Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the popular security schemes which was announced by the government of India in the budget of 2015. The other two being Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana (APY).
It is basically an accident insurance scheme which provides a one-year accidental death and disability cover to the insured. It allows insured to renew the same annually.
Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – for Accidental Death Insurance) are
Eligibility: ABank saving account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join/enable auto-debit, as per the modality, will be enrolled into the scheme.
Policy period: The cover shall be for one year period starting from 1st June 2015 to 31st May 2016 for which option to join/pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May 2015 - extendable up to 31st August 2015. For the saving A/c holder joining after 31st May 2015 and on or before 31st August 2015 the cover shall end on 31st May 2016.
Premium: Rs. 12/- + service tax (per annum).
Payment Mode: The premium will be directly auto-debited by the bank from the subscriber's account. This is the only mode available.
Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.
It will offer a cover for 1-year that will be starting from June 1 to may 31 of the subsequent year. It comes along with the option of auto pay which has to be given by May 31 of every year. Those who want to continue the same after the first year have to inform about it earlier for auto debit before May 31 for successive years.
As on May 14, 2018, around 13.53 crore people had already enrolled under the same. Almost 1.5 lakh people are joining it on a weekly basis.
Under PMSBY, a risk coverage of Rs 2 lakh will be there to assist you. In case of accidental death and permanent total disability, and Rs 1 lakh for permanent partial disability. Permanent total disability is defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of an eyesight and loss of use of a hand or a foot.
You can buy this cover as an addition to another insurance plan that you own. IT is not a health policy so there will no reimbursement or coverage for hospitalization expenses that followed by accident, resulting in death or disability.
|S.no||Death Benefits||Sum Assured|
|2.||Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or one foot||Rs. 2 lakh|
|3.||Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot.||Rs. 1 lakh|
Accidents or disability that takes place because of natural calamities will be liable to get the required coverage. While death that takes place because of suicide will not be liable to get the cover and even the murders are not covered. Partial disability without irrecoverable loss of an eyesight or disability is not covered. Also, the family would not be liable to receive any benefit if the insured commits suicide.
People who fall in the age group of 18-70 years will be liable to buy the PBSMY. If you have multiple bank accounts then you will be able to join the scheme from a single bank account. Thos who carries a joint account, all holders will be liable to join the scheme. Even NRIs are eligible, but if a claim arises, the claimed benefit will be paid to the beneficiary/nominee only in Indian currency.
To avail such benefits, you have to pay Rs 12 as the premium that will be directly deducted from your bank account through the auto debit facility. It should be done in one installment on or before June 1 every year. However, in such scenario where the auto debit takes place after 1 June, the coverage will begin from the date of auto debit of premium.
The annual renewal dates will be June 1st of every subsequent year. Even, if someone is enroled with more than one bank then the claim will be settled with one bank account and the other premium may get forfeited. The premium will be reviewed based on annual claims experience.
Also, there would not be any policy certificate issued to an individual subscriber as the participating banks will be the master policyholders.
You can avail of the scheme through Public Sector General Insurance Companies (PSGICs) and other general insurance companies, in collaboration with participating banks. The banks are open to engaging any general insurance company for implementing the scheme for their subscribers.
To join, you can download the form from http://www.jansuraksha.gov.in/Forms-PMSBY.aspx, and submit it to your banker. Some banks have initiated an SMS-based enrolment process too. It can be done through net banking also.
Click on the following declarations/details:
The accident cover of the member will terminate/be restricted in any of the following events:
PMSBY covers deaths that take place because of an accident and proved by documentary evidence. In case of incidents such as road, rail and similar vehicular accidents, drowning, death involving any crime, etc., the accident should be reported to the police. In case of incidents like the snake bite, fall from a tree, etc, the cause should be supported by hospital record.
In case of death of the account holder, the claim can be filed by the beneficiary or by his legal heir/s in case there is no nomination made by him. The disability claim will be credited in the bank account of the insured bank account holder. Death claims will be remitted to the bank account of the nominee/legal heir(s).
Last updated on 21-05-2020