Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme launched by the Government of India in 2015. The scheme is aimed at providing affordable insurance coverage to individuals, especially those from disadvantaged sections of society, to protect them against the financial hardships that may arise due to accidental death or disability.

The PMSBY is available to all savings bank account holders in the age group of 18 to 70 years. The premium for the insurance coverage is just Rs. 12 per year, which is automatically deducted from the insured individual’s savings bank account. The scheme offers a personal accident cover of Rs. 2 lakhs in case of death or total permanent disability, and Rs. 1 lakh in case of partial permanent disability.

One of the key features of the PMSBY is its inclusiveness. The scheme is open to all savings bank account holders, regardless of their income levels or social backgrounds. This means that even individuals from economically weaker sections of society can avail of the insurance coverage offered by the scheme.

In addition to providing financial protection against accidental death and disability, the PMSBY also offers other benefits to its beneficiaries. These include the provision of free ambulance services in case of an accident, and the option to avail of free medical treatment at select hospitals across the country.

To enroll in the PMSBY, individuals are required to fill out a simple application form and submit it to their bank. The enrollment process is quick and easy, and the insurance coverage becomes effective immediately upon enrollment.

Overall, the PMSBY is a valuable insurance scheme that offers affordable and comprehensive protection to individuals against the financial hardships that may arise due to accidental death or disability. By providing accessible insurance coverage to all savings bank account holders, the scheme helps to ensure that individuals and their families are financially secure, even in the face of unforeseen circumstances.

Details

An Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.
 

Premium

Rs.12/- per annum per member. The premium will be deducted from the account holder’s bank account through ‘auto debit’ facility in one instalment on or before 1st June of each annual coverage period under the scheme.
 

Coverage Duration

The cover shall be for the one-year period stretching from 1st June to 31st May However, in cases where auto debit takes place after 1st June, the cover shall commence from the date of auto debit of premium by Bank
 

Accident cover assurance termination

The accident cover of the member shall terminate / be restricted accordingly on any of the following events:
  • On attaining age 70 years (age nearer birth day).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.
 

Termination of cover

The accident cover for the member shall terminate on any of the following events and no benefit will be payable there under:
    • On attaining age 70 years (age nearest birthday).
    • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
    • In case a member is covered through more than one account and premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one bank account only and the premium paid for duplicate insurance(s) shall be liable to be forfeited.
    • If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that may be laid down. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company.
    • Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.

Benefits

  • On Death – the Nominee shall get Rs. 2 Lakh
  • Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot – Subscriber shall get Rs. 2 Lakh
  • Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot –Subscriber shall get Rs. 1 Lakh
 

 

Eligibility

Individual bank account holders of participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.

 

Application Process

Online
    • One can also open an PMSBY account online using one’s bank’s Net banking facility.
    • The applicant can login into his/her internet banking account and search for PMSBY on dashboard.
    • Customer has to fill some basic and Nominee details.
    • Customer has to give consent of auto debit of premium from the account and submit the form
 

Offline

  • In order to enroll in PMSBY offline, one can visit the where one has a savings account OR the candidate can visit official site https://jansuraksha.gov.in/Forms-PMSBY.aspx to download form.
  • After downloading that application form candidate can fill in all the details and submits them to the bank attached with required documents.
  • Once it is successfully submitted subscriber will get a Acknowledgement Slip Cum Certificate of Insurance

Documents Required

 

  • Proof of Identity – Either of Aadhaar card or Electoral Photo Identity Card (EPIC) or MGNREGA card or Driving License or PAN card or Passport
  • Aadhaar linked Active Bank savings Account Details

Is There Any Provision For Reimbursement Of Hospitalization Expenses Following an Accident Resulting In Death Or Disablement?

No

Who Can Claim Insurance Benefit In Case Of Death Of The Bank Account Holder Who Gave The Enrolment Form?

In case of death of the Account holder who enrolled in the scheme, claim can be filed by the nominee/appointee as per the enrolment form or by the legal heir/s in case there is no nomination made by the subscriber bank account holder.

What Is The Mode Of Payment Of The Claim Amount?

Disability Claim will be credited in the bank account of the insured bank account holder. Death claims will be remitted to the bank account of the nominee / legal heir(s).

Will The Family Get Insurance Benefit If The Account Holder Commits Suicide?

No

Is It Necessary To Report Accidents To Police And Obtain FIR For Claiming Benefits Under The Policy?

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

If The Insured Is Missing And Death Is Not Confirmed, Will The Legal Heirs Get Benefit Of Insurance?

PMSBY covers deaths confirmed by documentary evidence, to have been caused by accident.

What Benefit Will Be Payable If A Person Suffers Partial Disability Without Irrecoverable Loss Of Sight Of One Eye Or Loss Of Use Of One Hand Or Foot?

No benefit will be payable

Can An Account Holder Get Claim From More Than One Bank Where He Has Enrolled And Premium Has Been Debited?

No. The insured/ Nominee shall be eligible for one claim only.

Can A Individual Join PMSBY From Multiple Bank Accounts?

In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only.