Name of the Scheme - Pradhan Mantri Suraksha Bima Yojana
Scheme Category – Social Security
Scheme Description - The Pradhan Mantri Suraksha Bima Yojana is one of the three social security schemes introduced by the government of India. The scheme is an accidental insurance scheme providing death and disability coverage for one year and can be renewed annually.The policy provides destitute families with a life coverage of 2 lakhs for the accidental demise or the permanent total disability of a member and 1 lakh for permanent partial disability, with a minimum premium rate of Rs. 12/- per annum. A citizen within the age of 18-70 years having an active and participating bank account can be nominated to subscribe to this scheme.
One is eligible for a subscription to the Pradhan Mantri Suraksha Bima Yojana if:
- 1) They are within the age group of 18-70 years.
- 2) The individual in whose name the subscription is registered holds a bank account irrespective of whether the bank account holds a single or joint status.
- 3) The Aadhaar card belonging to the individual is furnished as a KYC document.
- 4) The individual gives their consent to enable the auto-debit in their name by the 31st of May of the year they subscribe to the scheme.
Procedure of Application:
- Through SMS:
- 1) Upon receiving an activation SMS, the individual must respond to the SMS with ‘PMSBY Y’ as their response.
- 2) After the completion of this step, the individual will receive a message of the acknowledgement of their subscription.
- 3) The bank will then process the request along with the information available in the bank account of the individual.
- 4) The online registration and amount claiming form is available in the official site - Click here
Note: The bank will obtain the demographic details of the individual, their relationship to their nominee for the subscription and their date of birth from the savings account. In case the information is not available then the individual will have to go to the nearest branch to apply for the scheme. In case of a failure of the auto-debit transaction of the individual’s account, the insurance cover will cease to be in force.
- Through Net Banking:
- 1) Upon logging in to their internet banking account, the individual must click on ‘Insurance’.
- 2) They will then be asked to identify the account from which the annual premium will be deducted.
- 3) The individual must then verify the details of the chosen account and confirm their choice.
- 4) The individual must then verify the details of the chosen account and confirm their choice.
Note:The individual can choose to either replicate the details of their nominee as appearing in their savings account or to opt for a new nominee.
Rs. 12/- per annum is the premium which will be deducted from the savings of the account holder through the auto-debit facility of the individual in whose name the subscription is registered in one instalment, as per the option given on the 31st of May.
- Important facts about PMSBY:
- 1) All nationalized banks provide the scheme.
- 2) You can visit any of the banks to start getting benefits from the scheme by enrolling.
- - The scheme will be terminated if the individual turns 70, closes a bank account or has insufficient balance to keep their insurance alive or if the receipt of the premium is inadvertently received by the insurance company in the case of multiple bank accounts, in the light of which the insurance will only be restricted to one bank account.
- - The scheme provides an insurance cover for death by murder, accidents or natural calamities. It does not, however, provide an insurance cover for the loss of life due to suicide.
- - This scheme is not a Mediclaim and hence does not cover the hospitalisation expenses of a partial disability.
- - In case the individual holds a joint account, all holders of the account can become beneficiaries of the scheme with no difference in the value of the premium per annum, which will be deducted in one instalment for each of the account holders.
- - The maximum time allotted for the bank to finish the claim procedure is 30 days.
The death claim of the subscriber to the scheme or their kin will be settled by the designated office of the concerned insurance company. The steps of the following procedure must be executed by the concerned individual:
- 1. In the event of the demise of the individual associated with the subscription to the scheme or an accident, their kin must immediately inform the bank about the occurrence of the accident.
- 2) The concerned individual must then obtain the claim form via a government website or the designated insurance company.
- 3) Upon filling the required details in the form, the nominee or the insured must submit the completed form to the bank branch associated with the subscription within 30 days of the occurrence.
- 4) The claim form should be supported by the FIR of the incident, post mortem report, death certificate or in case of a disability, a certificate of the same issued by a civil surgeon along with the discharge certificate of the individual.
- 5) After verifying the account details, the case will be forwarded to the insurance company involved within 30 days of the submission of the claim.
- 6) The insurer will confirm the presence of the insured in the list of insured persons in the master policy.
- 7) Within the 30 days of the submission of the claim form and the official documents, the claim will be remitted to the account of the nominee or the insured.
- 8) In case the insured has not appointed a nominee, then the claim will be remitted to the legal heir who must produce a certificate of succession.
Compiled and Edited by Intern - Divya Vijaykrishnan
Disclmer - We have created this article basse on officiaI circulars and clarifications from officials. However the scheme related details are subjecte to change and we do not guarantee any promoises. All the information in this article in intended for informational purpose only an greating awareness among citizens