On May 9, 2015, Prime Minister Narendra Modi unveiled the government program known as the Pradhan Mantri Suraksha Bima Yojana.
With an annual premium of Rs. 12 and risk coverage of Rs. 2,00,000 for unexpected death and complete disability and Rs. 1, 00,000 for partial disability, it aims to offer an inexpensive insurance program for the underprivileged and impoverished in the age range of 18 to 70.
The plan’s yearly premium, without including service tax, is Rs. 20. The premium amount is taken out of the plan holder’s bank account automatically.
If you want to learn more about the Pradhan Mantri Suraksha Bima Yojana, then keep reading this page (PMSBY).
Eligibility criteria for Pradhan Mantri Suraksha Bima Yojna (PMSBY)
Anyone can apply for the Pradhan Mantri Suraksha Bima Yojana if they meet the requirements listed below:-
- Enrollment in the programme is open to anybody between the ages of 18 and 70.
- He or she must own a phone number and a bank account that are connected.
- The person must provide their Aadhaar information when applying for the program. Their bank account would be connected to their Aadhaar information.
- Only one of a person’s bank accounts from one or more banks may be used to sign up for the programme if they have multiple accounts elsewhere. All bank account holders who have a joint account are eligible to get the benefits of the plan.
- The claim benefits in the context about an NRI beneficiary will only be given to the nominated in Indian rupees.
According to the Pradhan Mantri Suraksha Bima Yojana (PMSBY), this program covers any unintentional deaths, homicides, or disabilities brought on by natural disasters.
However, the Pradhan Mantri Suraksha Bima Yojana (PMSBY), does not provide coverage for any suicide deaths. In addition, no benefits will be given to the family in the event of a suicide death.
How to register online into Pradhan Mantri Suraksha Bima Yojna (PMSBY)?
- Contacting one of the participating banks or insurance companies will allow customers to select PMSBY.
- Most trustworthy banks let users buy insurance through internet banking.
- The consumer must connect into their online banking account to register for the programme.
- The user can also send a text message to the banks’ and insurance firms’ toll-free lines using their registered mobile phone.
Features of Pradhan Mantri Suraksha Bima Yojna (PMSBY)
Can be afforded
It is a reasonably priced insurance policy that enables less fortunate people to guarantee their own and their family’s economic security in the event that they pass away or are hurt in an accident.
Free of hassle
The scheme provides the ease of simple entry and exit, and the policy includes an auto-debit offer in which the payment is debited annually.
Section 10(10D) of the Income Tax Act of 1961 allows people to claim tax benefits up to a total of Rs.1,00,000.
Benefits of Pradhan Mantri Suraksha Bima Yojna (PMSBY)
The advantages of the mentioned scheme are as follows:
- The applicants is assured of receiving Rs. 2 lakhs in the event of a fatal accident.
- For entire and partial loss including both eyes, hands, and legs, the applicant is eligible to receive Rs. 2 lakhs.
- The claimant may be eligible for a reward of Rs. 1,00,000 in the event of total or irreversible blindness or losing of ability to use one hand or limb.
Claiming methods for Pradhan Mantri Suraksha Bima Yojna (PMSBY)
The following list will show procedures for claiming:
Submitting the claiming form
Within 30 days of the accident’s occurrence, the beneficiary must deliver the properly filled-out form to the relevant bank branch or post office.
You need to submit the following items.
- evidence of accident-related death or permanent disability
- The claimant’s and insured member’s Aadhaar and PAN numbers.
- KYC documentation for such candidate, appointment, or claimant
- preliminary pages of a bank passbook.
- In the event that the nominee passes away before the insured member, proof of their demise is required.
- In the event that the claimant is not the covered member, they must demonstrate that they are the legitimate successor.
- Advance receipt of a properly completed and signed claim dismissal.
What the PMSBY Does Not Cover
As previously mentioned, the PMSBY is an insurance policy that covers accidents and disabilities.
It protects the policyholder in the event of their demise or disability.
Nevertheless, there are a variety of limitations based on the reason of death and the type of disability.
Deaths by suicide are not covered. Semi impairments (partial impairment without unrepairable loss), unless otherwise noted, are not covered.
Renewal of Pradhan Mantri Suraksha Bima Yojna (PMSBY)
You may use the auto-debit option to renew PMSBY. The coverage will indeed be updated in this manner and the premium will be automatically deducted from your bank account.
The insurance will be renewed annually.
The insurance is valid from 1 June to 31 May. As a result, you must continue your insurance before May is done.
In the event that you choose not to renew, you must send a cancellation request to the relevant bank.
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If a subscriber experiences a partial handicap as a result of an accident, would they be compensated in any way?
Yes, if the subscriber has partial disability as a result of an accident, he would earn Rs. 1 lakh.
If I already have an insurance plan, would I still be eligible for this one’s benefits?
Yes, in addition to any current accidental insurance coverage, you will receive the advantages of the plan.
Can the hospitalization costs be covered by this program?
No, hospitalization costs incurred after an accident that causes death or disability are not covered by insurance.
Finally, we can say that our beloved PM organized such an opportunity to help Indian citizens by providing finance for the loved and lost ones.
Hope this helped you educate about this beautiful scheme Pradhan Mantri Suraksha Bima Yojna (PMSBY) so why worry apply quick.
Krishna Murthy is the senior publisher at Trickyfinance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.