Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government scheme that aims to provide affordable accidental death and disability insurance coverage to the general public. The scheme was launched by the Government of India in 2015 and is part of the government’s larger financial inclusion agenda for insurance measures aimed at universal coverage.
Pradhan Mantri Suraksha Bima Yojana (PMS BY) is a government scheme that aims to provide affordable accidental death and disability insurance coverage to the common people. The scheme was launched by the Government of India in 2015 and is part of the larger financial inclusion plan of the government with the aim of providing insurance to all.
In this article, we will understand the key features, benefits, eligibility criteria and application process of Pradhan Mantri Suraksha Bima Yojana.
Key Features of Pradhan Mantri Suraksha Bima Yojana:
Affordable premium The annual premium of PMSBY is just Rs 12, which is affordable for common people.
Coverage Amount: The plan provides employee coverage for total and total disability caused due to sudden death and other death. Does the plan have a coverage of Rs 2 lakh for sudden death and total ill health and Rs 1 lakh for partially disabled people.
Age Limit: Can people between the age group of 18 to 70 years can join the scheme. But, the scheme will expire at the age of 70 years.
Renewal: Every year whether an estimate can be made of the insurance coverage for which the policy holder will have to pay premium.
Multiple bank accounts: A policyholder can join the plan through a bank account, but the coverage will be limited to Rs 2 lakh.
Benefits of Pradhan Mantri Suraksha Bima Yojana
Financial Security: This plan provides financial security to an individual and their family in case of an accident.
Low Premium: The annual premium is just Rs.12, which is affordable for all.
Easy to Enroll: Can join the scheme from any bank account with moderate to very easy to enroll in the scheme.
Tax Benefits: The premium paid for PMS BY can avail tax benefits under section 80C of the Income Tax Act, 1961.
Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana:
Age: The age of a person should be between 18 to 70 years to join the scheme.
Bank Account: The individual should have an active bank account.
Consent: An individual will have his/her consent to join the scheme and the banks will have the right to pay the premium.
To join the premium plans, an annual premium of Rs 12 has to be paid.
How to Apply for Pradhan Mantri Suraksha Bima Yojana:
Contact your bank: Contact your bank where you have account and will wish about the scheme.
Form Filling: Fill the consent cum declaration form provided by the bank on the same day and deposit the premium.
Payment: Will have to deposit an annual premium of Rs 12 to join the scheme.
Auto-Debit: Bank will auto-debit the annual premium from your account.
Confirmation: You will get a confirmation message once the premium is credited to your bank accounts.
Claim: In case of accident causing death or disability, the nominee or the account holder has to inform the bank about the accident. The insurance company settles the claim as per the terms and conditions of the accident.
Pradhan Mantri Suraksha Bima Yojana Apply Online
Can you follow these steps to apply online for the scheme:
Visit the official website of the bank having your savings account.
Find the PMSBY option inside the Insurance tab.
Click on ‘Apply Now’ button and fill in your name, age, savings account number, Aadhaar number and other required details.
Select account mode for password amount.
Download Application Form and Apply.
If you do not apply online, you can fill the physical GGB form at your bank branch. Pay attention PMSBY is available to people in the age group of 18 to 70 years who have a savings account. It is renewable every year and you need to have enough funds in your savings account to pay for your premium.
Pradhan Mantri Suraksha Bima Yojana is an affordable insurance scheme that provides financial protection to an individual and their family in case of accidental death and disability. To join the scheme one can easily join through any bank account and the premium is also very less. This government scheme is a good step to increase the insurance path in India and provide financial security to the common people. If you are a Yog then joining PMSBY can be a good option to provide financial security in case of an accident to your family.