Introduced by the Government of India in May 2015, Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme that offers accidental death and disability cover in the event of an accident. It is typically offered as a one year cover, which is renewable every year, and implemented through public sector general insurance companies that are willing to offer it as a product and in sync with banks to enable the same. The PMSBY was first proposed in the Union Budget of 2015-2016 and officially began on May 9, 2015.
Pradhan Mantri Suraksha Bima Yojana (PMSBY): Coverage
The Accident Insurance Scheme provides coverage for death or disability caused by an accident. The cost is Rs. 12/- per year for each person. The money for the insurance will be debited from the account holder's bank account automatically on or before June 1st of every year. As mentioned earlier, the coverage will last for one year, from June 1st to May 31st. However, if the premium is paid after June 1st through automatic debit, the coverage will start on the date of the automatic payment.
Pradhan Mantri Suraksha Bima Yojana (PMSBY): Eligibility
The scheme can be availed by all savings bank account holders, in the age group of 18 years to 70 years, in participating banks. If an individual has more than one bank account or different banks, the policyholder is eligible for the scheme through one bank account, not more. Notably, the primary KYC for the aforementioned bank account would be via Aadhaar.
Suppose a policyholder turns 70 years old, when they close their account with the bank, or if they don't have enough money to continue the insurance, the individual’s PMSBY insurance policy will end or be limited.
Pradhan Mantri Suraksha Bima Yojana (PMSBY): What to do in case of multiple bank accounts
For a person with multiple accounts and the insurance company accidentally receives a premium payment, the coverage will only apply to one account and the premium and the insurance may be forfeited.
If your insurance coverage is stopped because of technical problems such as insufficient balance, you can get it back by paying the full yearly premium, as long as you meet certain conditions. During this time, the insurance coverage will be stopped and it will be up to the insurance company to decide whether to resume it.
Banks will take out the insurance payment in the same month you choose to automatically pay. They will send the money to the insurance company during that month. It is best to choose May as the month for automatic payment each year.
Pradhan Mantri Suraksha Bima Yojana (PMSBY): What happens if the policyholder dies?
Upon the death of the policyholder, the person chosen as the beneficiary will receive a sum of money equal to ₹200,000. In case of total and permanent loss of both eyes or loss of ability to use both hands or feet, the subscriber will receive ₹200,000, If someone loses sight of one eye or cannot use one hand or foot, the person will receive ₹1,00,000.
How to apply for Pradhan Mantri Suraksha Bima Yojana account
To apply for a PMSBY account, you can either do it online or offline. If you prefer to do it online, you can use your bank's net banking facility. The applicant can sign in to their online bank account and look for PMSBY on the main page. The customer needs to provide their basic information and the information of the person they choose as their nominee. They also need to agree to have the premium automatically deducted from their account and then submit the form.
To enrol in PMSBY offline, individuals can choose to visit the bank where they hold their savings account or access the official website https://jansuraksha.gov.in/Forms-PMSBY.aspx to download the necessary form. Once the form is downloaded, candidates can provide all the required details to complete it and submit it to the bank, along with the necessary documents. Upon successful submission, subscribers will receive their Acknowledgement Slip and Certificate of Insurance.
It is necessary to share an ID proof when asked. This can be your Aadhaar card, Electoral Photo Identity Card (EPIC), MGNREGA card, Driving License, PAN card, or Passport. Additionally, you should also provide details of your bank account that is linked to your Aadhaar card.
Pradhan Mantri Suraksha Bima Yojana: How to contact
Contact details and more information can be found at this website: https://jansuraksha. govin/files/STATEWISETOLLFREEpdf
A national toll-free phone number is 1800-180-1111 / 1800-110-001.
Conclusion
Remember, all government schemes and policies may undergo changes or be replaced by new schemes over time. Therefore, we recommend checking with the relevant government authorities or official sources to get the most up-to-date information on the status of the Scheme or any potential replacements or similar schemes.
