PM Suraksha Bima Yojana: Features, Benefits Application Form, Eligibility

Advertisements

PM Suraksha Bima Yojana is an accidental insurance plan developed by Indian government to secure the life of Indians from an accidental tragedy. With the motive to secure the lives of Indians this scheme was launched. This is a government backed accident insurance plan.

This scheme is also mentioned in Budget Speech of year 2015, given by our Finance Minister Mr. Arun Jaitley. This scheme was launched by our Prime Minister Narendra Modi. He launched this scheme in Kolkata on May 9, 2015.

Advertisements

As per the survey of the government in May,2015 only 20% of Indian population was covering with these kind of insurance, this was really a attentive matter for Indian government this was showing the uncertain future of Indians to make aware Indians about the need of insurance and with the motive to insure their lives this scheme was launched by the Indian Government.

PM Suraksha Bima Yojana Overview

Pradhan Mantri Suraksha Bima Yojana is just like insurance plans; annual premium for this scheme covers you for accident insurance for one year, to redeem this insurance you need to pay the premium annually on continuous basis. Annual premium is needed to pay as auto-debit facility from your bank account. All those Indians who are having their individual bank accounts are eligible to have this scheme. Any Indian who comes under the age group of 18-70 years can have this scheme.

Advertisements

What Is Pradhan Mantri Suraksha Bima Yojana?

PM Suraksha Bima Yojana (PMSBY) is a kind of Accidental Insurance Policy, as per the norms of this policy at the time of accident if the person got dead or disable can claim the amount of insurance. This policy is valid for one year which need to be renew every year. According to this policy in case of death and total disability, claim of Rs. 2 Lakhs and in case of partial disability claim of Rs. 1 Lakh is given to the insured person or his/her family. A person of age group 18-70 years can join this policy. To continue this policy person need to give Rs. 12 every year as premium to this policy.

Eligibility For PM Suraksha Bima Yojana

To get the benefits of this policy person need to be completed with following eligibility criteria:

Advertisements

Person should be an Indian.
Should have Adhar card as a primary KYC needed for this policy.
Should be in age group of 18-70 years.
Persons should have an individual bank account in any of those banks which are approved by PMSBY.

How To Apply For Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

To apply online following steps need to be followed:

You need to visit official website of jansuraksha i.e. jansuraksha.gov.in
Then you need to select form from the menu .
A Pradhan Mantri Suraksha Bima Yojana application form will be displayed on screen.
Now you need to download the application form.
You can download the form in both language i.e. Hindi, English.
Now you need to fill the form with the required details.
Submit the filled form to bank where you are having your saving account, make sure your bank is empanelled with PMSBY.

You can also visit your bank to apply for this policy. Get a application form for PMSBY and submit it back to the bank officer after filling all required details.

Premium Payment For PMSBY

For this policy holder need to give Rs. 12 of premium every year, this amount will be auto deducted from the account holder’s account.

Coverage under PMSBY

In case of death and permanent disability this policy give claim amount of Rs. 2 Lakhs to policy holder’s family.
In case of partial disability this policy gives Rs. 1 lakh of claim to the insured person.

Options under PMSBY

Application form need to be filled before 1^st June every year, bank will auto deduct the amount from bank account.
Second option is long Time Risk Coverage of 2-4 years, if person opt this option then premium will be auto deduct from self bank.

Premium date for PMSBY

Every year premium of Rs. 12 need to be pay by the insured person before 31^st May.

Features Of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

This scheme was being launched with the motive to secure the lives of Indian, as its noble motive this scheme is also having some salient features which are you should know and these features are as following:

This government backed insurance plan gives 1 year accident cover to the insured.
To redeem the insurance you need to premium annually.
Annual premium of this policy is just Rs.12.
A sum assure of 2 lakhs is offered to the insured person.
A person can have only one insurance at a time, even then they are having multiple bank accounts does not mean that they can have multiple policies.
Many private and government banks are offering you this policy i.e. HDFC, ICICI , SBI, Axis bank. Union Bank of India, Canara Bank and so on.
After attaining the age of 70years, this policy gets terminated automatically.
You mobile number need to be updated with your bank account if you want to avail the policy, without updated mobile number with your bank account you cannot avail the policy.
Adhar card is primary KYC for this policy.
Premium of this is on auto-debited mode from customer’s saving account; customer can cancel this auto-debited mode.
A claim following sum assure of Rs.100000 is tax free.

Termination Criteria for PMSBY

On attaining the age of 70 years policy will be terminated.
If premium of policy will not be deposited on time then policy can be terminated by the bank.
If policy holder is having two bank accounts and person is connected with this policy from both accounts then bank will be continue the policy from one account only and the premium paid from other account will be stopped by the bank.

Role of Government In PMSBY

For this policy decisions will be taken every year by Indian government and also insurance amount will be given by the Public Welfare Fund.

Tax Relaxation Under PMSBY

This policy is tax free under section 80C. if under this policy claim of Rs. 1 lakh is taken by the beneficiary and form 15G and 15H is not submitted then TDS of 2% from total income will be deduted.

Benefits Of PMSBY

With the launching of this policy government is giving many benefits to the insured person on claiming which we are going to discuss below:

In case of death of the insured person, this policy gives Rs. 2 lakh to nominee or legal heir.
In case of permanent total disability (loss of both eyes, loss of two limbs of body) of the insured person, policy gives Rs. 2 lakh to insured person.
In case of partial disability (one eye loss, one limb loss of body)of insured person this policy gives Rs. 1 lakh to insured person.
In case the insured person got temporary disability this policy gives Rs. 5000 per month for maximum 100 weeks to insured person.
For carriage of dead body this policy offers Rs. 2500.
This policy also provides child education grant if child is below 25 years of Rs. 10000 for one child and Rs.20000 for two childs.

Exclusions of PMSBY

With benefits of this policy there are also some exclusions means the things which will not be covered under this policy i.e.:

If insured person intentionally got injured or attempt suicide or got suicide in this case this policy does gives nay coverage.
If insured person got injured while taking alcohol and drugs, he\she will not be eligible to get any claim.
If the insured person get loss due to breaking law with criminal intent in this case also insured will not be eligible to get any claim.
Medical Expenses which are arising out from an accident are also excluded.
Any injury and death of the insured person while being part of any adventure and extreme sports is also excluded in this policy.
If insured person got injured or died while war, warlike activities and riot not claim will be offered to the insured person.
Any injury or death caused by chemical weapons, radiation, nuclear weapons is also excluded.
If insured person got dead or disability while childbirth and pregnancy is also excluded.

How To Claim For PMSBY?

In case of death or injury, which will follow the criteria of claim under policy need to be informed to insurer within maximum 14 days. To get the claim following documents need to be submitted to insurer:

Duly filled claim form.
Medical bills.
Death certificate.
Physician certificate.
Police report.

With the submission of the documents the procedure of claim is being started by the insurer, after completing all verifications insured or nominee can get the claim.

PMSBY was launched with a very noble motive of Indian government, increasing the ratio of the insured people in India and also securing the lives of the people and their families with a small amount of premium. This Scheme is connected as the second step to Gram Swaraj Abhiyan, under this Abhiyan this scheme will be promoted.

ALSO READ

Read all the Latest News here. For more news updates, Please follow us on Facebook and Twitter

Updated On: July 22, 2022 7:11 pm