Pradhan Mantri Suraksha Bima Yojana (PMSBY): All You Need to Know

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides economical accident insurance, guaranteeing financial stability for individuals and families. Read more to discover about its benefits.
Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored accident insurance policy designed to provide financial assistance to individuals and their families in the event of accidental death or disability. PMSBY was formally inaugurated by Prime Minister Narendra Modi on May 8, 2015, in Kolkata, after being announced in the 2015 Budget address by Finance Minister Late Arun Jaitley in February 2015. This effort demonstrates the government's commitment to fostering financial inclusion by providing inexpensive insurance coverage throughout the country.

Coverage Details

The Pradhan Mantri Suraksha Bima Yojana provides substantial coverage at a very low premium

  • Accidental Death: In case of death due to an accident, the nominee would get an amount guaranteed of ₹2 lakhs.

  • Permanent Total Disability: Insured individuals who lose both eyes and limbs are entitled to a ₹2 lakh payout.

  • Permanent Partial Disability: For partial disabilities (e.g. loss of one eye or leg), the insured receives a payment of ₹1 lakh.

PMSBY's yearly premium is only ₹12 (excluding 14% service tax), making it accessible for all income groups.

Online Registration Steps

To register for Pradhan Mantri Suraksha Bima Yojana online, follow these steps :

Step 1: Customers can enrol in PMSBY by approaching any of the collaborating banks or health insurance firms.

Step 2: Most reputable banks allow users to purchase the policy using internet banking.

Step 3: The user must log in to their Internet banking account and enrol in the program.

Step 4: Subscribers may also send messages to toll-free lines for banks and insurance providers using their registered contact number.

Benefits of the Scheme

  • Renewable Coverage: The accidental death insurance policy is renewed each year, assuring continuing coverage.

  • Auto Debit: Premium payments are deducted automatically from the subscriber's bank account, making payment easier.

  • Flexibility: Subscribers may choose between a long-term option and renewing the program annually based on their preferences. They can also abandon the scheme at any time and rejoin at their leisure.

Eligibility Criteria

To enrol in PMSBY:

- Individuals must be aged between 18 to 70 years.

- They must hold a savings bank account and consent to auto-debit of the premium.

Documents Required for PMSBY

The Pradhan Mantri Suraksha Bima Yojana application form is to be duly filled. The details to be filled are:

· Proof of ID

·Aadhaar card

·Contact information

·Nominee details

·Application form (available in English, Hindi, Bengali, Marathi, Tamil, and others).

The only document that has to be submitted along with the application form is the Aadhaar Card copy if the Aadhaar is not linked to your savings bank account.

In conclusion, PMSBY provides crucial financial security with its affordable premium and comprehensive coverage for accidental death and disability. PMSBY helps individuals protect their families' futures by providing convenient access via online registration and banking channels.

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