[ecis2016.org] The Pradhan Mantri Suraksha Bima Yojana is a social security scheme offering one year of accidental death and disability cover.
The Pradhan Mantri Suraksha Bima Yojana is a social security scheme offering one year of accidental death and disability cover. This scheme was one of the three social security schemes launched in the 2015 budget. The other two were the Atal Pension Yojana and the Pradhan Mantri Jeevan Jyoti Bima Yojana.
You are reading: All about PMSBY or Pradhan Mantri Suraksha Bima Yojana
What does the Pradhan Mantri Suraksha Bima Yojana cover?
The Pradhan Mantri Suraksha Bima Yojana offers Rs 2 lakh in case of accidental death and Rs 1 lakh in case of permanent disability. Permanent partial disability is a complete loss of one eye or loss of function of one hand or foot. Permanent disability is loss of eyesight in both eyes or functioning of one hand or foot.
|Cause of death||Coverage|
Eligibility for Pradhan Mantri Suraksha Bima Yojana
Every bank account holder whether single or joint, aged between 18 to 70 years is eligible under this scheme. A few noteworthy points are-
- In case an individual has multiple bank accounts with multiple banks, they can join the scheme through a single bank account only.
- For joint account holders, they can join the scheme individually.
- NRIs can also join the scheme, but the claim will be paid in Indian currency only.
PMSBY: Period of enrollment
Read also : Taxes and penalties on benami properties
The period of enrollment for the scheme is June 1st to May 31st of the subsequent year. Since the amount gets auto-debited, an individual must enrol for the scheme before May 31st. All banks have been instructed to make the debit on May 31st every year.
PMBSY: What is a premium amount?
The premium fee is nominal in the case of Pradhan Mantri Suraksha Bima Yojana, to encourage the weaker sections of the society to choose premium as well. The premium is Rs 12 per annum. This will be auto deducted from the account, on or before June 12th. The scheme starts from the day of auto-deduction.
How to apply for Pradhan Mantri Suraksha Bima Yojana?
You can download the form from the official website or by contacting an affiliated bank or insurance company. The affiliated banks are offering the option to register for the scheme via SMS or net banking. The individual has to submit the Aadhaar card and the form.
The process is as follows:
- Individuals receive SMS for activation of the scheme.
- The applicant must reply “PMSBY Y”.
- Acknowledgement message pops up then.
- The bank will process the request accordingly.
Read also : All about Ayushman Bharat Yojana list 2022
The process through net banking will be as follows-
- Login to your bank account.
- Click on insurance.
- Select the bank account that will be paying the premiums.
- Verify all details and confirm.
- Download the acknowledgement of the application for future purposes.
Points to remember
- The demographic details of the applicant will be fetched by the bank through the savings bank account. If the details are not available, the individual will have to apply through the branch itself.
- In case of failure of auto-debit, the individual will not get the cover.
PMBSY: How to raise a claim?
In case of accidental death, a police case will need to be filed and the death must be ruled accidental with all the suitable evidence available.
The claim can be applied by the nominee stated in the form or the legal heir in case there isn’t a nominee. The claim for death will be transferred to the bank account of the nominee/legal heir. The claim for disability will be transferred to the bank account of the individual.
PMSBY list of participating banks
- Axis bank
- Allahabad Bank
- Bank of India
- Bank of Maharashtra
- Bhartiya 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
- Punjab National Bank
- South Indian Bank
- State Bank of Hyderabad
- State of India
- State Bank of Travancore
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
PMBSY: Termination of the scheme
The scheme can be terminated under the following circumstances-
- Individual turns 70 years of age.
- The bank account has an insufficient balance for paying the premium.
- Individual availed of the benefits of the scheme through multiple bank accounts. The premium will be forfeited in this case and cover will be restricted to one bank account.
Copyright belongs to: ecis2016.org