The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a social security scheme which offers one-year accidental death and disability cover, that can be renewed yearly. PMSBY coverage helps you to stay organized in cases of unexpected emergencies.
The Pradhan Mantri Suraksha Bima Yojna has positive features and advantages that make the common man or woman interested to invest in it. The premium to be paid is so meagre as Rs. 12 only per annum. In case of demise, the total claim insured of two lakhs rupee. eventually, in case there may be a loss of eye or limb, the claim of one lakh is ensured. This scheme is easily available to people for the age group of 18 to 70 years with a bank account who will submit their consent to enable auto-debit on or before 31st May for the coverage period in 1st June to 31st May on an annual renewal basis.
Pradhan Mantri Suraksha Bima Scheme is a central authority-subsidized accident insurance scheme in India. It was originally noted in the 2015 budget speech via Finance Minister late Arun Jaitley in February, 2015. This scheme was officially started by our honourable Prime Minister Narendra Modi on 8 may in Kolkata.
Features of Pradhan Mantri Suraksha Bima Yojana
Accident benefits which beneficiaries can receive:
- 2 lakh rupees will be given on death of insured.
- 2 lakh rupees for total and irrecoverable in case of loss of both eyes or both hands or feet.
- 1 lakh rupee for total and irrecoverable loss of sight of one eye or loss of one hand or foot’.
No maturity or any surrender gain is available with this policy.
Pay a premium of ₹ 12 annually in keeping with member or it will be deducted automatically from your saving account, with facility for auto-debit instructions.
Get accident insurance for three hundred and sixty-five days.
The age for applicant should be minimum18 years and maximum 70 years.
Overview of the Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Scheme for unintentional dying insurance
ICICI bank financial savings financial institution (SB) account holders who are between 18 yrs.(completed) to 70 yrs. (age near to birthday) who supply their consent to join auto-debit, as in keeping with the modality, can be enrolled into the scheme easily.
Period of policy:
The cover will be for 12 months/one year, beginning from June 1, to may 31st of next year for which there is option of pay or join through auto-debit from a designated saving account on the prescribed forms shall be required to given by 31st of May.
Rs. 12 annually only.
Mode of payment:
The instalment might be directly auto-debited by the bank from the subscribers saving accounts held with the bank. This is the simplest available mode for renewal of the policy, it will be auto debited between May 25 and May 31, otherwise the customer has given a cancellation appeal to the financial institution for the coverage.
Total coverage (insured) under this scheme will be Rs. 2 Lakh.
How To Apply for Pradhan Mantri Suraksha Bima Yojana?
Pradhan Mantri Suraksha Bima Yojana is offered and administered by the public sector general insurance companies (PSGICs) and other general insurance companies in cooperation with the participating banks. The individual will register by contacting the affiliated bank or an insurance company or can download a form from the Government website .
The participating banks offer application for the scheme through SMS or net banking. The individual needs to deposit the form and the Aadhar card.
To enroll for the scheme with the help of SMS we should follow the given steps:
- The individual will get an activation SMS on his registered number.
- After that the individual will respond to the SMS as ‘PMSBY Y’.
- The individual will receive an acknowledgement message soon.
- The Bank will start working on the request with the information available in the savings account.
How to activate the policy
- Log in to Net Banking and after that click on the ‘Insurance’ button.
- After that select scheme and select account for premium payment.
- Fill the policy cover amount, premium amount and nominee details (as per the selected account).
- Click on ‘Confirm’ button to activate the policy.
- Download the Acknowledgement and the unique reference number for future reference.
- If a customer having more than one saving accounts in the banks, then only one PMSBY policy will be issued. In case more than one policy are discovered to exist, the premium of such more than one policy will be refunded to the consumer’s account and no claims will be paid for these additional policies. The duvet shall be commencing from the premium debit.
- Customer will have to pay complete annual premium although he or she joins the scheme after the commencement of the institution coverage.
- The membership in the Scheme will remain in force so long as all premium due are paid until the age of 70 yrs. attained, as on annual renewal date.
- Policy will no longer be issued if contact no. Isn’t updated in saving account. The bank will not provide any separate intimation for the same.
- The customer response received through their registered mobile no.will be considered as their consent for auto-debit from their saving bank account.
- The personal information which is required for admit in the Pradhan Mantri Suraksha Bima Yojana (PMSBY) can be shared with ICICI Lombard General insurance.
- Company Ltd, under the group policy number 4005/151804272/00/000 certifying insurance as in keeping with the Scheme, and according to the records to be available in your account and your authorisation for the auto-deduction of the insurance number.
- Any information provided by the client if found wrong, the membership to the scheme can be cancelled from the date of joining, the scheme and all premium paid in respect then it will be forfeited.
- Renewal premium of Rupee 12 with GST may be auto debited from the savings Account between May 25 and 31st of May of every year. Customer who desires to cancel the auto renewal, need to submit request regarding it before April 30th of the year. Renewal premium could be debited till the eligible age of the insured as consistent with the scheme rules.
- Joint account holders can enrol for the PMSBY scheme through submitting a separate request for enrolment at ICICI bank branch easily.
Documents Required to be a part of the PMSBY
Submit the properly filled PMSBY application form having details such as name, Aadhaar number, contactdetails, and information of the selected nominee. This form is easily available in several regional languages such as Hindi and English, Marathi, Tamil and Oriya, etc.
Aadhar Card –
In a case the candidate’s Aadhaar card details are not linked to the stated savings bank account; the applicant has to submit a copy of the Aadhaar card. The identical will must be followed with the application form.
Banks Participating in PMSBY:
Banks which are the part of Pradhan Mantri Suraksha Bima Yojana
- Dena Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IndusInd Bank
- Allahabad Bank
- Bank of India
- Axis Bank
- Bank of Maharashtra
- Bhartiya Mahila Bank
- Canara Bank
- Central Bank
- Corporation Bank
- Kerala Gramin Bank
- Kotak Bank
- Oriental Bank of Commerce
- Punjab and Sind Bank
- Punjab National Bank
- South Indian Bank
- State Bank of Hyderabad
- State Bank of India
- State Bank of Travancore
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
How to check the application status of Pradhan Mantri Suraksha Bima Yojna
You can easily check PMSBY’s status by following given steps.
Step 1 – First of all go to your bank’s website.
Step 2 –Then, Login using internet banking.
Step 3 – Visit the appropriate PMSBY segment
Step 4 – Enter your bank account number.
Step 5 – Enter your PMSBY application number also.
Step 6 – Click on submit button.
Step 7 – Now you can check the status.
What is the process of claim for PMSBY?
You can get a claim through PMSBY in case of partial or full disability. In case of demise, your nominee can easily file a claim. If there is no nominee, then the claim money will be given to the legal heir of the deceased policyholder. The claim process is given below:
Step 1 – Policy holder or nominee must attain out to the financial institution or the coverage enterprise from where the policy turned into purchased to raise a claim.
Step 2 – Get claim form and fill it properly. It will consist of information which includes name, deal with, contact facts, info of the sanatorium, etc. The PMSBY’s declare shape can be downloaded from the Jansuraksha website at no cost. The form is available in different languages such as Punjabi, Telugu, and so forth.
Step 3 – Deposit the filled form with the applicable supporting documentation which include disability certificates or demise certificate in case the claim is raised by the nominee.
Step 4 – The insurance business enterprise will confirm the information.
Step 5 – If the form and all documents submitted properly, the declare amount will be transferred to the bank account and the claim can be settled.
How can we terminate the scheme?
The scheme can be terminated in the happening of one of the following events:
- The individual turns 70.
- In case of closure of a bank account or insufficiency of balance to keep policy alive.
- In case of more than one bank accounts and receipt of the premium is inadvertently received by the insurance company, the insurance coverage will be restricted to one account and the premium to be forfeited.
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