Pradhan Mantri Suraksha Bima Yojana : Eligibility, Coverage & Benefits

Posted on: Jun 6, 2024 | 3 mins | Written by: HDFC ERGO Team

Pradhan Mantri Suraksha Bima Yojana : Eligibility, Coverage & Benefits

Pradhan Mantri Suraksha Bima Yojana was introduced in 2015 by the current Prime Minister. It was introduced with the target of handling medical emergencies like unprecedented accidents without seriously affecting financial status.

What is Pradhan Mantri Suraksha Bima Yojana?

PMSBY scheme allows coverage for accidental death, and permanent total, and partial disabilities. To avail of this scheme, the beneficiary must mandatorily maintain a valid and active bank account.

This scheme levies an additional service charge of INR 20 apart from the premium amount. The entire amount gets deducted from the registered bank account of the beneficiary.

In the case of partial disability, the beneficiary receives INR 1 lakh, while during accidental death, or total disability due to any accident, the beneficiary or the nominee receives INR 2 lakhs.

Features and Benefits of Pradhan Mantri Suraksha Bima Yojana

The salient features and benefits of the PMSBY scheme have been introduced especially for the economically weaker section of society. Some of the salient features and benefits of this scheme include:

• This scheme allows a life coverage of INR 2 lakhs for 1 year for all the account holders. It is provided in the case of any permanent disability or accidental death.

• A special life cover worth INR 1 lakh is offered to the beneficiary in the case of partial disability.

• Any individual aged between 18 and 70 years can enrol under this scheme.

• In the case of the death of the account holder, the nominee receives the death benefit amount.

• The annual premium amount is INR 12/member. It is auto-debited from the registered bank account on or before 1st June each year.

Eligibility Criteria of Pradhan Mantri Suraksha Bima Yojana

To undertake the coverage benefits of the PMSBY scheme, you need to meet the following criteria to purchase it:

• The age limit ranges between 18 years and 70 years

• The annual premium is INR 12 which is auto-deducted from the registered bank account

• Subject to specific conditions, you can voluntarily exit the scheme and re-join it by clearing the annual premium dues.

What’s Covered and What’s Not Covered?

A. Inclusions:

PMSBY scheme coverage is allowed under the following circumstances:

a. Death

b. Accidents

c. Any disability caused due to natural calamities.

B. Exclusions:

Certain standard exclusions that PMSBY maintains:

a. Coverage in the case of suicide or murder

b. Coverage in the case of irreparable damage to limbs or vision

How To Enrol and Register For Pradhan Mantri Suraksha Bima Yojana?

For enrolment and registration under the PMSBY scheme, you need to follow these steps:

• First, you need to receive the activation SMS

• Then reply to it with “PMSBY Y” for activation

• You will receive an acknowledgement message

• Then the registered bank will handle the subsequent processing For subscribing through Internet banking:

• First, login through the official website of the respective bank

• Search for the insurance section

• Select the chosen account for completing the premium payment

• Cross-check and confirm all the details

• Then download the confirmation receipt and note the reference number for future reference.

Documents Required For PMSBY

The list of documents essential for enrolling under the PMSBY scheme includes:

• Duly filled and signed PMSBY scheme form

• Aadhaar card.

PMSBY Online Registration

For online registration under the PMSBY scheme:

• Visit the official website of the bank

• Search for the PMSBY section

• Login using the designated credentials

• Enter all the relevant details

• Click “Submit”.

Subscribing to PMSBY: SMS vs. Internet banking

In the case of an SMS subscription, you have to receive the activation SMS first and then reply to it to initiate the process. In the case of Internet banking, you can simply log in to the bank website and visit the PMSBY section. Enter all the relevant details as required and complete the premium payment. It completes the process and you will receive the confirmation details.

Banks Participating In PMSBY

The list of banks participating under the PMSBY scheme includes:

• Axis Bank

• Bank of India

• Bank of Maharashtra

• Bharatiya Mahila Bank

• Canara bank

• Central Bank

• Federal Bank

• HDFC Bank

• ICICI Bank

• IDBI Bank

• IndusInd Bank

• Kerala Gramin Bank

• Kotak Bank

• Punjab and Sind Bank

• Punjab National Bank

• South Indian Bank

• State Bank of India

• UCO Bank

• Union Bank of India.

Pradhan Mantri Suraksha Bima Yojana Premium

The yearly premium of the PMSBY scheme is INR 12 per annum. It is auto-debited each year from the registered savings bank account.

Claim Process Of PMSBY

The claim procedure of the PMSBY scheme is simple. When confirmed with authentic documentary evidence, it allows disability and accidental death coverage. If the beneficiary passes away due to any accident, the nearest police station must be immediately informed about this development and accordingly clarified by the respective hospital records.

PMSBY claim can be filed by the beneficiary as per the policy records and the nomination form. In the case of a disability claim, be it total, permanent, partial, or temporary, the designated sum assured will be directly credited to the registered bank account of the insured individual.

In the case of death, the death benefit is paid to the nominee.

How To Renew PMSBY?

You can renew your PMSBY scheme by paying off the premium dues by 1st June each year. You simply need to maintain sufficient balance in your registered bank account before the due date, so that the auto-debit procedure remains smooth.

How To Check Pradhan Mantri Suraksha Bima Yojana’s Application Status?

Follow these steps to check the current status of the Pradhan Mantri Suraksha Bima Yojana:

• Visit the official website

• Log in to the designated Internet banking portal

• Visit the PMSBY section

• Enter the account number

• Enter the PMSBY application number

• Click “Submit”

• The application status will be displayed

• The bank receives a 30-day window to complete a claim.

Conditions for Ending Pradhan Mantri Suraksha Bima Yojana Coverage

The Pradhan Mantri Suraksha Bima Yojana coverage will end under the following circumstances:

• If the concerned beneficiary turns 70 years

• If the registered bank account of the concerned individual is closed

• If there is insufficient balance in the registered bank account of the insured individual

Contact details

Delhi: 1800-1800-124

Karnataka: 1800-4259-7777

Kerala: 1800-425-11222

Maharashtra: 1800-102-2636

Odisha: 1800-345-6551

West Bengal & Tripura: 1800-345-3343

You can visit the official website for further details.

Conclusion

Pradhan Mantri Suraksha Bima Yojana has been introduced to handle unprecedented accidental circumstances with more ease. Although any physical accident of any family member causes serious circumstances, especially if he/she is the earning member in that family, this mediclaim policy can save and ensure better financial management to some extent.

FAQs

1. What is the optimum age limit to subscribe under the PMSBY scheme?

You can subscribe under Pradhan Mantri Suraksha Bima Yojana from 18 to 70 years, provided you have an active savings bank account.

2. Who can apply for the PMSBY scheme?

Any individual aged between 18 and 70 years, maintaining an individual or a joint savings bank account is eligible to subscribe under the PMSBY scheme. If any applicant possesses multiple bank accounts in the same or different banks, he/she can join the scheme under one bank account only.

3. How do I download the PMSBY certificate?

To download the PMSBY certificate, the insured individual must approach the designated bank through which the scheme has been issued.

Disclaimer The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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