PMSBY is a government accident insurance scheme that provides financial protection in cases of accidental death or disability.

Who is eligible to apply for PMSBY?

Any Indian citizen aged between 18 to 70 years with a bank account can apply for the govt scheme.

What is the premium amount for PMSBY?

The annual premium for the scheme is only Rs. 12.

What benefits does PMSBY offer?

The govt scheme provides a sum of Rs. 2 lakh in case of accidental death and Rs. 1 lakh for total or partial disability due to an accident.

How can I apply for PMSBY?

One can apply through banks or financial institutions by filling out an application form and paying an annual amount.

How can I apply for PMSBY?

One can apply through banks or financial institutions by filling out an application form and paying an annual amount.

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Pradhan Mantri Suraksha Bima Yojana (PMSBY): Affordable Accident Insurance For All

Samridhi

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Updated: 28-01-2025 at 6:51 AM

Pradhan Mantri Suraksha Bima Yojana (PMSBY): Affordable Accident Insurance For All

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is oriented towards providing coverage for such unfortunate accidents resulting in death or disability and focuses on cost-effective operation. The Government of India has launched this govt scheme to provide insurance for people who are at risk, more particularly poor people. This scheme is implemented by Public Sector General Insurance Companies (PSGICs) and other insurers in association with banks and post offices.

This manuscript presents the benefits, eligibility criteria, and application procedure for this important insurance scheme which has the potential to help protect the finances of many families in the country.

Objectives Of PMSBY

One of the main goals of the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is to make an injury insurance plan available to every person so that they and the members of their family do not suffer in case of sudden accidents. The insurance scheme provides insurance for death due to an accident, total disability due to an accident and partial disability due to an accident.

Coverage And Benefits of PMSBY

The PMSBY reimburses unintentional deaths due to accidents or injury rendered disability. The following are the benefits that are provided under this scheme:

Accidental Death: A sum of ₹2 lakh is provided to the nominee in case of accidental death.
Total Disability: The insured person suffers a total and irrecoverable loss in both eyes or a loss of both hands/ feet the insured secures ₹2 lakh.
Partial Disability: In the case of total and irrecoverable loss of sight in one eye, or loss of one hand/foot a sum of ₹1 lakh is provided.

These benefits go on to make PMSBY insurance the best choice for protecting any individual from the financial risks that may arise in case of any accidents.

Eligibility Criteria For Pradhan Mantri Suraksha Bima Yojana

The eligibility criteria for Pradhan Mantri Suraksha Bima Yojana are very lenient so almost every section of the society has a right to take advantage of this scheme. To join, one has to satisfy the following conditions:

The applicant must have an active bank or post office account.
The age of the applicant should be between 18 and 70 years.
The individual can only submit a single application through either a bank or post office even if the individual has several accounts.
Aadhar is the principal KYC document in the process of identification.

Read more: Ayushman Card

Enrollment And Premium Payment Process Of This Sarkari Yojana

Enrollment in PMSBY is made simple by the use of an auto-debit facility offered which is linked to the applicant’s bank/post office account. Here is how you can enrol in the government scheme:

The annual premium for PMSBY is ₹ 20, which is auto-debited through the bank/post office account of the account holder and done before the 1st day of June every year.
The coverage will begin on 1st June and will go on until 31st May of each year following that.
If an auto-debit is made on or after 1st June, then the cover will only be valid from the day the debits are made.
For the new scheme to be taken in by the applicants, he/she will have to provide filling the auto-debit authorisation form in the respective bank or post office. A small enrolment form is handled at the respective banks and post offices, especially for the disease programme.

Individuals who wish to leave the govt scheme can leave and come back by paying a full premium for the next year only if the scheme is still up and running. The auto-debit facility eliminates the archaic way of making the payment of the PMSBY premium payment process. This helps in ensuring people remain with cover without going through the process of manual renewals.

Steps To Apply For PMSBY

Application to the Pradhan Mantri Suraksha Bima Yojana is made easy. Follow these steps to get enrolled:

Visit your Bank/Post Office: Visit your bank or peaceful where you have an account opened.
Application Form: Obtain the PMSBY enrolment form and fill it out. You can also authorise auto-debit for future renewals. You can download the application form from the official site.
Form Submission: Submit the form to the concerned bank/post office official.
Auto Deduction of Premium: Make sure that your account is sufficiently funded, as the auto deduction will be made for the ₹20 premium amount.

Insurance cover shall be effective from 1st June of that year once the person is enrolled under the insurance scheme.

Read more: EWS Certificate

Termination Of Cover

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) policy can be terminated in the following situations:

The insured has attained the age of 70 years.
The account with the bank or post office is either closed, or there is not enough money in it to pay the premium.
Membership will also be brought to an end if the insured has several PMSBY coverage agreements from other plans.
In case the policy is terminated on account of non-payment of dues, the policy can be revived on payment of premium for one year.

Claim Process

If there arises a need for a PMSBY claim, the following steps should be followed:

Inform the bank/post office where the nervous insurance cover is provided.
The insurance company ought to receive the claim form and all the necessary documents submitted by the claimant such as the death certificate, an FIR, and post-mortem or disability certificate in case of a demise of the insured.
The insurance claim would be sent through the bank to the relevant insurance company which will handle and evaluate the insurance claim.
When verification is completed, the PMSBY insurance claim will be cleared and the amount paid out into the account of the nominated beneficiary.

Read more: Jeevan Pramaan Certificate

Importance Of PMSBY For Rural Households

The lives of so many people in the rural and economically weak sections of society are secured with the help of the Pradhan Mantri Suraksha Bima Yojana (PMSBY) as one of its key advantages lies in its cheap accident coverage. At an affordable insurance premium of Rs 20, people throughout Indian India can safeguard their families, if accidents were to happen. This accident insurance scheme is also most helpful to people of low-income working families, who cannot work out expensive policies for Insurance.

Conclusion

The Pradhan Mantri Suraksha Bima Yojana is a simple, low-cost and proper accident insurance scheme which ensures everyone or their family in case of unfortunate accidents causing death or disability. With a sum of coverage up to ₹ 2 lakh and a minimal annual premium of only ₹20, PMSBY is beneficial for the great mass of Indian society. Wherever you are – in the countryside or a town, you may want to apply for vulnerable PMSBY insurance and take one step closer to worry-free days despite all that you’ve planned.

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