the sum insured of ₹2 lakhs is tax-exempt as per Section 10(10D).
Coverage Offered Under PMSBY Scheme
Here is a table that highlights the PMSBY scheme details and monetary compensation:
|Events||Claim Lump Sum Amount(₹)|
|An accident that leads to the unfortunate demise of the policyholder||₹2 lakhs (provided to nominee of the policy)|
|Permanent partial disability||₹1 lakh|
|Permanent total disability||₹2 lakhs|
Note: Partial and total disability will be defined as per the terms & conditions mentioned the policy document.
What are the Exclusions Under PMSBY Scheme?
Pradhan Mantri Suraksha Bima Yojana is a disability and accident insurance. The coverage is provided to the policyholder in case of disability and death. However, there can be certain exclusions regarding the type of disability and the nature of demise. Death due to suicide is not covered under the policy. Any disabilities that are non-permanent (partial disability without any irrecoverable loss) are not covered under the plan unless specified.
Documents Needed for Enrolment Under PMSBY
Here is a list of documents that you need to get enrolled under the PMSBY scheme:
The first document that you need is a signed and accurately filled application form that has all the details like name, contact details, Aadhaar card information, etc. It should also have the details of the nominee of the policy. The form is provided in different regional languages apart from Hindi and English.
If you have not integrated the Aadhaar card with your bank account, you must also submit a copy of your Aadhaar card along with the application form.
Enrolment Process Under Pradhan Mantri Suraksha Bima Yojana Scheme
The enrolment process for the PMSBY scheme can be initiated by contacting the affiliated insurance company or banks. You can also download the PMSBY from this link.
The registration process can be initiated by the internet banking service facility provided by the bank or by sending a text message to the organisation’s number(toll-free).
Here are some steps to activate the PMSBY plan using SMS:
- You will receive the message for activation.
- Reply to the message you received with ‘PMSBY Y’.
- You will receive a text message acknowledging that your message has been received.
- The bank will process the information from the savings account.
Here are some steps to activate the PMSBY plan using the net banking facility of your bank:
- Log in to your net banking account.
- Now, click on the Insurance tab.
- Identify the account you want to use to auto-debit the premium payment.
- Check all the details and press confirm.
- Download the receipt and write down the reference number that has been stated.
Claim Process Under the PMSBY Policy
Here are the steps that you need to take to file a claim under the PMSBY scheme:
- The policyholder or the nominee of the policy should contact the insurer or bank from which the policy was purchased to file a claim.
- Get the claim form and fill in all the details. The details you need to fill out include name, contact information, address, details of the hospital, etc. You can also download the form for free from this link.
- After you fill out the form, submit it along with the necessary documents. You will have to submit a disability certificate or a death certificate (if the nominee is raising the claim).
- The details will be verified by the insurance company.
- If the details are accurate, the monetary compensation under the scheme will be transferred to the bank account that has been specified. Thus, the claim that has been filed will be settled.
PMSBY is a great initiative by the government of India to provide disability and accident insurance at an affordable premium to the people. It helps the policyholder's family financially in case of their unfortunate death.
Also, in case of total or partial permanent disability, the monetary benefit will help the policyholder make up for the loss of income. Thus, it is essential to understand all the PMSBY scheme details and contact the insurance company or a bank to enrol yourself for the PMSBY policy.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.