Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana, a health insurance plan for all citizens between the ages of 18 and 70, was introduced by the Indian government in 2015. It is accessible to anyone with a current bank account. For a little charge of Rs. 12, you may purchase this scheme and receive coverage of up to Rs. 2 lakhs. The policy will be applicable for purchases made between June 1 and May 31 of the following year. You can choose to renew your policy each year. 

Read on to know more about Pradhan Mantri Suraksha Bima Yojana in detail.

Eligibility Criteria of PMSBY

To apply for PMSBY, the applicant must meet the following qualifying requirements:

  1. Anyone with a savings account who is between the ages of 18 and 70.
  1. The primary KYC document that must be provided is an Aadhaar Card.
  1. If the savings bank account and the Aadhaar Card are not connected, a copy of the Aadhaar Card must be submitted with the PMSBY application.
  1. Only one bank account can be used by the applicant to sign up for the program.
  1. All joint account holders are eligible to join the program.
  1. The claim payout will be given to the insured or designated party in Rupees if the applicant is a Non-Resident Indian (NRI), even though they are eligible.

Features and Benefits of PMSBY

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is made available by Public Sector General Insurance Companies or by any other General Insurance firm willing to offer the program on comparable terms. Several aspects of the plan are listed below:

  1. It is a reasonably priced insurance plan that costs Rs. 12.
  1. The nominee is given the money in the event of death
  1. The policyholder’s bank account is automatically debited from the premium.
  1. Simple exit and re-entry procedures
  1. The program gives policyholders the option to continue or stop participating as they see fit.
  1. Simple continuous cover processing is provided
  1. Policyholders have a choice between yearly renewability and long-term policies.
  1. The insured amount of Rs. 1 lakh is not taxable under Section 10(10D) of the Income Tax Act, and policyholders may take advantage of tax deductions under Section 80C.

What is Covered Under Pradhan Mantri Suraksha Bima Yojana?

A death payout of Rs. 2 lakhs is provided to the policy beneficiary under the Pradhan Mantri Suraksha Bima Yojana in the event of the insured’s unintentional passing. Additionally, coverage of Rs. 2 lakhs is offered in the event of severe impairment, such as the complete or irreversible loss of both eyes, the inability to use both hands and feet, paralysis, etc. The insured is given a life insurance policy worth Rs. 1 lakh in the event of partial disability.

What is Not Covered Under Pradhan Mantri Suraksha Bima Yojana?

The PMSBY policy only provides accident and disability insurance coverage, as was previously stated. The following are some restrictions on the manner of death and type of disability:

  • Suicide-related deaths are not covered by the policy.
  • Permanent disabilities (also known as partial disabilities without irrecoverable loss) are not covered.

Enrollment Process for Pradhan Mantri Suraksha Bima Yojana

The policyholder must contact an affiliated bank or a health insurance provider to sign up for the Pradhan Mantri Suraksha Bima Yojana.

Activating Through SMS:

  • To sign up for the program, customers must reply with the word “Y” to the SMS message PMSBY.
  • An acknowledgment message is delivered to the customer in response to their SMS.
  • The application must include information on the subscriber’s name, marital status, date of birth, etc. to be processed further.
  • The information is taken directly from the subscriber’s participating bank account.
  • If the necessary subscriber information is missing from the banking records, the confirmation process will not move forwards, and the subscribers will need to physically apply at the closest branch.
  • The coverage under the policy will end, but the policy will still be in effect if the auto-debit of the payment fails because there is not enough money in the account.

Activating Through The Internet Banking Facility:

  • Log in to the policy’s official website and select the insurance tab.
  • Select one of the two possible schemes on the page.
  • Decide which account you want to use to pay the premium.
  • Depending on the selected account, the insurance coverage amount, nominee information, and premium amount will be shown on the screen. Either pick the nominee for the savings account or add a new nominee.
  • When you’re finished, enter the name of your policy nominee and select the following information:
  • Positive health affirmation.
  • Details, terms, and conditions of the scheme “I have no other policies for the same,”
  • The complete policy will appear on the screen after you click the Proceed button.
  • Verify the information you entered in the application form, then click “Confirm.”
  • An acknowledgment slip with a special identification number will be sent to you.
  • Don’t forget to keep the acknowledgment number for future use.

Documents Required to Enroll for PMSBY Scheme

The documents needed to participate in the Pradhan Mantri Suraksha Bima Yojana are stated below:

  1. Form

It is necessary to submit the completed Pradhan Mantri Suraksha Bima Yojana application form, which includes information on the nominee’s name, contact information, Aadhar number, and other pertinent factors. The PMSBY form is simple to comprehend and is accessible in nine regional languages, including Hindi and English.

  1. Aadhar Card

A copy of the applicant’s Aadhar card must be submitted if the applicant’s Aadhar card information is not connected to the savings bank account. The PMSBY application form must be submitted together with the equivalent.

Process To Claim Under PMSBY

The PMSBY claim process can be finished in 5 simple steps.

Step 1: The insured or nominee must notify the bank about the accident right away.

Step 2: The PMSBY claim form must be filled out and sent to the designated bank (offline or online) within 30 days of the accident. It can be obtained from the designated bank or the insurance company’s website. The FIR, post-mortem report or death certificate must be presented with it. The disability certificate, which is issued by a civil surgeon, must be shown in cases of total or partial disability. Also required is a discharge certificate.

Step 3: After the bank has verified the information, the case is sent to the insurance provider within 30 days after the claim filing.

Step 4: The claim is processed within 30 days of receiving the bank’s paperwork after the insured’s name has been verified in the master policy’s list of insured parties.

Step 5: After that, the claim’s proceeds are deposited into the nominee’s or insured’s account. If no nominee is designated, the sum is given to the insured’s lawful heir upon death. However, the succession certificate must be submitted by the lawful heir. The bank has a 30-day window at most to complete the claim process.

Frequently Asked Questions

Yes. In the event of any partial disability brought on by an accident, the claimant is eligible for compensation of one lakh rupees.

Anyone who has a savings account with a bank and has also applied for the PMSBY scheme should visit the bank’s website to check on the status of their account. To check the status of your PMSBY application, enter your account and application numbers, and then click the “submit” button.

The Pradhan Mantri Suraksha Bima Yojna recipients are still eligible for the program’s benefits even if they have numerous accident insurance plans.

To download the PMSBY certificate, the person must contact the bank where their savings account is located and through which they applied for the Pradhan Mantri Suraksha Bima Yojana program.

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