About Pradhan Mantri Suraksha Bima Yojana (PMSBY):
The Modi government has launched Pradhan Mantri Suraksha Bima Yojana (PMSBY) to provide security cover to the general public.
The insurer will get Rs. 2 lakh under this scheme and that too at an annual premium of only Rs. 12 per year. That is, you can take advantage of this scheme at a monthly expense of Re 1.
Let us find out every detail about this super insurance scheme by the government.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides accident insurance of Rs 2 lakh in case of accidental death or total disability.
On permanent disability, a cover of Rs 1 lakh is available. Indians between 18 and 70 years of age can take advantage of this. Its annual premium is just 12 rupees. On a monthly basis, it costs only 1 rupee.
Key features of PMSBY:
– 2 lakh rupees will issue when there is death or total physical disability at the time of the accident.
– For this sum assured, the holder only has to pay an amount of Rs 12 per year i.e. Rs 1 per month as premium.
– In the future, the Pradhan Mantri Suraksha Bima Yojana will link to the Pradhan Mantri Jan Dhan Yojana.
– Coverage of Rs 1 lakh will give by the government for partial disability.
– Insurance period: 1st June to 31st May.
– If you have a bank account and your age is between 18 to 70 years, you are eligible to apply for this scheme.
– Insurance also covers permanent disability due to accident.
– Due to this link to the PMSBY, the holder will get rid of the worry of paying the premium as this amount will deduct directly from the account.
– PMSBY considers being the cheapest insurance plan ever
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
– Pradhan Mantri Jeevan Jyoti Bhima Yojana is the Life Insurance where the nominee will get Rs. 2 Lakh at just Rs. 330 per annum.
– All bank account holders age between 18 to 70 years.
– This is the best life insurance policy that can be helpful to your family after you.
– For all bank account holders whose age is between 18 to 70 years.
Combo scheme offer:
The insurance of 4 lakh rupees is the benefit of both PMJJBY and PMSBY schemes. If a person wants to take advantage of both these schemes, then the premium of both will come to Rs 342 annually and Rs 28.50 a month. The premium for both these schemes debits on an annual basis, i.e. these schemes run on a June-May basis.
What is the eligibility to join Pradhan Mantri Suraksha Bima Yojana (PMBSY)?
– If you are 18 to 70 years old, you can easily apply for Prime Minister Suraksha Bima Yojana.
– Aadhar card is required to link with PMSBY.
– If a consumer has 1 or more savings accounts, only then they can join the scheme through an anyone savings account.
How to pay a premium?
The premium is only Rs 12 per year and will deduct from your bank account as an installment on or before 1 June every year through the ‘Auto Debit’ facility. However, in cases where auto debit occurs after 1 June, the cover will start from the date of the auto-debit of premium by the bank.
Annual premium auto-debits in May:
The annual premium of PMJJBY and PMSBY goes towards the end of May. The annual premium of PMJJBY is Rs 330, while the premium of PMSBY is Rs. 12. Overall the premium of both insurance is Rs 342. If this balance is not in your account till the end of May, then the insurance will cancel.
How to apply for Pradhan Mantri Suraksha Bima Yojana online?
You can apply to any nearest bank and apply for registration of the Pradhan Mantri Bhima Yojana i.e PMSBY & Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). If you want, you can also contact the insurance agent. Government insurance companies and several private insurance companies are offering these schemes in association with banks.
- Visit the official website. https://jansuraksha.gov.in/
- Click on the forms.
- Select PMSBY & download the Application form in your convenient language Download PMSBY application form online here
How to Apply for PMSBY online through Netbanking?
Few Banks also provide you registration services for PMSBY. Let’s check how to apply for this Suraksha Bheema scheme on Axis Bank Internet Banking.
- Login to your Axis Internet Banking account.
- Check the menu tabs & click on Investment tab & select Pradhan Mantri Bhima Yojana(PMBY)
- You will see two schemes under PMBY i.e PMSBY & PMJJBY.
- Select PMSBY. You will get below screen select the bank account number & enter the nominee details
- Enter the Relationship with the account holder & select the checkboxes.
6. Enter the OTP received on your registered mobile number. Once it is validated the amount Rs.12 will be debited & policy will be generated.
For more information about these schemes, you can find them by visiting www.jansuraksha.gov.in and www.financialservices.gov.in.
Insurance companies Providing PMSBY Registrations:
- Bajaj Allianz
- Cholamandalam MS
- ICICI Lombard
- National Insurance
- New India Assurance
- Reliance General Insurance
- United India Insurance
- Universal Sompo
What to do to join?
To be a part of the Pradhan Mantri Suraksha Bima Yojana, the holder must first link his / her Aadhaar card with the bank.
After this, fill a form before June 1 every year and submit it to the bank.
After this easy and simple process, the holder can avail of the PMSBY.
Procedure for activating SMS from Pradhan Mantri Suraksha Bima Yojana (PMBSY):
– An SMS will be sent to eligible customers from the bank responding to them as ‘PMSBY’.
– For enrollment of this scheme, the customer has to reply as ‘PMSBY Y’.
– An acknowledgment will be given for your application.
– If the information is not available, then you have to apply to the nearest bank branch or apply through net banking.
– If in case the auto-debit of premium fails for any reason, your insurance cover will expire.
What is the difference between PMSBY and PMJJBY?
PMBSY Vs PMJJY
- PMSBY is an Accidental Insurance & PMJJBY is a Life insurance scheme
- PMSBY covers death or any disabilities by an accident & PMJJBY covers for the death of the policyholder irrespective of the cause of death.
- Pradhan Mantri Suraksha Bima Yojana’s premium amount per annum is Rs. 12 Only & Pradhan Mantri Suraksha Bima Yojana’s annual premium amount is Rs. 330 only.
- The age limit for PMSBY is 18 to 70 years but PMJJBY age limit is only 18 to 50 years
- Premium payment is at 70 years for PMSBY & for PMJJBY its 50 years & policyholder can pay it for 55 years if the payment is punctual.
What to do in case of a claim under PMSBY?
If any unexpected incident happens to the insured person under this scheme the nominee(if insured is died) or the insured person became disabled then within 30 days need to contact the bank branch where this scheme was registered.
To claim under this scheme you or your nominee needs
- FIR – First Investigation Report i.e panchnama of the accident
- Post-Mortam report & Death Certificate in case of the death of the policyholder
- Disability certificate from the civil surgeon – if permanent disability
PMSBY scheme is for deaths or disability due to an accident. That is why documentary evidence will require for claiming either by you or your nominee.
Road, rail and vehicle accident, drowning, criminal death or any accident should be reported to the police. In case of incidents like a snake bite, tree fall, etc., this should be noted in the hospital records.
In case of the death of the account holder, the money will deposit in the account of the nominee. Disability claims will credit to the account holder’s bank account only.
Circumstances for the close of Pradhan Mantri Suraksha Bima Yojana:
The accidental cowl can be ended on subsequent situations and no benefits will be payable:
- When the subscriber attains 70 years.
- If the savings financial institution account is closed because of the non-upkeep of the minimum balance required to preserve the insurance in force.
- PMSBY- If the subscriber covered through more than one account, the insurance cover may be constrained to at least one account and the more top rate paid can be forfeited.
- If the insurance cover is ceased due to nominal motives or due to insufficient balance, the identical can be reinstated after the top class is paid in full. The chance cowl for that period could be suspended and the chance cowl is reinstated at the only discretion of the insurance organization.
- The participating bank deducts the top rate within the month while the auto-debit option is agreed and that amount will be remit to the insurance organization in that same month.
You can download the PMSBY claim form from this link
For more information about Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Visit this website: https://jansuraksha.gov.in/).
National toll-free numbers: 1800-180-1111 / 1800-110-001
State-wise Toll-free Numbers: https://jansuraksha.gov.in/files/STATEWISETOLLFREE.pdf
With all these features and benefits offered by this insurance policy, with its minimal yearly premium rates, PMSBY is one of the best social security schemes.