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Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme which is backed by the Government of India. The scheme was introduced by the Finance Minister, Arun Jaitley in 2015 budget speech. And it was formally launched by the Honourable Prime Minister Narender Modi, the same year.

According to sources, there’s one death in every 4 minutes due to a road accident in India. And as per World Health organization (WHO) report for the year 2010, India leads the world in the number of deaths caused by road accidents.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

We are a country which offers astounding variety of class. Where the rich and middle class can afford to purchase accidental insurance whereas under privileged class find it difficult to purchase the accidental scheme as the premium payments are too high. Hence, the Government announced Pradhan Mantri Suraksha Bima Yojana which is one of three Social Security Schemes (the other two being Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Atal Pension Yojana – APY), in order to provide compensation to the deceased’s family.

The target mass of Pradhan Mantri Suraksha Bima Yojana (PMSBY) are 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 scheme can be availed by those between the ages of 18 and 70 years with a bank account. The annual scheme 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 is fully disabled. If the subscriber meets with an accident and suffers partial permanent disability, then Rs.1 lakh is paid.

List of Banks participating in Pradhan Mantri Suraksha Bima Yojana (PMSBY):

  • Allahabad Bank
  • Axis Bank
  • Bank of India
  • Bank of Maharashtra
  • Bharatiya Mahila Bank
  • Canara Bank
  • Central Bank
  • Corporation Bank
  • Dena Bank
  • Federal Bank
  • HDFC Bank
  • ICICI Bank
  • IDBI Bank
  • IndusInd 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

To know the IFSC and MICR Code of these Banks and their Branches.

List of Insurance Companies Participating in Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • Bajaj Allianz
  • Cholamandalam MS
  • ICICI Lombard
  • National Insurance
  • New India Assurance
  • Reliance General Insurance
  • United India Insurance
  • Universal Sompo

Features of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • The Pradhan Mantri Suraksha Bima Yojana is an accidental cover which needs to be renewed every year.
  • The annual premium of the insurance cover is Rs. 12 excluding the service tax which is charged at 14%.
  • In case of policy holder’s unforeseen death or the subscriber is disabled due to an accident, the nominee will be entitled to Rs. 2 lakh by the cover.
  • The premium is auto debited from the bank account of the subscriber.
  • The subscriber can exit the scheme at any time and can sign-up at any time in the future.
Eligibility Characteristics
Age 18 – 70 Years
Bank Requirement Saving Bank Account in Public Sector or Private Sector Bank
Insurance Premium Rs. 12
Insured Amount 2 lac for death and Permanent disability and 1 lac for partial disability
How to pay premium Auto debit from the saving bank account
Period of Insurance 1 Year (1st June to 31st May)
Know Your Customer (KYC) Aadhaar Card

Benefits of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • Under PMSBY the coverage premium is just Rs. 12.
  • Benefits of death and permanent disability due to accidents are up to 2,00,000 (2 lacs)
  • Benefits of partial disability are up to 1,00,000 (1 lacs)
  • This scheme is open for all citizens of India, whether He is a taxpayer citizen or people below poverty line
  • Policy holders under PMSBY are eligible to get tax befits under section 80 C.

Eligibility Criteria of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • The minimum age requirement is 18 years.
  • The maximum age requirement is 70 years.
  • Those having a savings bank account are eligible for PMSBY
  • Bank account should be linked with Aadhaar card.(Check Aadhaar and Bank Account Link Status)
  • In case of unforeseen death of the subscriber Rs. 2 lakh will be paid to the nominee
  • In case of total and irrevocable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use f hand or foot, amount of Rs. 2,00,000 ( 2 lakh) will be paid to the beneficiary
  • In case of total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, amount of Rs. 1,00,000 (1 lakh) will be paid to the beneficiary.

How to Enrol in Pradhan Mantri Suraksha Bima Yojana

One can enrol purchase the policy both online and offline:

  • Online Method

For online application one needs to have net banking. And fill a simple form and provide few details like nominee date, relation with nominee and give the consent for auto debit facility.

  • Offline Method

One can purchase the policy online as well by simply visiting the nearest bank branch and ask for Pradhan Mantri Suraksha Bima Yojana form. And have to provide few details in the form like nominee name, relation with nominee, his address, etc. and give the consent for auto debit facility.

Toll – free Numbers

One can also send a message through their registered mobile number to the toll free numbers of the banks and insurance companies participating in PMSBY.

State Convenor Bank Toll Free number
West Bengal and Tripura United Bank of India 1800-345-3343
Uttarakhand State Bank of India 1800-180-4167
Uttar Pradesh Bank of Baroda 1800-102-4455 or 1800-223-344
Tamil Nadu Indian Overseas Bank 1800-425-4415
Telangana State Bank of Hyderabad 1800-425-8933
Sikkim State Bank of India 1800-345-3256
Rajasthan Bank of Baroda 1800-180-6546
Punjab Punjab National Bank 1800-180-1111
Puducherry Indian Bank 1800-4250-0000
Odisha UCO Bank 1800-345-6551
Nagaland State Bank of India 1800-345-3708
Mizoram State Bank of India 1800-345-3660
Meghalaya State Bank of India 1800-345-3658
Manipur State Bank of India 1800-345-3858
Maharashtra Bank of Maharashtra 1800-102-2636
Madhya Pradesh Central Bank of India 1800-233-4035
Lakshadweep Syndicate Bank 1800-4259-7777
Kerala Canara Bank 1800-425-11222
Karnataka Syndicate Bank 1800-4259-7777
Jharkhand Bank of India 1800-345-6576
Himachal Pradesh UCO Bank 1800-180-8053
Haryana Punjab National Bank 1800-180-1111
Gujarat Dena Bank 1800-255-885
Goa State Bank of India 1800-2333-202
Delhi Oriental Bank of Commerce 1800-1800-124
Daman and Diu Dena Bank 1800-225-885
Dadra and Nagar Haveli Dena Bank 1800-225-885
Chhattisgarh State Bank of India 1800-233-4358
Chandigarh Punjab National Bank 1800-180-1111
Bihar State Bank of India 1800-345-6195
Assam State Bank of India 1800-345-3756
Arunachal Pradesh State Bank of India 1800-345-3616
Andhra Pradesh Andhra Bank 1800-425-8525
Andaman and Nicobar Island State Bank of India 1800-345-4545

Table Source: https://www.bankbazaar.com/health-insurance/pradhan-mantri-suraksha-bima-yojana.html

Claim Process of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • In case of death, nominee has to inform the branch of the policy holder within the 30 days of the event.
  • Fill the claim form and along with death certificate, post mortem report and FIR report.
  • Now bank will forward the documents to the insurer company for the claim process
  • Once the verification is done, the policy company will transfer the claim amount to the nominee account within 30 days.
  • If claim is rejected due to some reasons the insurance company will intimate the bank and the bank will intimate the nominee.
  • In case of permanent disability and partial disability the policy holder has to submit the claim form along with disability certificate issued by civil surgeon. Other procedure will remain the same as above.

Termination Clause of Pradhan Mantri Suraksha Bima Yojana

  • If the policy holder completes more than 70 years of age
  • In case of savings bank account closes due to insufficient balance and the insurance amount cannot be debited.
  • If policy holders purchase more than one policy from other accounts also

Highlights of Pradhan Mantri Suraksha Bima Yojana

  • Eligibility – 18 to 70 years of age
  • Premium – Rs. 12 per annum
  • Payment Mode – Premium will be auto – debited directly to the bank account. Hence, savings bank account is a must to avail PMSBY
  • Risk – Coverage
    • For accidental death or full disability Rs. 2 lakh will be provided
    • For partial disability Rs. 1 lakh will be provided
  • Who will implement this scheme? – Banks and Insurance Companies participating in Pradhan Mantri Suraksha Bima Yojana.

Note: [Read the list above to know banks and insurance companies participating in PMSBY].

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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