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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

In 2015 budget speech, Finance Minister Arun Jaitley introduced an affordable Accident Insurance scheme called Pradhan Mantri Suraksha Bima Yojana (PMSBY).  This scheme was launched to address the problem of high Accident Premiums and works as a social security scheme that will provide compensation to the deceased’s family.   Under this scheme the premium payment is low and affordable for the lower strata of the society.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is designed in such a way which helps targeting mechanics, labourers, truck drivers which involves a lot of travelling. It offers one year accidental death and disability cover, which can be renewed annually. This is the most reasonable insurance cover.  The scheme also covers both partial and permanent disability cover.

The minimum age required to avail the scheme is of 18 years and the maximum age is of 70 years. And the subscribers are required to have a savings bank account.  Even NRIs are also eligible to subscribe to this scheme.

Under Pradhan Mantri Suraksha Bima Yojana (PMSBY), the annual premium is Rs.12 excluding the service tax. The premium amount is automatically debited from the bank account of the scheme holder. Rs.2 lakh is paid to the nominee if the subscriber dies in an accident or if he/she is fully disabled. If the subscriber meets with an accident and suffers partial permanent disability, then Rs.1 lakh is paid. The claim benefit will be paid to the beneficiary / nominee only in Indian currency.

Benefits under PMSBY

Benefits under PMSBY Sum Insured
Death Rs. 2 lakh
Loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or  foot Rs. 2 lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or feet Rs. 1 lakh

 What is the Claim Process of PMSBY?

A process has to be followed in case of claim process. Read the below mentioned points to know more about the claim process:

  1. Under this scheme, the nominee or the insured are required to immediately contact the bank branch where insured person held the underlying Bank Account from which the premium for the policy was auto debited and submit a duly completed claim form.
  2. One can acquire the claim form from bank branch or from insurance company branches, hospitals, insurance agents etc. You can find the form in the designated website as well. And the form is required to be duly filled.
  3. Submit the completed claim form to your bank branch within 30 days from the accident
  4. The claim form is required to be attached with the  proof of the accident such as  original FIR, post mortem report, death certificate or in case of disability, disability certificate that is issued by a Civil surgeon. Discharge certificate should also be enclosed.
  5. The information the insurer or nominee have attached will be first verified by the bank. Upon successful verification, the form will be forwarded to the insurance company within 30 days of the submission of the claim.
  6. The claim will be processed within 30 days of receiving the documents from the bank.
  7. Once done the claim amount will be dispatched to the nominee’s or insured’s account.
  8. In case the insurer has not nominated anyone for receiving the claim amount, he death claim will be paid to the legal heir.  However, the legal heir is required to produce the succession certificate.

In the claim process form you are required to provide the following information

  • Name and full address of the insured
  • Name and address of the bank branch
  • Savings bank account number
  • Contact number of the insured, i.e. mobile number, phone number, email address and Aadhaar number
  • Details of the nominee such as name, phone number, email address, bank account for electronic transfer and Aadhaar number
  • Details of the accident such as date, time, place of occurrence,  nature of the accident and cause of death or the details of injury

The nominee is required to provide the policy number and claim number along with the date and have to sign the declaration. Then the official bank will forward the form to the insurance company for the further process.

To know more about the Pradhan Mantri Suraksha Bima Yojana (PMSBY) read https://rupeenomics.com/pradhan-mantri-suraksha-bima-yojana/

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