6 min read
Updated on Aug 01, 2023
PMSBY is one among the three schemes of social security being launched by the Indian Government. Let’s understand what the scheme is all about.
PMSBY full form is Pradhan Mantri Suraksha Bima Yojana.
The plan allows coverage against accidental deaths and disabilities with an annual PMSBY renewal facility. The scheme aims at offering social security to the economically weaker section of the society. Hence, the insured is required to pay PMSBY premium of mere INR 12 per annum to the insurer to avail this insurance scheme.
The death benefit offered under the Pradhan Mantri Suraksha Bima Yojana is INR 2 lakh that is offered to the nominee of the insured in the event of death or permanent total disability of the person. In the case of permanent partial disability, the coverage amount offered to the insured is INR 1 lakh.
The eligibility PMSBY age limit is between 18 to 70 years. To avail the scheme, the individual is required to have an active savings bank account linked to an Aadhaar card. People with more than one savings account can link one of their accounts to the scheme to subscribe to the policy. Also, if the Aadhaar card details of the policy seeker is not linked to a bank account, he/she must provide a copy of the Aadhaar card along with the application.
The PMSBY scheme allows a policyholder to avail a compensation of INR 2 lakh in case of permanent total disability of the insured, such as paralysis, complete loss of both eyes, hands, feet etc. On the other hand, in case of permanent partial disability the amount paid as compensation is INR 1 lakh. However, if the insured succumbs to death in an accident, the nominee of the insured is offered a death benefit of INR 2 lakh. The PMSBY is a pure life insurance policy and doesn’t cover any medical or health requirement of the insured.
Here are some features of PMSBY scheme:
The Pradhan Mantri Suraksha Bima Yojna is targeted to cover the economically weak section of the society against unforeseen events like accidental death and disability etc.
Among the things covered under the scheme include:
However, the insured must keep in mind that it depends on the insurer to decide the kind of disability (permanent or partial) that would fall under the category of PMSBY as per the terms and conditions of the plan.
Read More: Pradhan Mantri Ayushman Bharat Yojana
There are certain limitations applied in terms of the cause of death and the nature of the disability under the PMSBY scheme. The plan exclusions include – death by suicide and partial disability without any unrecoverable loss. Hence, suicide is not covered under the plan. Similarly, partial disabilities that can get recovered are also not covered under the plan.
Below are some of the banks who are offering the PNSBY scheme:
|Axis Bank||Canara Bank||HDFC Bank||Oriental Bank of Commerce|
|Allahabad Bank||Central Bank||ICICI Bank||Punjab National Bank|
|Bank of India||Corporation Bank||IDBI Bank||Union Bank of India|
|Bank of Maharashtra||Federal Bank||IndusInd Bank||State Bank of India|
|UCO Bank||United bank of India||Punjab and Sind Bank||South Indian Bank|
Following documents are required to be submitted to subscribe to PMSBY:
The applicant must provide a duly filled application form to apply for the PMSBY policy. The form should contain all required details such as name of the applicant, contact number and address, Aadhaar number, and nominee details. The form is available in English and Hindi, along with several regional languages.
In case the Aadhaar card of the applicant is not linked to the savings bank account that the person is using for the scheme, he/she is required to submit a copy of the Aadhaar card together with the application form.
The PMSBY pays for accidental death or disability that is proved through documented evidence. So, if the insured dies due to an accident, the family of the insured should report the incident at the nearest police station and get a copy of the FIR. Also, they must procure the hospital reports for record purposes.
The claim of the PMSBY policy can be made by the beneficiary of the insured as mentioned in the application form submitted at the time of applying for the scheme. The sum assured in this case will be paid to the nominee. Similarly, in case of disability, the sum assured is paid to the policyholder at his bank account.
To Sum Up
Loaded with several benefits and features, the PM Suraksha Bima Yojana is one of the best social security schemes offered by the government. The plan covers the people in the low economic group without hurting their pockets or budget. It intends to secure the weaker section of the society who have lesser means of financial security.
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Very low premium to avail accident insurance An individual between the age group of 18 to 70 years can subscribe to the PMSBY scheme. The criteria of eligibility for PMSBY is that the interested individual must have a savings bank account (single or joint account). At the same time, the person must be between the age group of 18 to 70 years. To download the certificate of PMSBY, the policyholder must contact the particular bank through which they have subscribed to the account. They can download the certificate from the official website of the bank. You can track the status of a PMSBY account by visiting the website of the bank where you have opened the account. Go to the particular page of PMSBY scheme details and submit your application number in the required field to track your application/account. PMSBY means Pradhan Mantri Suraksha Bima Yojana. Here are the steps to apply for the plan online: Login to the internet banking account
FAQs on Pradhan Mantri Suraksha Bima Yojana
What are the PMSBY benefits available under the plan?
Nominee receives death benefit in case of demise of insured
Flexibility to continue or stop continuing the plan as per convenience
What is the PMSBY age limit to subscribe to the PMSBY scheme?
Who can apply for Pradhan Mantri Suraksha Bima Yojana?
How to download the Certificate of Pradhan Mantri Suraksha Bima Yojana?
How to track the status of a PMSBY account?
What is PMSBY full form?
What is Pradhan Mantri Suraksha Bima Yojana apply online procedure?
Go to the PMSBY Insurance section
Identify the bank account to be used for paying the premium amount
Check details and confirm
Very low premium to avail accident insurance
An individual between the age group of 18 to 70 years can subscribe to the PMSBY scheme.
The criteria of eligibility for PMSBY is that the interested individual must have a savings bank account (single or joint account). At the same time, the person must be between the age group of 18 to 70 years.
To download the certificate of PMSBY, the policyholder must contact the particular bank through which they have subscribed to the account. They can download the certificate from the official website of the bank.
You can track the status of a PMSBY account by visiting the website of the bank where you have opened the account. Go to the particular page of PMSBY scheme details and submit your application number in the required field to track your application/account.
PMSBY means Pradhan Mantri Suraksha Bima Yojana.
Here are the steps to apply for the plan online:
Login to the internet banking account
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