The government is constantly devising beneficial welfare schemes for citizens from various social strata. Pradhan Mantri Suraksha BimaYojana is one among them. It is an Accident Insurance policy, which was mentioned in the 2015 budget speech. PMSBY Scheme was released two months later, in May of 2015.
What is PMSBY Scheme?
PMSBY is an accidental insurance plan that provides one year of accidental death and total disability, and partial disability coverage with an annual renewal. It is also known as the Prime Minister’s Rs. 12 Insurance Scheme. The Pradhan Mantri Suraksha BimaYojana provides Rs. 2 lakh in life insurance coverage for accidental death and permanent total disability, and Rs. 1 lakh in life insurance coverage for permanent partial disability. With a minimum premium rate of Rs. 12/- per year, this policy is especially beneficial to the poor and low-income segments of society. People between the ages of 18 and 70 can use PMSBY Scheme by presenting their Aadhaar card as a Know Your Customer (KYC) document.
The social security system is geared toward low-income individuals. This is due to the fact that, unlike many other commercial health insurance policies, this scheme does not charge a higher premium.
Features of Pradhan Mantri Suraksha BimaYojana
The PMSBY Scheme allows people with lower incomes to insure themselves against unfortunate events. The events can result in death or disability. The following are the features of the government scheme.
- A low-priced policy which can be purchased just at the rate ofRs. 12.
- In case of death,money is given to the nominee.
- It gives an option to choose a long-term policy or yearly renewability.
- Auto-debit of premium from the bank account
- It has an easy exit and re-entry measures
- It can help in saving tax
PMSBY Scheme Benefits
The following are the benefits of the PMSBYgovernment scheme.
- Accident insurance coverage that is less expensive than other policies.
- The welfare of the family in the event of death, as the claim amount is available to the nominee.
- Section 80C deduction and Sum Insured of Rs. 1 lakh are not taxable under Section 10(10D) of the Income Tax Act.
- Because of the auto-debit feature, there is no need to worry about regular payment formalities.
- Convenient processing of continuous cover.
- The ability to continue or discontinue as desired.
Coverage of Pradhan Mantri Suraksha BimaYojana
The coverage under PMSBY Scheme is mentioned below:
|Event||Claim Amount (Rs.)|
|An accident leading to policyholder’s death||2 lakhs (given to nominee)|
|Permanent partial disability||1 lakh|
|Permanent total disability||2 lakhs|
Note: The policy’s terms and conditions will govern the definition of total and partial disability.
Things Not Covered in Pradhan Mantri Suraksha BimaYojana
The PMSBY, as mentioned in the preceding section, is an accident and disability insurance policy. It protects the policyholder in the event of death or disability. There are, however, some limitations based on the cause of death and the nature of the disability. Suicide death is not covered. Unless otherwise specified, non-permanent disabilities (partial disability without irreversible loss) are not covered.
PMSBY Scheme Eligibility Criteria
In order to be eligible for the benefits of the PMSBY, you must meet certain requirements. The following is a list of such eligibility requirements.
- The scheme requires a minimum age of 18 years to participate.
- The applicant’s savings bank account should be linked to the individual’s Aadhaar card.
- If the Aadhaar details are not linked to the specified bank account, a copy of the card should be submitted with the application
- The maximum PMSBY age limit to participate in this scheme is 70 years old.
- Potential policyholders who have interest must have an active savings bank account.
- Payment of the Rs. 12 premium
Documents Required for Pradhan Mantri Suraksha BimaYojana Scheme
A list of documents required to be a part of the PMSBY is provided below.
- Form – Submit the duly completed PMSBY application form, which includes details such as name, Aadhaar number, contact information, and information about the selected nominee. Aside from English and Hindi, this form is available in a number of regional languages. The form, for example, is available in Marathi, Tamil, Oriya, and other Indian languages.
- Aadhar Card – If the applicant’s Aadhaar card details are not linked to the specified savings bank account, the applicant must submit a copy of the Aadhar card and it must be submitted along with the application form.
Participating Banks in PMSBY
The list of banks that are a part of the PMSBY are mentioned below:
- Allahabad Bank
- Canara Bank
- Axis Bank
- Bank of India
- Dena Bank
- Bank of Maharashtra
- BharatiyaMahila Bank
- ICICI Bank
- Kerala Gramin Bank
- Central Bank
- Corporation Bank
- IndusInd Bank
- Federal Bank
- HDFC Bank
- IDBI Bank
- Kotak Bank
- Oriental Bank of Commerce
- Punjab National Bank
- South Indian Bank
- State Bank of Hyderabad
- United Bank of India
- State Bank of Travancore
- Syndicate Bank
- Punjab and Sind Bank
- State Bank of India
- UCO Bank
- Union Bank of India
- Vijaya Bank
How to Apply for the Pradhan Mantri Suraksha BimaYojana
You can enroll in the PMSBY Scheme by contacting an affiliated bank or insurance company. The Pradhan Mantri Suraksha Bima Yojana form, also known as the PMSBY Form, can be obtained from the government’s Jansuraksha website. It is available in a variety of languages mentioned below:
- Odia (ଓଡ଼ିଆ)
- Bangla (বাংলা)
- Gujarati (ગુજરાતી)
- English (United States)
- Hindi (हिन्दी)
- Marathi (मराठी)
The registration process can be started through the respective internet banking facility or by sending a message to the toll-free number of the onboarding organization.
Here’s how to use the SMS service to activate the policy.
- First of all you will receive an SMS confirming your activation.
- Then respond to the activation SMS with ‘PMSBY Y.’
- After that you need to wait for a message acknowledging receipt.
- The bank will manage the processing information from the savings account’s back end.
Here’s how to use the internet banking service to activate the policy (PMSBY Online Apply).
- First of all sign in to your internet banking account.
- Select Insurance.
- Determine which account will be used to pay the premium.
- Double-check and confirm the details.
- Save the receipt and make a note of the reference number.
How much is the Pradhan Mantri Suraksha BimaYojana Premium?
For a year, the PMSBY premium is Rs. 12 and it will be deducted automatically from the policyholder’s registered bank account. There is a chance that the premium will be adjusted based on the annual claims experience.
PMSBY Scheme Claim Procedure
In the event of partial or total disability, you may file a claim against the PMSBY. In the event of death, your nominee may file a claim. If there is no nominee, the claim amount will be paid to the deceased policyholder’s legal heir. Here’s how to file a claim.
- To file a claim, the policyholder/nominee should contact the bank or insurance company where the policy was purchased.
- Get a claim form and fill it out. It will include information such as name, address, contact information, hospital details, and so on. The PMSBY Claim Form is available for free download from the at Official Portal.
- The form is available in a variety of languages, including Punjabi, Ttelugu, etc
- In the event that the nominee files a claim, submit the completed form along with the necessary supporting documentation, such as a disability certificate or death certificate.
- The details will be confirmed by the insurance company.
- Once the documents are found to be correct, the claim amount will be transferred to the designated bank account, and the claim will be settled.
Renewal of PMSBY Scheme
PMSBY Scheme can be renewed by enabling the auto-debit feature. The premium will be automatically deducted from the bank account, and the policy will be renewed. PMSBY Scheme is renewable on an annual basis. The policy is valid from June 1 to May 31. As a result, the policy should be renewed by the end of May. If you do not wish to renew, you must send a cancellation request to the respective Banks.
Check PMSBY Scheme Status
Follow these steps to check the status of PMSBY’s account.
- First of all go to your bank’s website.
- Use internet banking to log in.
- After that navigate to the relevant PMSBY section.
- Then enter your bank account information.
- Input the PMSBY application number.
- Click the Submit button.
- Verify the status.
Pradhan Mantri Suraksha BimaYojana (PMSBY) vs Pradhan MantriJeevanJyotiBimaYojana (PMJJBY): Which is better?
The Government of India announced three Social Security Schemes in 2015 to benefit the country’s poor and underprivileged citizens. These programs are aimed at increasing financial inclusion.PMSBY and PMJJBY are two of the three schemes, with the third being the Atal Pension Yojana. The two insurance schemes aim to provide financial security to the most vulnerable members of society. Here is a table that differentiates between PMJJBY and PMSBY.
|What does it offer?||Life insurance||Accident insurance|
|Eligibility||People between the ages of 18 and 50 are eligible. They should have a bank account with automatic debit.||People in the age group of 18 to 70 are eligible. They should have a bank account with an auto-debit facility.|
|Coverage||Coverage is Rs. 2 lakhs.||For death and permanent total disability, the coverage is Rs. 2lakhs and Rs. 1 lakh for partial total disability.|
|Premium charged||Rs. 330 for a year||Rs. 12 for a year|
|Insurance coverage up to||Coverage up to 55 years of age.||Coverage up to 70 years of age.|
|waiting period||No waiting period for accidental death. However, the waiting period for natural death is 45 days.||No waiting period.|
PMSBY Toll-Free Number
1800-180-1111/1800-110-001 is the PMSBY customer care number. It is a toll-free number that is available throughout the nation.
|State Name||Name of SLBCConvenor Bank||Toll-Free Contact Number|
|Andhra Pradesh||Andhra Bank||1800-425-8525|
|Chandigarh||Punjab National Bank||1800-180-1111|
|Andman& Nicobar Island||State Bank of India||1800-345-4545|
|Arunachal Pradesh||State Bank of India||1800-345-3616|
|Assam||State Bank of India||1800-345-3756|
|Bihar||State Bank of India||1800-345-6195|
|Goa||State Bank of India||1800-2333-202|
|Chhattisgarh||State Bank of India||1800-233-4358|
|Himanchal Pradesh||UCO Bank||1800-180-8053|
|Daman & Diu||Dena Bank||1800-225-885|
|Delhi||Oriental Bank of Commerce||1800-1800-124|
|Dadra & Nagar Haveli||Dena Bank||1800-225-885|
|Haryana||Punjab National Bank||1800-180-1111|
|Madhya Pradesh||Central Bank of India||1800-233-4035|
|Jharkhand||Bank of India||1800-345-6576|
|Maharashtra||Bank of Maharashtra||1800-102-2636|
|Manipur||State Bank of India||1800-345-3858|
|Meghalya||State Bank of India||1800 – 345 – 3658|
|Mizoram||State Bank of India||1800-345-3660|
|Nagaland||State Bank of India||1800-345-3708|
|Tamil Nadu||Indian Overseas Bank||1800-425-4415|
|Punjab||Punjab National Bank||1800-180-1111|
|Rajasthan||Bank of Baroda||1800-180-6546|
|Sikkim||State Bank of India||1800-345-3256|
|Telangana||State Bank of Hyderabad||1800-425-8933|
|Uttrakhand||State Bank of India||1800-180-4167|
|Uttar Pradesh||Bank of Baroda||1800-102-4455 / 1800-223-344|
|West Bengal and Tripura||United Bank of India||1800-345-3343|
The scheme’s goal is to offer consumers Personal Accident insurance at a much cheaper cost than commercial insurance plans. It is yearly insurance that covers death and disability in accordance with the scheme’s terms and conditions.
PMSBY insurance is designed to protect you against accidental death and disability.
The auto-debit option is used in the premium payment procedure. When enrolling in the scheme, the policyholder must agree to this.
The scheme’s main advantages are that the policyholder will receive a predetermined amount in the event of disability, and the nominee would receive a fixed amount in the event of death. The sum will be determined according to the terms and circumstances.
The scheme is offered and administered by public sector general insurance firms and other general insurance organizations, as well as banks.
Yes, the scheme is open to joint account holders as well.
It is possible to return to the program.
No, the scheme does not run on a financial year schedule; instead, it runs from June 1 to May 31.
If the policyholder’s registered bank account is closed, the amount is insufficient, the policyholder reaches the age of 70, or numerous banks have debited the premium, the policy will be terminated (the only one will be allowed). Individuals can terminate their insurance policies by contacting the participating bank.
Yes, if the terms and conditions are followed, one can join the scheme in consecutive years.
Yes, natural calamities stated in the terms and conditions are covered in the event of death or disability.
According to the scheme, the participating banks will be the Master Policyholders.
Yes, according to the scheme, murder is covered. It’s worth noting that suicide isn’t addressed.
Yes, a non-resident Indian can participate in this program. The amount of the claim will be paid in Indian currency.
The system does not support the repayment of expenses.
Yes, all the supporting documents are required.
Yes, you can use internet banking to do so.
The response changes depending on the situation. If the accident is caused by an automobile accident, for example, a police FIR is required. It is not required in the event of a disability caused by a fall from a tree. Hospital records should be adequate in this case.
There is a chance that prices will hike.
Pradhan Mantri (PM) 12 Rs. Insurance and PMSBY 12 Rs. The policy is other names for the PMSBY scheme.