Pradhan Mantri Suraksha Bima Yojana in Detail
Pradhan Mantri Suraksha Bima Yojana in Detail
Pradhan Mantri Suraksha Bima Yojana in Detail
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Pradhan Mantri Suraksha Bima Yojana has been announced by the government of India as one of the
three social security schemes. PMSBY is an accidental insurance scheme that provides accidental death
and disability coverage for one year, with an annual renewal.
With the minimum premium rate of Rs. 12/- per annum this policy is most beneficial to the poor and
low-income section of the society. Pradhan Mantri Suraksha Bima Yojana provides life coverage of Rs.
2 lakh for the accidental demise and permanent total disability and Rs. 1 lakh for permanent partial
disability.
Individuals within the age group of 18-70 years having a participating savings bank account can
subscribe to this scheme. In case you have more than one saving bank account you can subscribe to
the scheme by using only one saving bank account. To help you know more about the Pradhan Mantri
Suraksha Bima Yojana, further in this article we have briefly discussed the various aspects of the policy.
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3/3/2020 Pradhan Mantri Suraksha Bima Yojana in Detail
2. In order to enroll the scheme, the subscribers need to reply to the SMS ‘PMSBY<space>Y’.
3. In response the customer to the SMS an acknowledgment message is sent to the customer.
4. For further processing, the application must have details of the subscriber’s name, marital status, date of
birth etc.
5. The details are taken directly from the participating bank account of the subscriber.
6. In case the required details of the subscriber are not available in the banking records, the confirmation
process will not be taken forward and the subscribers will have to apply physically from the nearest branch.
7. If auto debit of the premium fails as a result of insufficient balance the coverage of the policy will cease but
4. According to the selected account the policy cover amount, nominee details and premium amount will be
displayed on the screen. You can either choose the saving account nominee or add a new nominee.
5. Once you are done with provide the name of your policy nominee click on the following details: -
6. Once you click the continue button the detailed policy will be displayed on the screen.
7. Verify the details filled in the application form and click on confirm.
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3/3/2020 Pradhan Mantri Suraksha Bima Yojana in Detail
Eligibility Criteria
Life Insurance for PMSBY
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Individuals between the age group of 18-70 years are eligible to buy PMSBY. Moreover, NRI’s too can
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join the policy, provided that any claims will be paid to the beneficiary of the policy in should be in the
Indian currency.
What to do in Case of Claim
The Pradhan Mantri Suraksha Bima Yojana provides accidental death and disability coverage which is
confirmed by documentary evidence. In case of accidental demise of the insured person, the accident
should be reported to the police station and should be clarified by immediate hospital records. The
claim can be filed by the beneficiary of the policy mentioned in the enrolment form by the insured. In
case of the disability claim, the sum assured amount will be credited to the bank account of the
policyholder and in case of death, the death benefit will be paid to the beneficiary of the policy.
Final Thoughts
With all these benefits and features offered by this policy and with its minimal premium rates, Pradhan
Mantri Suraksha Bima Yojana is one of the best social security schemes. It provides life protection to
those of lesser means without hurting their savings significantly.
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