Pradhan Mantri Suraksha Bima Yojana (PMSBY)
What is PMSBY?
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of three social security schemes that the government had announced in the 2015 Budget. The other two being Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana (APY).
An accident insurance scheme, PMSBY offers a one-year accidental death and disability cover, which can be renewed annually.
What is covered under PMSBY Policy?
The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. Risks covered are as follows:
- Death – Rs 2 Lakh
- 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 hand or foot – Rs 2 Lakh
- Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot – Rs.1 Lakh.
The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.
Any person having a bank account and Aadhar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of the nominee to be given in the form.
The cover is for a one-year period, starting June 1 to May 31 of subsequent year. The option to join/pay by auto debit has to be given by May 31 of every year. Subscribers who wish to continue beyond the first year have to give their consent for auto debit before May 31 for successive years.
As on May 14, 2018, nearly 13.53 crore people had enroled under PMSBY, with almost 1.5 lakh joining it on a weekly basis.
Where to buy the Scheme from?
The scheme is offered through Public Sector General Insurance Companies (PSGICs) and other general insurance companies, in collaboration with participating banks. The banks are free to engage any general insurance company for implementing the scheme for their subscribers.
To enroll, 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.
How to Claim?
PMSBY covers deaths caused by an accident and confirmed by documentary evidence. In case of incidents like road, rail and similar vehicular accidents, drowning, death involving any crime, etc., the accident should be reported to police. In case of incidents like snake bite, fall from tree, etc., the cause should be supported by immediate hospital record.
In case of death of the account holder, the claim can be filed by the nominee/appointee as per the enrolment form 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).
You can download the claims form from http://www.jansuraksha.gov.in/Forms-PMSBY.aspx.
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