Pradhan Mantri Suraksha Bima Yojana (PMSBY) - Full Details for registration

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By CMV360 Editorial StaffUpdated On: 10-Feb-2023 12:26 PM

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Englishहिन्दीमराठीਪੰਜਾਬੀதமிழ்తెలుగు

ByCMV360 Editorial Staff |Updated On: 10-Feb-2023 12:26 PM

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The Prime Minister, Shri Narendra Modi launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme in 2015. A government-backed accident insurance scheme in India as part of the government's efforts to increase the penetration of insurance in the country.

Under the PMSBY, individuals between the ages of 18 and 70 years can enroll for an annual accident insurance cover of Rs. 2 lakh. The premium for the scheme is just Rs. 12 per year, making it highly affordable for a vast majority of Indians. The scheme is also available to people with disabilities. The scheme is renewable on an annual basis.

To enroll in the PMSBY, individuals need to fill out a form and provide their bank account details. The premium will be automatically debited from the account on a yearly basis. The scheme is available through various channels, including banks, post offices, and Common Service Centers (CSCs).

The PMSBY provides coverage for accidental death and permanent total disability due to an accident. It also provides for partial permanent disability caused by an accident. In the event of a claim, the nominee or legal heir of the insured person will receive the sum insured.

How to apply for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

To apply for Pradhan Mantri Suraksha Bima Yojana (PMSBY), one can follow these steps:

1. Visit the official website of the bank you wish to register with for the scheme.

2. Look for the PMSBY registration form on the website and download it.

3. Fill in the form with the required personal and bank details.

4. Attach the necessary documents such as a photocopy of your ID proof and address proof.

5. Submit the completed form along with the documents to the bank.

6. Pay the premium amount as per the scheme.

7. The bank will provide you with an acknowledgement receipt for the registration.

8. After the registration process is complete, your details will be sent to the concerned authorities for further processing.

It is important to note that PMSBY can also be availed through banks or other financial institutions authorized by the government to implement the scheme. Moreover, eligible individuals can also apply for the scheme through the bank's mobile banking, net banking or mobile app, if available.

How to Register for PMSBY Online?

1. Individuals can visit participating banks or insurance companies to enroll in PMSBY.
2. Many reputable banks offer the option to take out the policy via internet banking.
3. To enroll, individuals can log in to their internet banking account and sign up for the scheme.
4. An alternative option is to send a message from their registered mobile number to the toll-free numbers provided by the banks and insurance companies.

The scheme is available to all savings bank account holders and the coverage is automatic, meaning that account holders will be enrolled in the scheme unless they opt out. The scheme is also available to people who do not have a savings bank account, but they will have to actively enroll in the scheme.

Instructions for Logging in to PMSBY Online

1. Use your internet banking credentials to log in.
2. Once logged in, navigate to the 'Insurance' section.
3. Look for the option for Pradhan Mantri Suraksha Bima Yojana and select it.
4. Choose the account from which you wish to pay the insurance premium.
5. Click on 'Submit' to complete the login process.

Instructions for Enrolling in PMSBY Offline

• Visit a bank or insurance company that is connected to the PMSBY program.
• Download the PMSBY form, also known as the Pradhan Mantri Suraksha Bima Yojana form, from the Jansuraksha website of the government. The form is available in multiple languages.

What is Covered Under PMSBY

• Permanent total disability with coverage of Rs. 2 lakhs.
• Permanent partial disability with coverage of Rs. 1 lakh.
• Accidental death with coverage of Rs. 2 lakhs.

What is not Covered Under PMSBY

It is important to note that PMSBY only covers accidental death and disability. It does not cover suicide deaths or non-permanent disabilities (partial disability without irrecoverable loss) unless stated otherwise.

PMSBY renewal

• PMSBY renewal can be done using the auto-debit option, where the premium is automatically debited from your bank account.
• The policy is renewed every year, and the insurance coverage is valid between June 1st and May 31st.
• To ensure continuous coverage, the renewal must be done before the end of May.
• If you do not wish to renew the coverage, a cancellation request must be filed with the relevant bank.

Instructions for Activating PMSBY SMS Facility:

1. Visit your bank's website.
2. Navigate to the PMSBY section.
3. Enter your account number and the Captcha code.
4. Click on the option to get One Time Password (OTP).
5. Fill in all the necessary details.
6. Click on 'Submit' to complete the activation process.

Instructions for Activating PMSBY Internet Banking:

1. Log in to your internet bank account.
2. Click on "Insurance".
3. Select the account that will be used to pay the premium.
4. Review the details and confirm.
5. Download the policy receipt to complete the activation.

Documents Required for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

To apply for PMSBY, the following documents are required:

• Completed PMSBY application form, which is available in various languages such as English, Hindi, Bengali, Marathi, Oriya, Telugu, Tamil or Gujarati.
• Proof of identification, such as an Aadhaar card.
• Contact information
• Nominee details
• A copy of the Aadhaar card if it is not linked to your savings bank account. This is the only additional document required along with the application form.

Eligibility for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

To be eligible for PMSBY, individuals must meet the following criteria:

• Be between the ages of 18 and 70 years old.
• Have a savings bank account that is linked to their Aadhaar card.
• If the savings bank account is not linked to their Aadhaar card, they must submit a copy of their Aadhaar card with their application.
• Only eligible to enroll in the scheme through a single savings bank account.
• Pay a yearly premium of Rs. 12 which will be automatically debited from the insured's bank account.
• The scheme is valid for one year, and can be renewed at the end of each year.
• The primary document required for KYC is the applicant's Aadhaar card.

Steps for PMSBY Claim Process

1. Inform the bank immediately after an accident occurs, either by the insured or nominee (in the event of death).
2. Obtain the claim form from the bank, designated insurance companies or via the website, and fill it out completely.
3. Submit the completed claim form to the bank branch within 30 days of the accident.
4. Provide supporting documents such as the original FIR, post mortem report, death certificate or disability certificate issued by a Civil surgeon, and discharge certificate.
5. The bank will verify account details and forward the case to the insurance company within 30 days of the claim submission.
6. The insurance company will confirm that the insured is listed in the master policy.
7. The claim will be processed within 30 days of receiving the documents from the bank.
8. The approved claim will be sent to the nominee or insured's account.
9. If no nominee is appointed, the death claim will be paid to the legal heir, who must provide a succession certificate.
10. The bank is allowed a maximum of 30 days to complete the claim process.

Information Required for PMSBY Claim Process

1. Name of the insured
2. Full address of the insured
3. Name and address of the bank branch
4. Savings bank account number
5. Contact information of the insured, including mobile number, phone number, email address, and Aadhaar number
6. Details of nominee, including name, mobile or phone number, email address, bank account for electronic transfer, and Aadhaar number.
7. Details of the accident, including date, time, and place of occurrence, nature of the accident, and cause of death or injury
8. Name and address of the hospital or attending doctor, along with their contact information
9. Time and date when the medical officer of the company can visit the insured.
10. List of documents that have been submitted.

The nominee or claimants will need to sign a declaration, including the policy number and claim number, along with the date. The form will then be reviewed and signed by an authorized bank official, who will forward it to the insurance company.

Pradhan Mantri Suraksha Bima Yojana aims to provide insurance coverage to the uninsured sector and promote financial inclusion by reaching out to the weaker sections of society and ensuring financial security. The benefits received up to Rs. 1 lakh are tax-free under Section 10(10D) of the IT Act, 1961.

Participating Banks in Pradhan Mantri Suraksha Bima Yojana (PMSBY)

PMSBY is offered through various banks and insurance companies. The list of participating banks includes:

1. Allahabad Bank
2. Axis Bank
3. Bank of India
4. Bank of Maharashtra
5. Bharatiya Mahila Bank
6. Canara Bank
7. Central Bank
8. Corporation Bank
9. Dena Bank
10. Federal Bank
11. HDFC Bank
12. ICICI Bank
13. IDBI Bank
14. IndusInd Bank
15. Kerala Gramin Bank
16. Kotak Bank
17. Oriental Bank of Commerce
18. Punjab and Sind Bank
19. Punjab National Bank
20. South Indian Bank
21. State Bank of Hyderabad
22. State Bank of India
23. State Bank of Travancore
24. Syndicate Bank
25. UCO Bank
26. Union Bank of India
27. United Bank of India
28. Vijaya Bank

List of participating Insurance companies

1. Bajaj Allianz
2. Cholamandalam MS
3. ICICI Lombard
4. National Insurance
5. New India Assurance
6. Reliance General Insurance
7. United India Insurance
8. Universal Sompo

Key Features of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

PMSBY offers the following features:

• Accidental death coverage that is renewable each year.
• Premium of Rs.12 per year, exclusive of 14% service tax.
• A payout of up to Rs.2 lakh to the nominee in case of accidental death or total disability caused by accident.
• Automatic debit of premium from subscriber's bank account.
• Flexibility to choose long-term option or renew annually.
• The option to cancel the scheme at any time and re-enroll in the future.

Benefits of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The benefits of PMSBY include:

• A payout of Rs.2 lakh to the nominee in case of accidental death of the subscriber.
• A payout of Rs.2 lakh in case of total and irrecoverable loss of use of both hands or feet, loss of eyes or loss of sight in one eye, and loss of use of one hand or foot.
• A payout of Rs.1 lakh in case of irrecoverable and total loss of sight of one eye and loss of use of one hand or foot.
• Eligibility for tax deductions under Section 80C for the premium paid.
• Tax-free sum insured received up to Rs.1 lakh under Section 10(10D) of the Income Tax Act, 1961.

In addition to the PMSBY, the government also launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Atal Pension Yojana (PMAPY) in 2015. These schemes are aimed at providing insurance and pension coverage to a large section of the population.

Difference between Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are both government-backed insurance schemes offered to citizens of India. Below listed are the differences between them:

• Insurance type - While PMSBY is a personal accident insurance scheme, PMJJBY is a life insurance scheme.
• Eligibility criteria - In terms of eligibility, individuals between the ages of 18 to 70 years with a savings bank account and auto-debit facility are eligible for PMSBY, while individuals between 18 to 50 years with a savings bank account and auto-debit facility are eligible for PMJJBY.
• Policy period, premium and coverage - Both schemes have a 1-year policy period and the premium is auto-debited from the policyholder's bank account every year. PMSBY has an annual premium of Rs.12 and offers a sum insured of up to Rs.2 lakh, while PMJJBY has an annual premium of Rs.330 and also offers a sum insured of up to Rs.2 lakh.
• Termination of assurance - In terms of termination of assurance, policy coverage will cease if an individual is insured under PMSBY with more than one bank savings account, reaches 70 years of age, has insufficient bank balance, or closes the bank account. In the case of PMJJBY, policy coverage will cease if the account holder reaches 55 years of age, has insufficient bank balance, closes the account, or has multiple coverage under the scheme.

Overall, the PMSBY is a valuable scheme for the citizens of India, providing them with an affordable and accessible way to protect themselves and their families against the financial burden of accidental death and permanent disability. With low premium and ease of enrollment, it has the potential to reach a large section of the population that previously did not have access to accident insurance.

Frequently Asked Questions

1. Will the subscriber receive any benefit if they suffer partial disability due to an accident?

Yes, the subscriber will receive Rs.1 lakh if they suffer from partial disability due to an accident.

2. Will I get the benefits of this scheme if I have another insurance scheme?

Yes, you will receive the benefits of the scheme in addition to any existing accidental insurance cover.

3. What happens if I have insufficient balance in my savings account and the account has been closed?

If you have insufficient balance in your savings account and it has been closed, or if you don't have sufficient balance to keep the policy in force, your accident cover assurance will be terminated.

4. Is a NRI eligible for coverage under PMSBY?

If a NRI has an eligible bank account that is located in India and meets the eligibility criteria, they can take the PMSBY scheme. The claim benefit will be paid to the nominee in Indian currency.

5. Can the hospitalization expenses be reimbursed under this scheme?

No, the hospitalization expenses following the accident that results in death or disablement is not reimbursed.

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

Insurance benefit is only paid on the confirmation of the death of the insured or on expiry of the period specified by law to presume the death of a person, which is 7 years.