Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme 2023

Pradhan Mantri Suraksha Bima Yojana

PMSBY Scheme: Details

• The PM Suraksha Bima Yojana is a blessing for the proletariat class, with the premium fixed at only ₹20/annum.
• The premium gets debited automatically from the policyholder's (with his permission) bank or post office account.
• All adult Indian citizens between 18 to 70 years are eligible to subscribe to the PMSBY policy.
• The policyholder can choose between annual renewability and a long-term subscription.
• Akin to most insurance schemes, it also has tax benefits for the policyholder.

PMSBY: Benefits

• Upon the death of a policyholder, the benefit amounts to ₹2,00,000. It is provided to the nominee or legal heir (in the absence of a nominee on the policy).
• In case of serious injuries, such as loss of limbs (both hands or legs) or complete loss of sight of both eyes ₹2,00,000 would be provided to the policyholder.
• In case of the loss of a limb (one hand or leg) or complete loss of sight in an eye ₹1,00,000 would be provided to the policyholder.
• It also helps the policyholder in terms of tax savings (especially in the case of long-term policies) under Sections 80C (premium payment) and 10D (tax exemption of up to ₹1,00,000).

PMSBY: N on-coverage

• The policy only covers accidental cases; any other case is automatically excluded.
• The policy does not cover any attempt of self-harm, including suicide.
• Any temporary disability is also not claimable in this policy.

PMSBY: Eligibility

• 18 years is the minimum subscription age.
• 70 years is the maximum subscription age.
• A subscriber must have a valid bank account (in India).
• The subscriber's bank account should be linked with their Aadhaar card.
• In case the Aadhaar card is not linked with the subscriber's bank account, the photocopy of the card should be submitted with the PMSBY application.

PMSBY: Documents Required

• Duly formed application form (which is available in Bengali, English, Gujrati, Hindi, Kannada, Marathi, Odia, Tamil, and Telugu).
• KYC documents include an Aadhaar card, electoral photo identity card, MGNREGA card, driving license, PAN card, and passport.
• Declaration of the nominee.

PMSBY: Application Process

Applying Online on the Website

• Applicants can apply for the PMSBY scheme online.
• Applicants have to visit the Jan Suraksha Yojana website.
• Over there, applicants need to click the "Forms" tab. Further, on this tab, they need to click on the Pradhan Mantri Suraksha Bima Yojana form.
• Afterward, applicants need to print it out and fill up all required details, such as the Aadhar card number*,*bank account number, mobile number, and name of the nominee.
• Finally, they have to attach photocopies of all the documents mentioned above with the form and submit it to the same bank whose account number they have filled in the PMSBY application form.

Application Via SMS

• Applicants would receive an SMS about the policy activation.
• Type "PMSBY Y" in reply to the activation SMS.
• Applicants would receive an acknowledgment message on their phones.
• The applicant's bank (the master holder of the policy) would process the information from the back end of their savings account.

Activation Through the Online Banking Method

• Applicants need to log in to their bank's internet banking account.
• They need to navigate to their Pradhan Mantri Bima Yojana insurance and click on it.
• Check and confirm all the relevant details.
• Finally, download their confirmation receipt and jot down the reference number.

Institutes Facilitating the PMSBY Scheme

Banks

• 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

Insurance Companies

• Bajaj Allianz
• Cholamandalam MS
• ICICI Lombard
• National Insurance
• New India Assurance
• Reliance General Insurance
• United India Insurance
• Universal Sompo

PMSBY: Customer Care Number

PMSBY: Login Process

• Log in to their internet banking account in the usual way.
• Navigate to the insurance section and click on it.
• Select the Pradhan Mantri Bima Yojana.
• Opt for the account linked with the Pradhan Mantri Suraksha Bima Yojana.
• Finally, click on the submit button.

PMSBY: SMS Activation

• First, applicants need to log on to their banking account's portal.
• Navigate to the Pradhan Mantri Suraksha Bima Yojana section and click there.
• In this section, they have to enter their account number and carefully submit the captcha code.
• Click to obtain the OTP.
• Furnish all the relevant details.
• Finally, click on the submit button.

PMSBY: Online Access Activation

• Applicants need to log on to their banking account's portal.
• Navigate to the Pradhan Mantri Suraksha Bima Yojana section and click there.
• Select the premium paying account.
• Check and confirm all the relevant details.
• Download the receipt of their PMSBY policy.

PMSBY: Checking the Application Status

• First, applicants need to log on to their bank's portal.
• Navigate to the section of their PM, Suraksha Bima Yojana.
• Then, applicants need to key in their bank account number linked to the Pradhan Mantri Suraksha Bima Yojana policy.
• Key in their PM Suraksha Bima Yojana application number.
• Now applicants need to click on the submit button.
• Finally, they need to check on the status.

PMSBY: Renewal

PMSBY: Claim Process

• The insured or the policy nominee has to inform the bank or insurance agency from which they have procured the policy as soon as possible.
• The claim form can be obtained from the Jan Suraksha Yojana website or the designated banks and insurance companies.
• Fill out the form properly and submit it to the institute (bank or insurance company) for processing within 30 days of the accident.
• For smooth processing of the claims, they should be accompanied by disability certificates (in case of injuries) or death certificates (in case of death) issued by certified medical professionals.
• The financial organization would verify and forward the documents to the insurer within 30 days of the receipt of the paperwork.
• The insurer would verify all details and process the claim within 30 days of receipt.
• Once the claim is successfully processed, the amount will be credited to the policyholder's bank account (in case of injuries) or to the nominee's account (in case of the policyholder's death). If the nominee's name is absent, the legal heir is eligible for the payout. However, the heir must show the succession certificate.

PMSBY: Termination

• Turning 70 years of age.
• Account closure or balance insufficiency for the insurance auto-debit.
• If a policyholder has subscribed to the policy through multiple accounts, then the coverage would be limited to only one account. Premiums from all other accounts may get forfeited.

Conclusion

FAQs

Are NRIs eligible for the Pradhan Mantri Suraksha Bima Yojana?

Would the Pradhan Mantri Bima Yojana reimburse hospitalization expenditures due to an accident?

How can one pay the premium for Pradhan Mantri Suraksha Bima Yojana?

What is the eligibility for Pradhan Mantri Bima Yojana?

What is the coverage period of PM Suraksha Bima Yojana?

Can one rejoin the Pradhan Mantri Suraksha Bima Yojana later, if eligible?

Does the Pradhan Mantri Bima Yojana cover unfortunate incidents resulting from natural causes, for example - landslides, floods, earthquakes, and other natural calamities?

Does PM Suraksha Bima Yojana cover murder or suicide?

Who can claim the settlement amount after the death of the PMSBY scheme policyholder?

Are police and FIR reports necessary to claim benefits under the Pradhan Mantri Bima Yojana?