The Pradhan Mantri Suraksha Bima Yojana is one of the social security schemes in India that was made in the 2015 budget. Announced in 2015 by Finance Minister, Arun Jaitley, it was fomally launched on May,9 in Kolkata by PM, Narendra Modi.
The one-year accident disability and death cover under the scheme that are due for renewals annually.
What Is Eligibility For PMSBY?
- All the individuals who are under the 18-70 year age group are eligible.
- You can join the scheme only through one bank account.
- The NRI’s are eligible but can only make a claim in Indian Currency.
Pradhan Mantri Suraksha Bima Yojana Scheme Information
- Under PMSBY scheme, the risk coverage for permanent partial disability is 1 lakh and for permanent total disability and accidental death is 2 lakh.
- This accident insurance scheme is not a medical claim and there is no reimbursement for medical expenses that result in disability or death.
- The scheme also covers accidents occurring due to natural calamities, death, and disabilities.
- The deaths from suicide are not in this scheme.
- The family members are not liable for any benefits in the case of suicide.
Pradhan Mantri Suraksha Bima Yojana Premium Details
- Rs 12 per annum is the payable premium that is sent from your bank account on or before June 1 every year.
- If more than one bank enrolls you; only one bank will pay you the premium at last.
- There is no revision for premium in three years and no policy certificate will be issued to any of the individual subscribers.
How Can You Enroll For PMSBY Scheme?
This insurance scheme is administered through Public Sector General Insurance Companies. With the collaboration of banks, these companies allow you to enroll for PMSBY.
- You can download PMSBY Scheme form and submit it to your respective banker.
- You can also enroll for it via SMS-based enrolment and net banking process.
PMSBY Enrolling Period
For Pradhan Mandri Suraksha Bima Yojana, initially, the cover period was from June 1, 2015, to May 31, 2016. May 31, 2015 was taken as last for subscribers who were eligible to enroll; but it was later on till May 2016.
If the subscriber wants to continue beyond the first year, you have to apply with your consent before May 31 for the coming years.
Following events will cause the termination of your cover period:
- Bank account closed or availability of insufficient funds.
- On attaining the age of 70
- If one more account and the cover you get restrictions on one account.
Pradhan Mandri Suraksha Bima Yojana Claims
- The PMSBY only cover the claims for the deaths that has any supporting documentary evidence.
- If the accidents are due to some other case, the accident report should be sent to police. Or should have a valid hospital record.
- In the case of the death of account holder, nominee as per the enrolment form can fill the claim.
- The disability claims are sent into bank holder’s account while the claims for deaths gets remitt to the nominee’s bank account.
For making the claims, you can download the form from here!