[Apply Online] Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhaan Mantri Suraksha Bima Yojna

Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme is provided by government. Through this scheme beneficiary gets risk coverage of Rs. 2 lakh for accidental death or full disability and Rs. 1 lakh for partial disability. This security scheme is being renewed annually and is offered by Public Sector General Insurance Companies or any other General Insurance Company. PMSBY was announced by the government in 2015 with other two social security scheme named as APY and PMJJBY.

Eligibility for PMSBY (प्रधानमंत्री सुरक्षा बीमा योजना):

Pradhan Mantri Suraksha Bima Yojana is a scheme for the people between the age group of 18 to 70 years who holds an individual bank account (whether single or joint account status).

Important Points:

  • If an individual is holding multiple accounts in multiple banks, then he can only join the scheme through one bank.
  • In case of joint account holders, all the holders will be allowed to join the scheme
  • This scheme is also open for the NRI’s; however, at the time of arising claim, the beneficiary/ nominee will be paid in Indian currency only.

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Policy Period:

Period of the policy will cover one year starting from June 1 to May 31 of next year. Individual saving account holder that joins on or after June 1, in such case scheme cover will start or valid from the date of premium debit and end on May 31 of next year.

Premium Amount:

Premium amount (Rs.12) is auto debited based which is debited from the account holder’s.

The following table of benefits illustrates what is covered in PMSBY:

I. Death                              Rs. 2 Lakh
II. Total and irrecoverable 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 one hand or one foot Rs. 2 Lakh
III. In case of losing one hand or one foot / loss of sight of one eye Rs. 1 Lakh
*The total amount that can be claimed under the policy is INR 2 lakh only

Note: This is to be noted that this is not a mediclaim and hence does not cover hospitalisation expenses.

Procedure to Apply For Pradhan Mantri Suraksha Bima Yojana:

  • Anyone who wants to register for this scheme can directly consult with affiliated bank. Or the other hand they can also download the from the Government website – https://www.jansuraksha.gov.in/Forms-PMSBY.aspx
  • Applications of the scheme are being offered by participating bank through SMS or net banking. After that an individual is required to submit the filled application form and the Aadhar card.

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Here are few steps that you need to follow to enrol to the scheme through SMS:

  • First of all you need to reply to the received activation SMS as ‘PMSBY Y’.
  • After that you will get an acknowledgement message.
  • Then the request will be processed by the bank with the information available in the savings account.

Steps to be followed to enrol through Net Banking:

  • Firstly login to the internet banking account and hit the “Insurance” tab.
  • Search for appropriate account that is to be used for paying the premium.
  • Go through all the details carefully and confirm.
  • Lastly get the downloaded acknowledgement slip and save it for future reference.

How to raise the Claim?

  • Anyone can download the claim form from the official portal – https://www.jansuraksha.gov.in/Forms-PMSBY.aspx.
  • If there is happening of any unfortunate incident like an accident, drowning, etc. then it should be reported to the police. And in rest all other cases, the record of the hospital evidencing the event must be available.
  • In the death scenario, nominee / appointee can file for the claim or by the legal heirs in case of no nominee.
  • Claiming amount will be transferred into beneficiary account.

Conditions for the termination of Scheme are as follows:

  • If an individual turns 70
  • If the bank account got closed or there is insufficient balance in the account to keep the insurance alive.
  • If the individual received multiple bank accounts and receipt of the premium by the insurance company then the insurance cover will be restricted to one account and the premium to be forfeited.

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List of Banks Participating in 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

Last Words:

Here we have try to cover all the essential details regarding Pradhaan Mantri Suraksha Bima Yojna, so go through this page completely and take the advantages of this government security scheme.

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