Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana is an accident insurance. This accidental insurance is backed by the Government of India to cover accidental death. Not only in India, all over the world, accidents happen on a daily basis, it is very difficult for the poor and middle-class people to opt for accidental insurance.

To help those people, Indian Government had decided to launched Pradhan Mantri Suraksha Bima Yojana- accidental insurance at the low premiums so that derived people can afford it.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an Indian Government accidental scheme to offer personal accident insurance to the people whose job is surrounded with hazards like linemen, truck drivers, mechanics, factory workers, travelers. PMSBY is one of the most affordable accidental insurance plans that covers both partial and permanent disability of the insured.

This accidental bima is also known as social security scheme because it is launched by the government for the derived people who cannot afford private accidental insurance policies. The instructions principle of the Pradhan Mantri Suraksha Bima Yojana in Hindi as well as in English.

Similarities in Jeevan Jyoti Yojana & Pradhan Mantri Suraksha Bima Yojana

  • Both are launched by the Indian Government.
  • The minimum age to join the schemes is 18 years.
  • Both require savings account.
  • The sum assured you will get is 2,00,000.
  • Insurer can only hold one policy from the savings account linked to that scheme.
  • Both schemes are available in private and public banks.
  • If you don’t opt for claim, you will not get money.
  • In the event, if insurer die, nominee will get money.
  • If you leave any of the scheme you can rejoin it.

Eligibility for Pradhan Mantri Suraksha Bima Yojana

  • Individuals aged between 18 to 70 years can opt for this accidental insurance.
  • A person who joins this Bima Yojana have a saving account.
  • Bank account must be linked to the Aadhar card.
  • The Pradhan Mantri Suraksha Bima Yojana premium is Rs. 12 year.
  • The premium is auto debited from the insurer account.
  • PMSBY scheme is available for 1 year after than an insurer has to renew it.

Document Required for Pradhan Mantri Suraksha Bima Yojana

The PMSBY accidental insurance application form is duly filled. The details have to be filled are mentioned below-

  • Name.
  • Aadhar name.
  • Contact information.
  • Nominee details.
  • The application form in Hindi, Telugu, Marathi, Gujarati, Bengali, Tamil, and Oriya

Procedure to Join Pradhan Mantri Suraksha Bima Yojana

  • First and foremost, log in to the official website of the PMSBY and click on the insurance tab.
  • Choose PMSBY scheme from the schemes.
  • Choose the account which you have to link to this scheme.
  • Now enter your personal details and the nominee details as well. Make sure all the details you have entered is same as appeared in your aadhar card.
  • Once you have entered the information, click on the continue button
  • Recheck all the details and then click on the confirm button.
  • Now you will get a unique identification number.
  • For any future reference, don’t forget to save acknowledgment number.

Claim Settlement Procedure of Pradhan Mantri Suraksha Bima Yojana

The following is the procedure to claim for the benefits under PMSBY-

  • The insurer or a nominee has to inform the bank about the occurrence of the accident.
  • You will get the claim Form from the bank or designated insurance companies or a website. The claim form must be filled as per the instructions.
  • Once you complete the claim form you need to submit to the bank with the 30 days from the date of the accident.
  • The claim form is supported by original FIR, post mortem report, death certificate or a disability certificate which is issued by the civil surgeon
  • Once the bank gets the information it will verify the details and then pass to the insurance company within 30 days of the submission of the claim.
  • The accidental insurance claim will be proceeded after transferring from the bank to the insurance company.
  • The admissible claim will be remitted to the nominee’s or the insured’s account.
  • In the event, if insured doesn’t appoint any nominee then after his death the claim will be remitted to his legal heir.
  • The maximum time that is allowed for the bank to settle the claim is 30 days.

Pradhan Mantri Suraksha Bima Yojana Accidental Death

  • Insured name.
  • Address of the insured.
  • Name and the address of the bank that is linked to the PMSBY scheme.
  • Saving bank account number.
  • Contact details of the insured.
  • Details of the accident like date/day/time/ manner/ cause of the death.
  • Name and address of the hospital or attending doctor along with contact details.
  • Details of the account that have been submitted.

All the above information that we have mentioned above you need to carefully fill in the PMSBY form. If you are unable to do by yourself you can hire someone. Who can assist you regarding the accidental insurance claim settlement.

List of the Banks that PMSBY Scheme Support

  • Allahabad bank.
  • Axis bank.
  • SBI bank.
  • Bank of Maharashtra.
  • Canara bank.
  • Central bank.
  • Dena bank.
  • Federal bank.
  • Kotak bank.
  • IDBI bank.
  • Punjab and Sind bank.
  • State bank of India.
  • UCO bank.
  • Union bank.
  • Syndicate bank.
  • South Indian bank.
  • Kerala Gramin bank.
  • Vijaya bank.
  • ICICI bank.
  • HDFC bank.

Accidental Insurance Companies Participate in PMSBY Scheme

  • Bajaj Allianz.
  • ICICI Lombard.
  • National Insurance.
  • United Indian Insurance.
  • Universal Sampo.
  • Reliance General Insurance.
  • Cholamandalam MS

Benefits of Pradhan Mantri Suraksha Bima Yojana Scheme

  • The PMSBY is one of the cheapest accidental insurance plans that inaugurated for the people who cannot afford high premium accidental coverage plans.
  • The maximum age to join this plan is 70 years which can be the advantage for the senior citizen.
  • Youngsters who are seeking for the affordable accidental insurance plan can opt for PMBSY. Because it’s minimum age to join is 18 years and premium is also nominal as compared to other accidental insurance policies.
  • The insured or a nominee will receive 2 lakhs at the time of maturity period.
  • One of the greatest benefits to join this accidental coverage scheme is that in case of total disability you will get full coverage.
  • It is very convincing, you don’t need to go to the bank periodically to pay the PMSBY premium, it is auto debited from your savings account.
  • In case of death of the insured, a nominee will get the sum assured after filing the claiming procedure.

This scheme offers you a great flexibility. In case, if you unable to continue this scheme you can fold it and after sometime if you think to join then you can rejoin it.

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About Geet Sharma

My Name is Geet Sharma Financial Blogger & Founder of Paisabank.org. We are a personal finance blog dedicated to finance & financial planners. The main aim of this blog is to help people to informed about financial decisions.
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