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All about Pradhan Mantri Suraksha Bima Yojana

[ecis2016.org] The government of India has introduced the Pradhan Mantri Suraksha Bima Yojna, a low cost insurance policy that offers security in case of any unfortunate incident. 

PM Suraksha Bima Yojana

The government of India has introduced the Pradhan Mantri Suraksha Bima Yojna, a low cost insurance policy that offers security in case of any unfortunate incident.  The Pradhan Mantri Suraksha Bima Yojana allows people to get insurance in case of any accident, with just Rs 20 as an annual premium. In case of death or permanent disability, an assured sum is paid to the nominee.  The Pradhan Mantri Suraksha Bima Yojana is a one-year cover, renewable from year to year. This scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to participate and tie up with Banks / Post offices for this purpose. Participating banks / Post offices can engage an insurance company for implementing this scheme. PM Suraksha Bima Yojana was introduced on May 8, 2015 by Prime Minister Narendra Modi.

Pradhan Mantri Suraksha Bima Yojana: Purpose

The Pradhan Mantri Suraksha Bima Yojana aims to provide insurance to families who can’t otherwise afford other private or public insurance schemes. This scheme will help reduce the financial burden on families in case of a sudden death of the bread-winner of the family. The low premium rate is extremely affordable and if the insured individual passes away in an accident, the nominee or the family members get the insured amount. 

Pradhan Mantri Suraksha Bima Yojana premium 

To enjoy the benefits of the Pradhan Mantri Suraksha Bima Yojana, a premium of Rs 20 per year will have to be paid by the members. This amount will be deducted from the bank or post office savings account of the account holder as per the auto debit facility on or before June 1. In case the auto debit facility isn’t available on June 1, then it will be deducted after the facility has been provided. The benefit will be provided from the first day of the coming month after the premium amount has been deducted. The premium amount is reviewed based on the annual claims experience. 

Amount to be given in PMSBY

Table of Benefits Sum Insured
Death Rs 2 Lakh 
Complete and non-recovery of both eyes, or loss of use of both arms or legs, or loss of sight in one eye and loss of use of one arm or leg Rs 2 Lakh
Loss of sight in one eye and unable to use of one arm and leg Rs 1 Lakh

Pradhan Mantri Suraksha Bima Yojana: Benefits

  • People of all sections of the society can benefit from this scheme, but especially the poor and the backward sections will be benefited. 
  • Under this scheme, policyholders will have to pay the nominal sum of Rs 20 annually to get the benefits of this policy. 
  • The PMSBY scheme will be renewed every year with the cover for one year.
  • Bank can engage any insurance company of its choice to offer this scheme.

Suraksha Insurance plan: Terms and conditions

  • The duration of this scheme has been fixed at 1 year.
  • It can be renewed every year.
  • This scheme provides insurance in case of any accident or physical disability.
  • Initially, this scheme will be made available by public sector general insurance companies.
  • The participating banks can take the services of any such general insurance company for implementation of the scheme for their customers.
  • People aged between 18-70 can avail the benefits of this scheme.
  • People with a savings account for more than one year can get the benefit of this scheme from one savings account.
  • People with more than one savings account can get the benefit of this policy from only one savings account.
  • Beneficiaries can benefit from this scheme only after the payment of the annual premium.
  • If, for any reason the beneficiary has left this scheme, he or she can avail it once again after paying the premium amount.

Pradhan Mantri Suraksha Bima Yojana: Eligibility

  • Applicant should be an Indian citizen
  • The age of the applicant should be within 18-70 years
  • It is mandatory for the applicant to have an individual active bank or post office account
  • The applicant must sign for a consent form for the auto-debit of the annual premium

You can easily do the pradhan mantri suraksha bima yojana online if you meet the eligibility criteria.

Pradhan Mantri Suraksha Bima Yojana: Master policy holder

The participating banks or post offices will be the master policy holder. 

PM Suraksha Bima Yojana: Documents needed

  • Aadhaar card
  • Identity card
  • Bank account passbook
  • Age certificate
  • Income certificate
  • Mobile number
  • Passport-size photo

PM Suraksha Bima Yojana: Appropriation of premium 

  • Insurance premium to be paid to the insurance company is Rs 20 per annum per member
  • Reimbursement of charges to BC/Micro/Corporate/Agent is Rs 1 per year per member (only for new enrollments)
  • Reimbursement of Operating and Administrative Expenses to Partnership Bank is Rs 1 per annum per member

PM Suraksha Bima Yojana: How to apply?

The interested beneficiaries of this country can apply for this scheme by visiting any participating bank or post office. Here is a step-by-step instruction of how to do pradhan mantri suraksha bima yojana online apply:

  • To download the application form, visit the official website of the Prime Minister’s Security

PM Suraksha Bima Yojana: How to apply?

  • When the home page opens on the official website, you will see the option of Forms. You will have to click on that, and then the next page will open before you.
  • On the new page, click on the Prime Minister’s Security Insurance. Then click on the Application Form option. 
  • The Application Form PDF will open in front of you, which you can download. 
  • Then fill in all the necessary details required on the form. 
  • After filling all the important details, attach your important documents to the form. 
  • Finally, submit the application form to the bank. 

Pradhan Mantri Suraksha Bima Yojana: Process to check the application status 

  • Visit the official website of the Pradhan Mantri Suraksha Bima Yojana.
  • When the home page opens before click, click on the link to view application status
  • Enter the application number.
  • Click on the search button.
  • The application status will be on your screen.

Pradhan Mantri Suraksha Bima Yojana: State wise toll free number checking process

  • Visit the official website of the PM Suraksha Bima Yojana.
  • When the home page opens before you, click on the contact link.
  • Now click on the State Wise Toll Free Number.

Pradhan Mantri Suraksha Bima Yojana: State wise toll free number checking process

  • When you click on this number, you will have all the state wise toll free numbers on your screen.

Pradhan Mantri Suraksha Bima Yojana: Process to view beneficiary list

  • Firstly, go to the official website of the PM Suraksha Bima Yojana.
  • When the home page opens, click on the link to the Beneficiary List. 
  • A new page will open where you have to select your state. 
  • Then you have to select your district.
  • Finally, select your block.
  • The beneficiary list will be on your screen.

Pradhan Mantri Suraksha Bima Yojana: Termination of cover

  • The account for this policy will be terminated after the beneficiary has reached the age of 70.
  • The account will also be terminated if the bank or post office account does not have funds to pay for the annual premium.
  • If the beneficiary subscribes to this scheme from more than one account, and pays the annual premium, then the insurance cover will be restricted to just one account, and the premium is liable to be forfeited. 
  • If the insufficient amount of premium is received on the due date, the insurance cover gets terminated.

PM Suraksha Bima Yojana operation 

  • The PM Suraksha Bima Yojana will be operated according to the prescribed terms and conditions.
  • Data flow procedure and Amkheda performance will be available separately.
  • The annual premium will be deducted through the bank through auto debit within the stipulated period.
  • In case of receipt of claim, the beneficiary might be asked to submit the nomination form.
  • The insurance company can ask for documents anytime.

Pradhan Mantri Suraksha Bima Yojana: Contact information

Helpline number: 8001801111/1800110001

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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