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Pradhan Mantri Suraksha Bima Yojana Rs 20 Accident Insurance Get Rs 2,00,000 Free

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Pradhan Mantri Suraksha Bima Yojana Rs 20 Accident Insurance Get Rs 2,00,000 Free

Pradhan Mantri Suraksha Bima Yojana is a government-sponsored accident insurance scheme that covers accidental death, permanent disability, and partial disability. Individuals between 18 years to 70 years are eligible to apply for this scheme.

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The government-sponsored accident insurance program, Pradhan Mantri Suraksha Bima Yojana, provides cover for accidental death, total and partial disability, and permanent disability. A person should be between 18 to 70 years of age to apply for this program. Anyone between the ages of 18 to 70 can participate in this program, but they must have a bank account. The annual premium of the plan is Rs.20 excluding service tax. The PM premium payment is auto-deducted from the scheme holder’s bank account. If the subscriber becomes totally disabled or dies in an accident, Rs.2 lakh will be paid to the nominee. If the subscriber meets with an accident and suffers partial permanent disability, he will get Rs 1 lakh.

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Ways to register online for PMSBY?

Customers can approach one of the participating banks or insurance companies to opt for PMSBY
Most reputed banks allow subscribers to take up the policy through internet banking
Subscriber has to log in to their internet banking account and register for the scheme
Subscribers can send messages to toll-free numbers of banks and insurance companies through their registered mobile numbers.

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Features of Pradhan Mantri Suraksha Bima Yojana

Features of PMSBY are as follows:

Accidental death insurance is renewable every year.
The annual premium payable is Rs.12. This premium is exclusive of service tax levied at 14%.
A cover of up to Rs.2 lakh is paid to the nominee if the subscriber dies in an accident or is totally disabled due to an accident.
The premium is automatically debited from the subscriber’s bank account.
Subscribers can get a long-term option or renew the plan every year.
Subscribers can exit the plan at any time and sign-up at any time in the future.

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Benefits of Pradhan Mantri Suraksha Bima Yojana

The benefits of this plan are as follows:

If the accident results in the death of the subscriber
The nominee will be paid Rs.2 lakh.

If the accident results in total and irretrievable loss of both hands or feet, loss of eyes or sight within one year, and loss of use of hand or foot.
2 lakhs has been paid.

If the accident causes irreparable and total loss of use of one eye and one hand or foot
1 lakh has been paid.
The subscriber can also claim a deduction under section 80C for the premium paid. Sum assured up to 1 lakh is tax-free under Section 10(10D).

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How to Login PMSBY Online?

Here is how to login to PMSBY online:

  • Log in with your internet banking credentials
  • Click on the ‘Insurance’ section
  • Select Pradhan Mantri Suraksha Bima Yojana
  • Select the account where you pay the insurance premium
  • Click ‘Submit’

How to Register and Enroll for PMSBY Offline?

You can register yourself with PMSBY by going to a bank or an insurance company connected to it. Pradhan Mantri Suraksha Bima Yojana forms popularly known as the PMSBY form can be downloaded from the Jansuraksha website of the government. It comes in different languages.

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What is covered under PMSBY?

Pradhan Mantri Suraksha Bima Yojana Covers the various offered under

Permanent Total Disability with a coverage of 2 lakhs
Permanent partial disability with coverage of Rs.1 lakh
Accident causing the death of policyholder with the coverage of Rs.2 lakhs

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What is not covered under PMSBY

PMSBY is an accident and disability insurance policy, as mentioned above. It protects in case of death or disability of the policyholder. However, there are certain limitations based on the manner of death and the type of disability. Suicide deaths are not included. Unless non-permanent disabilities (Such as partial disability without irrecoverable loss) are not covered.

Steps for renewal of PMSBY

You can renew PMSBY using the auto-debit option. Your bank account will automatically be debited for the premium and the insurance will be renewed this way. Every year, the policy is renewed. Between June 1 and May 31, the insurance is in effect. So, you should renew your coverage before the end of May. If you do not wish to renew, you should submit a cancellation request to the concerned bank.

How to activate the PMSBY SMS facility?

The following steps will guide you to enable the PMSBY SMS facility:

  • Visit your bank’s website
  • Click on the PMSBY section
  • Enter your account number and captcha code
  • Click on Get One Time Password (OTP).
  • Provide all required details
  • Click ‘Submit’

How to Activate PMSBY Internet Banking?

Here is the information about how to use the Internet Banking (IB) service to activate the policy:

  • Log in to your internet bank account
  • Click on “Insurance”.
  • Select which account to use to pay the premium.
  • Check and confirm the details
  • Download the policy receipt

Documents Needed for Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana’s application form should be filled out properly. Details to be filled:

  • Proof Id
  • Aadhaar card
  • Contact information
  • Nominee Details
  • Application Form (English, Hindi, Oriya, Bengali, Marathi, Telugu, Tamil, or Gujarati).
  • If Aadhaar is not linked to your savings bank account then the only document to be submitted along with the application form is the Aadhaar card copy.
Pradhan Mantri Suraksha Bima Yojana Rs 20 Accident Insurance Get Rs 2,00,000 Free

Pradhan Mantri Suraksha Bima Yojana Eligibility Criteria

The following are the eligibility criteria for subscribing to Pradhan Mantri Suraksha Bima Yojana:

  • The minimum age requirement is 18 years.
  • The maximum age requirement is 70 years.
  • Those who have a savings bank account and are between the ages of 18 – 70 years are eligible to subscribe to the policy.
  • The bank account should be linked with an Aadhaar card.
  • If the bank account is not linked with the Aadhaar card, then a copy of the Aadhaar card should be attached to the application form.
  • If an individual has more than one savings account, he or she is eligible to join the scheme through a single bank account.
  • The premium payable is Rs.12 per annum.
  • The premium amount is auto-debited from the bank account of the insured.
  • The plan is valid for one year and can be renewed at the end of the year.
  • The primary KYC document is the applicant’s Aadhaar card.

How to Claim Process of PMSBY?

Following is the procedure to avail of benefits under PMSBY:

  • The insured or the nominee (in case of death) should immediately inform the bank about the occurrence of the accident.
  • The claim form should be obtained from the bank or designated insurance companies or through the website. The form must be filled out correctly.
  • The completed claim form should be submitted to the bank branch within 30 days from the date of the accident.
  • The claim form is supported by original FIR, post-mortem report, death certificate, or disability certificate issued by a Civil Surgeon in case of disability. A discharge certificate should also be attached.
  • The bank verifies the account details and then forwards the case to the insurance company within 30 days of filing the claim.
  • The insurer then confirms that the insured is on the list of insureds in the master policy.
  • The claim will be processed within 30 days of receipt of documents from the bank.
  • The claim receivable is then transferred to the account of the nominee or the insured.
  • If the insured does not appoint a nominee, then the death claim is paid to the legal heir. The legal heir must issue a succession certificate.
  • The maximum time allowed for the bank to complete the claim process is 30 days.

The following information should be provided in the claim processing form

  • Name of Insurer
  • Full Address of the Insured
  • Bank branch name and address
  • Savings Bank Account No
  • Insurer’s contact number, i.e. email address, mobile number, phone number, and Aadhaar number
  • Nominee’s details, ie name, mobile or phone number, email address, bank account for electronic transfer, and Aadhaar number.
  • Details of the accident, ie day, date, and time of occurrence, place of occurrence, nature of the accident, and cause of death or injury
  • Name and address of the hospital or contact details along with the attending physician
  • Time and date when Company Medical Officer can visit the insured.
  • Details of documents submitted
  • The nominee or claimant should sign the declaration and mention the policy number and claim number along with the date. The authorized bank officer will further verify the form and sign it and forward it to the insurance company.

The Pradhan Mantri Suraksha Bima Yojana scheme aims to bring insurance coverage to the uninsured sector. The scheme fulfills the objective of financial inclusion by penetrating insurance and ensuring financial security for the weaker sections of society. Under Section 10(10D) of the IT Act, 1961, benefits up to Rs.1 lakh are tax-free.

How To Fill Pradhan Mantri Suraksha Bima Yojana Form Online

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The Following List of banks offering the Pradhan Mantri Suraksha Bima Yojana scheme

Pradhan Mantri Suraksha Bima Yojana covers several banks and insurance companies. Participating banks are as follows:

  • Allahabad Bank
  • Axis Bank
  • Bank of India
  • Bank of Maharashtra
  • Indian Women’s Bank
  • Canara Bank
  • Central Bank
  • Corporation Bank
  • Dena Bank
  • Federal Bank
  • HDFC Bank
  • ICICI Bank
  • IDBI Bank
  • IndusInd Bank
  • Kerala Grameen Bank
  • Kotak Bank
  • Oriental Bank of Commerce
  • Punjab and Sindh Bank
  • Punjab National Bank
  • South Indian Bank
  • State Bank of Hyderabad
  • State Bank of India
  • State Bank of Travancore
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • Vijaya Bank

Participating insurance companies are as follows

  • Bajaj Alliance
  • Cholamandalam M.S
  • ICICI Lombard
  • National Insurance
  • New India Assurance
  • Reliance General Insurance
  • United India Insurance
  • Universal Sompo

FAQs

Does the subscriber get any benefit if he or she suffers partial disability due to an accident?

Yes, if the subscriber suffers from partial disability due to an accident Rs.1 lakh.

Will I get the benefits of this plan if I have another insurance plan?

Yes, you will get the benefits of the scheme along with any existing accidental insurance coverage.

What happens if my savings account has enough balance and the account is closed?

In this case, if you do not have enough balance in your savings account and it is closed or you do not have enough balance to keep the policy in force, your accident cover assurance will be terminated.

Is NRI eligible for coverage under PMSBY?

If an NRI has an eligible bank account located in India and fulfills the eligibility criteria, he or she can take the PMSBY scheme. The claim benefit is paid to the nominee in Indian currency.

Can hospitalization expenses be reimbursed under this scheme?

No, hospital expenses following an accident resulting in death or disability are not reimbursed.

If the subscriber is missing and his death is not confirmed, will the nominee or legal heir get any benefits?

The insurance benefit is paid only on confirmation of the death of the insured or on the expiry of the period specified by law for presuming the death of the person, which is 7 years.

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