For those who are financially weak, the government runs the Pradhan Mantri Suraksha Bima Yojana (PMSBY). This is an accidental insurance cover, whose annual premium is very nominal. If you divide it every month, it will be less than Rs 2. Know the complete information about the eligibility, benefits, application process, and claim of the government insurance scheme.

No one can say what kind of situations may arise in life. In case of any unpleasant incident, especially an accident, the family needs money the most. However, it is not possible for everyone to pay the premium of expensive insurance policies. Especially financially weak people often ignore the insurance scheme due to expensive premium. To provide financial security to such people, the central government runs the Pradhan Mantri Suraksha Bima Yojana (PMSBY). This is a government insurance scheme in which accidental coverage of up to 2 lakhs is available and its premium is less than ₹ 2 per month.

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

The objective of Pradhan Mantri Suraksha Bima Yojana (PMSBY) is to provide protection to a large population of India, especially the poor and low-income group people, against accidental death and disability. The premium of this scheme is so low that anyone can easily pay it. For this, a person has to pay an annual premium of only 20 rupees, which is less than 2 rupees per month.

Benefits of PMSBY

In case of death in an accident: If the insured person dies in an accident, then the nominee nominated by him is given the full amount of ₹ 2 lakh.

Complete and permanent disability: If an accident makes the insured person permanently completely disabled, then also he gets the benefit of ₹ 2 lakh. It includes all conditions such as - complete loss of two eyes, loss of hands and feet, complete loss of one eye or one hand or one foot.

Permanent partial disability: If the insured person becomes permanently partially disabled due to an accident, then he is provided financial assistance of ₹ 1 lakh.

What is the eligibility and conditions?

The age of the applicant should be between 18 years to 70 years. This policy automatically expires on completion of 70 years of age.

It is mandatory for the applicant to be an Indian citizen.

The applicant must have an active savings account in any bank.

The applicant has to give consent for auto-debit of the premium amount from his bank account every year. This amount is deducted from your account before 1 June every year.

Policy period: The period of policy cover is from 1 June to 31 May every year.

If your bank account is closed for any reason, this policy will also expire.

How to apply for PMSBY?

Applying for Pradhan Mantri Suraksha Bima Yojana is very simple. You can do it in two ways:

Offline (through bank branch) and online (through net banking). Know both the methods.

Offline process

Go to the nearest branch of the bank where you hold your savings account.

Get the PMSBY application form from there.

Fill the form carefully, including the nominee details.

Sign the form and submit it to the bank with auto-debit consent.

The bank will process your application and the premium amount will be deducted from your account every year.

Online process

Log in to your net banking portal and go to the 'Insurance' or 'Social Security Schemes' section.

Select Pradhan Mantri Suraksha Bima Yojana there, select your savings account and complete the application process by filling in the nominee details.

FAQs

1: What is the annual premium of Pradhan Mantri Suraksha Bima Yojana?

The annual premium of this scheme is only ₹20, which is deducted directly from your bank account every year.

2: Can I take this policy from more than one bank account?

No, a person can avail this scheme through only one savings account, even if he has multiple bank accounts.

3: What happens if there is not enough balance in my account at the time of premium deduction?

If the premium is not deducted due to insufficient balance in your account on the due date, your policy cover will be stopped for that year. You can renew it later as per the terms and conditions of the bank.

4: What is not covered in this scheme?

This is an accident insurance scheme. Therefore, it does not cover situations like death due to natural causes, death due to illness or suicide.

5: How is the insurance amount claimed?

In case of an accident, the insured person or the nominee has to contact the bank branch from where the policy has been taken. The claim form has to be filled and submitted along with the required documents (eg. death certificate, disability certificate, copy of FIR, etc.). The bank sends it to the insurance company and the amount is paid after verification.