Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Understand Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Government of India launched the PMSBY scheme (Pradhan Mantri Suraksha Bima Yojana) on 9th May 2015. It is an accident insurance policy that covers the death and disability of the policyholder against an annual premium of ₹12 (excluding service tax).

This scheme aims to provide affordable accident insurance coverage to the economically weaker sections of society, ensuring financial security in case of unforeseen accidents. With a minimal annual premium and significant coverage benefits, PMSBY has emerged as a crucial social security measure.

Keep reading to learn about its features, benefits, eligibility criteria, application procedure, and more. 

What are the Features and Benefits of PMSBY?

The premium of PMSBY is ₹12 annually, which makes it an affordable venture for all Indians.

This scheme provides financial security to the insured’s family in case of the policyholder’s accidental death or disability.

The premium is automatically deducted from your account once you enroll in the PMSBY scheme, making it convenient as well.

It is easy to apply for the scheme and continue the premium as it is linked with the insured's bank account.

The insured person is liable for risk coverage of ₹2 Lakh against permanent disability and death. It also provides coverage of ₹1 Lakh for partial disability.

Allows the public sector general insurance companies or other insurers to join the scheme by strictly following the government guidelines.

One can enter this scheme and leave at any time as per their convenience. There is no hard and fast rule that you must continue this scheme for a fixed tenure.

The eligibility criteria for the PMSBY policy do not include any medical tests or health checkups.

In case of insufficient account balance, closing the bank account, or attaining 70 years of age, the scheme can get automatically terminated.

Any Indian citizen with any type of bank account can avail of this scheme.

What are the Terms and Conditions Applied for PMSBY?

To get a better idea of the PMSBY scheme details, check out its terms and conditions:  

●Partial Disability
People who are partially disabled are eligible for the PMSBY scheme. In this medical condition, an individual can perform their jobs partially. For instance, if a person loses the normal functionality of one of his hands or legs, he is eligible for the PMSBY scheme. However, the coverage for a partially disabled individual is less than that for a totally disabled person.
●Total Disability
If a policyholder loses his cognitive ability or movement permanently due to an accident, they can claim a PMSBY policy. However, they must produce medical evidence or other exact standards to claim the insurance payout for total disability.
●Waiting Period
After opting for an insurance plan, the policyholder has to wait for a specific time period before they can file a claim. In case of the PMSBY, there is no waiting period, and coverage starts as soon as the enrollment is complete. 
*Conditions may apply. 
●Exclusions
Exclusions refer to conditions or situations that are not liable for an insurance claim. For instance, the insurance claim will be rejected if the policyholder gets self-inflicted damage, is injured due to high-risk activities or hobbies, or hides pre-existing conditions. 

The PMSBY policy only covers accidental injuries and death. In case of suicidal death, the insured's family cannot claim an insurance benefit.

What are the eligibility criteria for Applying for PMSBY?

The eligibility criteria for the PMSBY scheme are discussed below:

●The policyholder should be an Indian citizen and resident within the age limit of 18 to 70 years.
●All Indian citizens, irrespective of their financial status, are eligible for this insurance scheme. 
●Individuals applying for this scheme must have a savings account in any Indian bank for auto-debit of the PMSBY premium.
●Applicants should submit their KYC documents and Aadhaar Card while applying for the Pradhan Mantri Suraksha Bima Yojana.

How to Apply for PMSBY?

Here are the steps to follow while applying for Pradhan Mantri Suraksha Bima Yojana:

1.You can visit the bank branch where you have a savings account and collect the application form for PMSBY. Submit the duly filled application along with the required documents to enroll.
2.You can also apply online by visiting the official PMSBY scheme website: https://jansuraksha.gov.in.
3.Click on "Forms" and select Pradhan Mantri Suraksha Bima Yojana.
4.You will get two options: Application Form and Claim Form.
5.Select the Application Form and choose your language from the dropdown menu.
6.Fill in the details and attach the documents while submitting them to the bank.
7.You will receive an Acknowledgement Slip cum Insurance Certificate after successful submission of the form. 

What are the Documents Required to Apply for PMSBY?

An applicant needs to submit the following documents to enrol in the PMSBY insurance scheme:

●Application Form
Candidates should submit the duly filled form that contains all their details such as Aadhaar number, contact details, name, etc. This form is available in multiple regional languages, such as Marathi, Oriya, Tamil, Bengali, etc., for the convenience of all citizens.
●Aadhaar Card
If applicants' Aadhaar Card is not linked with the savings bank account from which the PMSBY premium will be auto-debited, they must submit a copy of their Aadhaar Card.
●Identity Proof
The applicant must provide valid proof of identity while applying for the Pradhan Mantri Suraksha Bima Yojana.
●Nominee Details
It is necessary to provide the nominee details when filling out the application form. 

How do you check the application status for the PMSBY Scheme?

Here are the steps to follow while checking the application status of the PMSBY scheme:

1.Login to the bank website. 
2.Navigate to the PMSBY section.
3.Enter your bank account and PMSBY application number in the required fields.
4.Click on "Submit" to check the status.

The Pradhan Mantri Suraksha Bima Yojana is a testament to India's commitment to enhancing social security for its citizens, particularly those from economically weaker sections. With its low premium and substantial coverage benefits, the PMSBY scheme plays a crucial role in safeguarding families against unforeseen circumstances caused by accidents. 

Continued efforts towards awareness and streamlined processes will further strengthen this initiative's impact across the nation.