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Pradhan Mantri Suraksha Bima Yojana (PMSBY): Benefits and Eligibility

Image Of Pradhan Mantri Suraksha Bima Yojana

The Government of India brings in several welfare schemes for the well-being of the citizens, especially the weaker sections of the population. In May 2015, the Government of India introduced three welfare schemes to help the average Indian citizen fortify their financial plan - Pradhan Mantri Jeevan Jyoti Bima Yojana (life insurance scheme), Pradhan Mantri Suraksha Bima Yojana (accident insurance scheme) and Atal Pension Yojana (retirement/pension scheme).

 

In this article, we will look at Pradhan Mantri Suraksha Bima Yojana or PMSBY scheme details, including the meaning, PMSBY benefits, PMSBY features and eligibility for a PMSBY insurance policy.

 

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY Insurance)?

 

The Pradhan Mantri Suraksha Bima Yojana, or a PMSBY scheme, is an accidental death or disability insurance policy which offers an annual cover and can be renewed every year. The Public Sector General Insurance Companies and some private sector general insurers offer PMSBY insurance by tying up with various banks across the country.

 

The PMSBY insurance policy provides a cover of ₹2 Lakh for accidental death or complete and irreparable disability. For partial and irreparable disability, you will receive ₹1 Lakh.

 

Interested applicants between the ages of 18 to 70 years of age can opt for the PMSBY insurance policy through any one of their savings bank accounts for an annual premium of just ₹12.

 

Pradhan Mantri Suraksha Bima Yojana Benefits and Features
 

Picture Of Pradhan Mantri Suraksha Bima Yojana


Following is a list of PMSBY features:
 
  • The annual PMSBY insurance policy tenure is from the 1st of June to the 31st of May. Applicants can subscribe to the PMSBY scheme at any time during the policy tenure.
  • The annual premium of ₹12 is auto-debited from the policyholder’s attached bank account in the last week of May.
  • In case of partial or total disability, the applicable financial PMSBY benefits will be paid to the policyholder.
  • In case of accidental death of the policyholder, financial compensation will be paid to the appointed nominee.
  • Applicants can subscribe to the PMSBY scheme by getting the PMSBY enrolment form (online or at their bank) and submitting the duly filled copy at their bank (where the attached savings account is).
 
Following is a list of PMSBY benefits:
 
  • The PMSBY scheme provides accidental death and disability coverage at an affordable rate of just ₹1 per month.
  • The policyholder can renew or discontinue the PMSBY insurance at their convenience and with ease.
  • The accidental death benefit is great for people in hazardous occupations or living in accident-prone areas as it assures the financial security of family members.
  • The policyholder can rest assured about the annual premium payment with the auto-debit facility.
  • The PMSBY scheme details, including entry, exit, renewal and claim details are easy to understand.
  • You can enjoy tax* benefits on the premiums paid and the disability as well as death benefits payouts under the Indian Income Tax Act.
 
PMSBY Benefits Regarding the Financial Coverage Offered

 

The Pradhan Mantri Suraksha Yojana offers the following coverage options:

 

Circumstances Covered

Financial Coverage Offered / Sum Assured

Accidental Death of the Policyholder

₹2 Lakh

Partial Accidental Disability

(Irrecoverable and total loss of use of one foot or hand OR loss of sight in one eye)

₹1 Lakh

Total Accidental Disability

(Irrecoverable and total loss of use of both feet or hands OR loss of sight in both eyes)

(irrecoverable or total loss of use of one hand or foot AND loss of sight in one eye)

₹2 Lakh

 


Eligibility Criteria for Enrolling in the PMSBY Scheme

 

The applicant should fulfil the following eligibility conditions if they wish to apply for Pradhan Mantri Suraksha Bima Yojana:

 

  • The applicant should be between 18 years and 70 years of age.
  • The applicant should have an active savings bank account at any of the registered banks in India.
  • In the case of multiple savings bank accounts, the applicant can have only one PMSBY insurance policy through any one of the savings accounts.
  • The Aadhar Card is the primary KYC required to enrol for the PMSBY scheme and should be linked to the savings bank account. If it is not linked, then the applicant should provide a copy of the Aadhar card with the PMSBY enrolment form.
  • If the policyholder is a Non-Resident Indian (NRI), all PMSBY benefits will be paid out in Indian Rupees (₹).
  •  If it is a joint savings bank account, all account holders can enrol for the PMSBY scheme through the same account.
 
Final Words

 

Pradhan Mantri Suraksha Bima Yojana is a great initiative by the Government of India to provide accidental death and disability coverage at an affordable price of just ₹12 per year.

 

Along with the PMSBY insurance policy, it is imperative to secure yourself with a life insurance plan. The Government of India had launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a term insurance policy that offers a sum assured of ₹2 Lakh in case of death of the policyholder caused by any reason, including natural death, accidental death and death by suicide.

 

If you wish to opt for a higher sum assured or look for life cover with savings benefits, then you can browse through some of the  life insurance policies offered by  insurers in India.

 

At Tata AIA Life Insurance Company, we offer a wide range of life insurance in India, including term insurance, life insurance guaranteed1 returns plans, life insurance retirement plans, Unit Linked Insurance Plans (ULIPs) and group insurance plans. You can use our online life insurance calculators to find the best life insurance policy that suits your financial objectives as well as your budget.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Frequently Asked Questions

Does the PMSBY Insurance Policy Cover Natural Death and Death by Suicide?

Therefore, the PMSBY scheme does not cover natural death or death by suicide. It is only an accidental death and disability plan.

Does the PMSBY Insurance Cover Temporary Disability?

No, PMSBY insurance policies only cover total and partial ‘permanent’ or ‘irrecoverable’ disabilities.

What is the Application Process for Pradhan Mantri Suraksha Yojana?

  1. For offline application


    • Go to your bank (one where you have your savings account) and collect the PMSBY enrolment form.
    • Submit the duly filled form. If your Aadhar Card is not linked to your bank account, attach its photocopy with the enrolment form. Collect the acknowledgement receipt.
    • The bank will fetch nominee information from your savings bank account. If you wish to appoint a different nominee for your PMSBY insurance policy, mention that in the enrolment form.
  2.  


  3. For online application

    • You can register for the PMSBY scheme through your bank’s internet banking portal.
    • Login to the portal. Navigate to the insurance tab.
    • Select Pradhan Mantri Suraksha Bima Yojana.
    • If you have multiple savings accounts, choose the one for auto-debit.
    • Submit the application. Download the acknowledgement receipt.

  4.  

  5. For enrolment through SMS

    • Every bank has a toll-free number for PMSBY registration. Ask the bank to send you the activation SMS.
    • Reply to the SMS with ‘PMSBY Y’. Get the acknowledgement receipt.
    • The bank will fetch all the necessary information from your savings bank account. In case of any discrepancies or multiple accounts, you will have to visit the branch for clarifications.

Disclaimers

 

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and does not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  •  Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility for tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  •  1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry.
  • IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
  • THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR.
  • Past performance is not indicative of future performance.
  • All investments made by the Company are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
  • Please make your own independent decision after consulting your financial or other professional advisors.