Pradhan Mantri Suraksha Bima Yojana is a social security scheme launched by the Government of India in the Union Budget of 2015. This scheme is a personal accident insurance scheme which compensates individuals in case of accidental deaths and disablements.
The Pradhan Mantri Suraksha Bima Yojana scheme has the following notable features –
The Pradhan Mantri Suraksha Bima Yojana covers the following contingencies –
An accident would be defined as a sudden, unforeseen and unexpected event which is caused by external, visible and violent means. Moreover, accidental deaths and disabilities arising out of natural calamities would also be covered under the scheme.
The extent of coverage would be INR 2 lakhs in case of accidental death and permanent total disability and INR 1 lakh in case of permanent partial disability.
Accidental death due to murder is also covered under the scheme of Pradhan Mantri Suraksha Bima Yojana.
Coverage would continue until the individual attains 70 years of age and if regular premiums are being debited from the bank account.
Deaths which occur due to suicide are not covered. Moreover, in case of a disability, if there is no loss of eyes, hand or foot, the claim is not paid. If the scheme is subscribed through multiple bank accounts, the coverage would stop and the premiums paid would be forfeited.
To subscribe to the Pradhan Mantri Suraksha Bima Yojana, the following eligibility parameters should be fulfilled –
The Pradhan Mantri Suraksha Bima Yojana is a very affordable scheme whose premiums are as low as INR 12 per annum per member. The premium is payable by the subscribing member through a direct debit done from his/her savings bank account. The debit should be done before 1st June to enjoy one year coverage from 1st June to 31st May. If the premiums are delayed, coverage would begin from the date the premium was debited from the insured’s account.
Premiums of the Pradhan Mantri Suraksha Bima Yojana are reviewable every year based on the claim experience under the scheme. However, the Government aims to maintain the premium at this level itself for at least the first three years of the launch of the scheme.
The scheme requires a bank account to work. Individuals having a bank account with any bank can subscribe to the scheme. Interested account holders of a bank would request the bank to subscribe to the scheme after which the bank would deduct the premium from the account holder's bank a/c. The premium would be paid to an insurance company chosen by the bank to provide coverage under the Pradhan Mantri Suraksha Bima Yojana. Public sector companies as well as other general insurance companies offer the scheme of coverage and the bank can choose any company for buying the coverage. The bank would be the master policyholder while the account holder would be the insured. The policy would run for one year after which it would be renewable.
Interested individuals can apply for the scheme by either
In case, you choose to fill up the form and opt for the scheme by submitting the same to bank, follow the process mentioned below. The form is Available online.
Individuals should download the form from this website, fill it and submit it with their banks. The bank would then process the application and the coverage would be granted.
The Government has also given handy application form in various languages of India. Click below to download the application forms in different languages
There are other ways of applying for the scheme too. These include through SMS or through net banking facilities. The process of activating the coverage through SMS is as follows –
If applying through net banking, the process is as follows –
In case of accidents like road or rail accidents, death due to a crime, etc. a police report should be filed. Other accidental cases like a fall, animal bite, etc. do not require a police report. In these cases the hospital reports and treatment records should be submitted. In case of death of the insured member, the nominee should file a claim in a prescribed claim form which is available on the Government Website . The form looks like this –
Disability claims are paid to the bank account of the insured member. However, in case of death claims, the account of the nominee or legal heir is credited with the claim amount. If the nominee has collected the claim, he/she would be required to pay the claim to the legal heirs of the deceased after the legal heirs submit the Succession Certificate and the Legal Heir Certificate which have been issued by a court of law. The Government has also given handy claim form in various languages of India. Click below to download the claim forms in different languages
Enrolment under the scheme was started from 1st May 2015 and the scheme was officially launched by the Prime Minister on 9th May, 2015. By 9th May, more than 4.4 crore individuals were subscribed under the scheme.
By 30th May, the number reached 7.29 crores and by 18th June 2015, it was 7.68 crores and growing. As on 14th May, 2018, more than 13.53 crore individuals had joined the Pradhan Mantri Suraksha Bima Yojana scheme. On an average, 1.5 lakh people joined the scheme on a weekly basis.
The Government aims to cover the maximum number of individuals under the scheme and so the scheme has been widely publicized. Moreover, IT enabled application process is being promoted so that individuals can easily apply for the scheme and enjoy the coverage. Since the premiums are affordable, the scheme is suitable for all and the Government has its eyes set on promoting the opening of bank accounts and insuring individuals under the scheme.
The individual who subscribes to the scheme is required to pay the premiums of the scheme.
If the premium is not debited within 1st June, the coverage would not start. Coverage would start from the month following the date when the premium is debited from the bank account.
Yes, individuals who want to exit the scheme can do so by requesting their bank and removing the facility of auto debit for payment of premium.
Yes, individuals can re-join the scheme whenever they want by filling up the application form and paying the required premium through auto debit from their bank account.
The insurance policy is issued in the name of the bank wherein the individual has an account. The bank is, therefore, the master policy holder under the Pradhan Mantri Suraksha Bima Yojana scheme.
Yes, coverage under the scheme stops in certain instances. These instances include the following –
The government on its website for Pradhan Mantri Suraksha Bima Yojana has given the list of state wise toll free numbers by calling upon which the investor can seek for information regarding PMSBY.
Pradhan Mantri Suraksha Bima Yojana was launched as one of the three important schemes introduced by the government in Budget 2015. Where this scheme provides accidental disability and death benefits to the insured ata very nominal cost, then introduced Atal Pension Yojana provides retirement security to the covered.
Read more insights about the Atal Pension yojana.
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