Pradhan Mantri Suraksha Bima Yojana (PMSBY) Pradhan Mantri Suraksha Bima Scheme 2022 – The Pradhan Mantri Suraksha Bima Yojana was unveiled in the 2015 Budget as the Indian government’s accidental insurance cover. This programme was created to give personal accident insurance to high-risk individuals such as mechanics, laborers, and truck drivers who travel frequently. It is also one of the most affordable insurance policies. The plan also includes coverage for both partial and permanent disability.
Anyone between the age group of 18 and 70 who has a bank account is eligible for PM Suraksha Bima Yojana. The scheme’s yearly premium, minus service tax, is Rs.12. The premium amount is automatically deducted from the scheme holder’s bank account. If the subscriber dies in an accident or becomes totally incapacitated, the nominee receives Rs.2 lakh. If the subscriber is involved in an accident and suffers a partial permanent handicap, he or she would be compensated Rs.1 lakh.
Highlights of Pradhan Mantri Suraksha Bima Yojana
Following are the major highlights of PM Suraksha Bima Yojana:
- Each year, the accidental death insurance coverage is renewed.
- The annual premium is Rs.12 per year. The service tax, which is payable at 14%, is not included in this premium.
- If the subscriber dies in an accident or becomes fully incapacitated as a result of the accident, the nominee will receive up to Rs.2 lakh in coverage.
- The subscriber’s bank account is automatically deducted for the premium.
- The subscriber has the choice of choosing a long-term plan or renewing the plan every year.
- The subscriber has the option to leave the plan at any time and to rejoin at any time in future
Pradhan Mantri Suraksha Bima Yojana Benefits
The benefits of this PM Suraksha Bima Yojana are as follows:
|If subscriber’s death is caused due to accident
|Rs.2 lakh is paid to the nominee.
|If an accident leads to total and irrecoverable loss of use if both hands or feet, loss of eyes or loss of sight in one year and loss of use of a hand or foot
|Rs.2 lakh is paid.
|If accident causes irrecoverable and total loss of sight of one eye and loss of use of one hand or foot
|Rs.1 lakh is paid.
Tax Benefit of PM Suraksha Bima Yojana
The subscriber might also claim a deduction for the premium paid under Section 80C. Section 10 exempts the first Rs.1 lakh of the money insured from tax (10D).
PM Suraksha Bima Yojana Coverage Amount
In the event of the insured’s accidental death, policyholders will receive a death benefit of Rs.2 lakh under PM Suraksha Bima Scheme. Aside from that, coverage of Rs.2 lakhs will be provided in the event of total impairment, such as irreversible or complete loss of both hands or eyes, paralysis, and so on. In the event of the insured’s partial disability, the policyholders will receive Rs.1 lakh.
Eligibility for Pradhan Mantri Suraksha Bima Yojana
The PM Suraksha Bima Yojana is a government-sponsored accident insurance programme that provides coverage for accidental death, permanent disability, and partial disability. Individuals between the ages of 18 and 70 are eligible to apply for this programme. The following are the requirements for registering in the Pradhan Mantri Suraksha Bima Scheme:
- The minimum age is 18 years old.
- The maximum age limit is 70 years old.
- Those who have a savings bank account and are between the ages of 18 and 70 are eligible to join the insurance.
- The bank account and the Aadhaar card must be linked.
- If the bank account is not linked to the Aadhaar card, the application form must include a copy of the Aadhaar card.
- If an individual has multiple savings accounts, he or she is only eligible to join the scheme through one of them.
- The annual premium will be Rs.12.
- The premium is deducted from the insured’s bank account automatically.
- The scheme is for a year and can be renewed at the end of it.
- The applicant’s Aadhaar card is the primary KYC document required.
How to register for PM Suraksha Bima Yojana online?
If you are planning to get benefits of प्रधान मंत्री शुरक्षा बिमा योजना then you first you have to register for this scheme. And the Registration process for PMSBY is given bellow:
- Customers can choose PM Suraksha Bima Yojana by approaching one of the collaborating banks or insurance firms.
- Most reputable institutions let customers purchase policies using internet banking.
- The subscriber must register for the plan by logging into his or her Internet banking account.
- Subscribers can also send a message to the toll-free numbers of banks and insurance firms using their registered cellphone number.
Note:- List of banks and insurance companies are given below in this post. If you have a bank account in any of these banks, then you can directly buy this Pradhan Mantri Suraksha Bima scheme via Internet Banking of You bank account or by visiting Your bank’s branch.
Following are the major procedures by which you can Apply online for PM Suraksha Bima Yojana 2022:
How to Get Access to PM Suraksha Bima Yojana?
Pradhan Mantri Suraksha Bima Yojana Apply Online:
- Use your internet banking credentials to log in.
- Click on the ‘Insurance’ tab.
- Choose Pradhan Mantri Suraksha Bima Yojana
- Select the account where you will pay your insurance premiums.
- Click on ‘Submit’ button
How to use the PMSBY SMS Service?
The steps to activate the PMSBY SMS service are as follows:
- Visit the website of your bank.
- Select the PMSBY section.
- Fill in your account number as well as the Captcha code.
- Get a One-Time Password by clicking the button (OTP)
- Provide all necessary information.
- Click on ‘Submit’ button
How to get started with PMSBY Internet Banking?
To activate the policy, use the internet banking facility as follows:
- Access your online banking account.
- Select “Insurance.”
- Select the account from which the premium will be paid.
- Check and double-check the information.
- The policy receipt can be retrieved.
What is PM Suraksha Bima Yojana Renewal Procedures
You can renew the PM Suraksha Bima Yojana by utilizing the auto-debit feature. The premium will be automatically taken from your bank account, and your insurance will be renewed as a result. On a yearly basis, the policy will be renewed. From June 1 through May 31, the insurance is good. So, by the end of May, you must renew your coverage. If you do not want to renew, you must submit a cancellation request to the relevant bank.
Pradhan Mantri Suraksha Bima Yojana Required Documents
It is necessary to complete the PM Suraksha Bima Yojana application form completely. The following documents are required to attach with PMSBY application form:
- ID Proof
- Aadhaar card
- Contact information
- Nominee details
- Application form (English, Hindi, Bengali, Marathi, Oriya, Telugu, Tamil or Gujarati).
Note:- If your Aadhaar is not linked to your savings bank account, the only document you need to submit with the application is a copy of your Aadhaar card.
List Of Banks That Participate In The Pradhan Mantri Suraksha Bima Yojana
Several banks and insurance organizations are involved in the Pradhan Mantri Suraksha Bima Yojana scheme. The following are the banks that are taking part:
- Allahabad Bank
- Axis Bank
- Bank of India
- Bank of Maharashtra
- Bharatiya Mahila Bank
- Canara Bank
- Central Bank
- Corporation Bank
- Dena Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IndusInd Bank
- Kerala Gramin Bank
- Kotak Bank
- Oriental Bank of Commerce
- Punjab and Sind 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
The following are the Vijaya Bank Participating Insurance Companies
- Bajaj Allianz
- Cholamandalam MS
- ICICI Lombard
- National Insurance
- New India Assurance
- Reliance General Insurance
- United India Insurance
- Universal Sompo
How to Claim Pradhan Mantri Suraksha Bima Yojana
What is the PMSBY Claim Process? The procedure for claiming benefits under PMSBY is as follows:
- The insured or nominee (in the event of death) must notify the bank as soon as The bank will check the information.
- Claim forms are available through the bank or specified insurance firms, as well as online. The form must be completely filled out.
- It is mandatory that within 30 days of the date of the accident, the completed claim form must be presented to the bank branch.
- Original FIR, postmortem report, death certificate, or disability certificate issued by a Civil surgeon are required to be attached to the claim form. A discharge certificate should be included as well.
- Within 30 days of receiving the claim, the bank will verify the account information and transmit the case to the insurance carrier.
- The valid claim will subsequently be transferred to the nominee’s or insured’s account.
- The death claim will be paid to the legal heir if the insured has not named a nominee. The succession certificate must be produced by the legitimate heir.
- The bank has a maximum of 30 days to complete the claim procedure.
Information you will need to Claim PMSBY Benefits
- The insured’s name
- The insured’s complete address
- The bank branch’s name and address
- Account number for savings
- The insured’s contact information, including cell number, phone number, email address, and Aadhaar number
- Name, cell or phone number, email address, bank account for electronic transfer, and Aadhaar number of the nominee.
- Details of the accident, such as the date, time, and location of occurrence, the nature of the accident, and the cause of death or injury
- Name and address of the hospital or attending physician, as well as contact information
- Time and date for the company’s medical officer to visit the insured.
- Information about the documents which have been provided
Important Guidance:- The nominee or claimant must sign the declaration and provide the policy and claim numbers, as well as the date. The paperwork will be reviewed by the authorized bank official, who will sign it and send it to the insurance provider.
The Pradhan Mantri Suraksha Bima Yojana scheme is designed to provide insurance coverage to the uninsured. The scheme also contributes to financial inclusion by extending insurance to the most vulnerable members of society, ensuring financial security. Section 10(10D) of the IT Act, 1961 exempts benefits up to Rs.1 lakh from taxation.
Useful Links for PM Suraksha Bima Yojana 2022
|Download PMSBY Certificate
|Download PMSBY Claim-cum-discharge Form