Pradhan Mantri Suraksha Bima Yojana, Eligibility, Objective and Claim Process

Pradhan Mantri Suraksha Bima Yojana (PMSBY) stands as an important social security initiative by the Government of India. This scheme delivers affordable accident insurance protection, focusing on offering financial assistance in cases of accidental death or disability. Its purpose is to broaden insurance penetration across the country, ensuring that a significant segment of the populace, even in remote areas, can access essential coverage. Understanding PMSBY's framework is fundamental for individuals seeking comprehensive, low-cost accidental insurance.

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a low-cost Accident Insurance Scheme for financial protection against accidents. The assured sum insured under the Scheme is ₹2 lakh for death or full disability due to an accident, and in the event of partial disability due to an accident, it is ₹1 lakh. It is one of the cheapest social security schemes of the Government of India.

Objectives of PMSBY

The core objective of Pradhan Mantri Suraksha Bima Yojana is to provide accident insurance cover. This includes protection against accidental death and total or partial permanent disability. The scheme ensures financial security for beneficiaries during unfortunate events.

Key Features of PMSBY

PMSBY is designed to be simple and accessible. Major features include:

• Central Sector Scheme of the Ministry of Finance.

• Operated through general insurance companies in partnership with the participating banks.

• Low annual premium of just ₹20, auto deducted from the subscriber’s bank or post office account.

• Coverage of accidental death and disability, including natural calamity-related incidents.

• Easy enrolment and claim processes facilitated through banks, post offices and Jan Suraksha Portal.

PMSBY Eligibility

The following are the eligibility requirements to become a member of Pradhan Mantri Suraksha Bima Yojana.

• Citizenship: Every Indian citizen (including Non-Resident Indians – NRI) is eligible for the scheme.

• Age Group: The age of the subscriber should be between 18 and 70 years.

• Bank Account: The subscriber should have a bank account or a post office account.

• Consent: The subscriber should give consent for the auto debit of the annual premium from the bank/post office account.

PMSBY Premium Amount

One of the reasons for the popularity of the PMSBY scheme is its low and affordable premium.

• Annual Premium: PMSBY premium amount is ₹ 20 per annum per member.

• Mode of Collection: The premium amount is debited directly from the subscriber’s bank/post office account by the concerned bank.

PMSBY Benefits and Coverage

The scheme offers various levels of financial assistance depending on the nature of the accident. These PMSBY benefits are critical for providing support.

• Death Due to Accident: In case of accidental death of the insured member, the nominee is provided with a sum of ₹ 2 lakh.

• Total Permanent Disability: Total and irrecoverable loss, such as loss of both eyes, loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or foot, the subscriber is provided with ₹ 2 lakh.

• Partial Permanent Disability: For partial permanent disability, such as total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot, the insured member is provided with ₹ 1 lakh.

• Natural Calamities: Death and disability due to natural calamities are also covered under the Pradhan Mantri Suraksha Bima Yojana.

Coverage Duration of Pradhan Mantri Suraksha Bima Yojana

Coverage is valid for one year, from 1st June to 31st May of the following year. Renewal is required every year, and the premium must be successfully auto-debited for continued coverage.

Insurance Enrollment of PMSBY

PMSBY can be enrolled very easily through offline as well as online procedures.

Offline Enrollment

The individual should visit his/her bank/post office and fill up the PMSBY enrollment form, and after filling up the form and providing auto-debit consent, the insurance cover becomes active.

Online Enrollment

Enrollment facility is also provided through the online portal by most of the banks through their websites or mobile apps. The individual simply needs to login, click on the PMSBY option and provide auto-debit consent. The process takes a few minutes.

Tracking and managing the scheme has been made very easy through the Jan Suraksha Portal.

Claim Process of PMSBY

Initiating a claim under PMSBY requires prompt action following an unfortunate incident.

• Notification: The insured member or their nominee must notify the participating bank or the associated general insurance company.

• Documentation: Necessary documents, such as the death certificate or medical reports detailing the disability, must be submitted.

• Verification: The insurance company verifies the claim as per the policy terms and conditions.

• Disbursement: Upon successful verification, the due amount is disbursed to the beneficiary or nominee. The Online Jan Suraksha Portal also facilitates a smoother PMSBY claim process, reducing bureaucratic delays.