Pradhan Mantri Suraksha Bima Yojana: 5 Important Things to Know

The Pradhan Mantri Suraksha Bima Yojana aims to provide social security to citizens through accidental cover. You can avail of this cover at a much lower cost as compared to the prevalent market rate. This scheme was launched in the budget session of the year 2015. You can renew the PMSBY scheme every year with a nominal premium amount of Rs.12 [1]. The amount will be automatically debited from your bank account once you enroll in the PMSBY scheme. Read on for more details about the Pradhan Mantri Suraksha Bima Yojana. 

What is the PMSBY scheme?

The Pradhan Mantri Suraksha Bima Yojana offers protection against disability and accidental death to individuals between the ages of 18 and 70 years. With the help of this scheme, you can get accident insurance coverage. The PMSBY scheme offers coverage as follows. 

• Rs.2 lakh for death due to accident
• Rs.2 lakh for damage to the eyes, either complete loss or irrecoverable. Similarly, with the loss of hands, feet, use of foot or hand, or loss of sight of one eye.
• Rs.1 lakh in an instance of partial disability caused by the inability to one foot or hand, or complete or uncurable loss of sight of one eye [2]

You can access the scheme primarily through general insurance companies. Alternatively, other general insurance companies may also offer it. They offer similar terms as per the PMSBY scheme’s guidelines and have necessary tie-ups and approvals from banks for this purpose.

What are the key features of the PMSBY scheme?

• Your accident cover can get terminated or restricted when your age crosses 70 years. 
• Closure of your bank account or insufficient funds can also lead to the termination of the PMSBY scheme. If you exit the scheme at any point, you can pay the premium again to get your privileges back. This clause is subject to change. 
• Banks offering this scheme will be the master policyholders. 

What are the eligibility criteria for the PMSBY scheme?

As mentioned, if you are between the age of 18 to 70 years, you can comfortably avail the benefits of PMSBY. The following are the eligibility criteria to keep in mind before applying:

• You should have an individual or joint bank account in your name 
• You should have an Aadhaar card that can be linked for KYC purposes

You can register for PMSBY just from one bank account, even if you maintain multiple bank accounts. If you have a joint account, all the account holders can join the scheme from the same bank account.

How can you get the benefits of the scheme?

You can apply to any of the insurance companies offering the Pradhan Mantri Suraksha Bima Yojana through the online application process to become a beneficiary. Once you download the PMSBY form from the government website, fill it out properly. Then approach the insurance company with this form for availing of the benefits of the PMSBY scheme.

What is the process for filing a claim under the PMSBY scheme?

In case of disability or accidental death of the beneficiary, you can make a claim by following these steps. 

• Reach out to the insurance company from where you availed the scheme 
• Get the claim form and fill in the details with information like your address, name, and details of the accident. You can also download the PMSBY claim form from the Jansuraksha website.
• Submit the claim form with supporting documents like disability or death certificate
• After verifying the documents submitted, the insurer will transfer the amount of the claim to the linked account.

Social security and health insurance are integral in today’s time and age. They provide a sense of financial and mental relief and act as backups during stressful situations. Schemes provided by the government like the Ayushman Bharat health card or the Pradhan Mantri Bima Yojana make healthcare more accessible. Apart from the government health schemes, you can avail various kinds of health insurance plans to suit your needs from Bajaj Finserv Health. 

Get a consultation from doctors online or in-person for free, discounts from partner pharmacies and hospitals, and much more when you sign up for these health insurance policies under Aarogya Care. With them, you can also enjoy coverage benefits like preventive healthcare and pre- and post- hospitalization coverage. Make sure you plan your healthcare investment wisely for a stress-free life ahead!