Pradhan Mantri Suraksha Bima Yojana: Know it’s Benefits and Features

To ensure financial inclusion and security for all citizens, the Indian Government introduced several insurance schemes, such as the Pradhan Mantri Suraksha Bima Yojana (PMSBY). This article aims to shed light on what is Pradhan Mantri Suraksha Bima Yojana, its benefits and features, and the process of applying for this scheme.

What is Pradhan Mantri Suraksha Bima Yojana?

Launched in 2015, Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme aimed at covering the uninsured population in India. It is available to people in the age group of 18 to 70 years with a bank account.

The scheme provides a one-year accidental death and disability cover, which can be renewed annually. The risk coverage under the scheme is ₹2 lakhs for accidental death and permanent total disability, and ₹1 lakh for permanent partial disability.

Pradhan Mantri Suraksha Bima Yojana Features

Here are the essential features of the Pradhan Mantri Suraksha Bima Yojana:

1. Affordability:
   With a premium of only ₹12 per annum, PMSBY makes it affordable for everyone to have insurance coverage. The premium is auto-debited from the insured's bank account.
2. Eligibility:
   The scheme is open to all savings bank account holders in the age group of 18 to 70 years.
3. Risk Coverage:
   PMSBY provides a risk coverage of ₹2 lakh for accidental death and permanent total disability, and ₹1 lakh coverage for permanent partial disability.
4. Auto-Renewal:
   The scheme has an auto-renewal feature, with the premium being auto-debited from the bank account of the subscriber.
5. Termination of Assurance:
   The assurance under the scheme can be terminated on any of the following events: On attaining the age of 70 years, closure of the account with the bank, or insufficient balance to keep the insurance in force.
6. Flexible Subscription: Subscribers are free to opt in or opt out of the scheme as per their wishes and circumstances.

Pradhan Mantri Suraksha Bima Yojana Benefits

The benefits of PMSBY are numerous and make it a desirable choice for many:

1. Financial Security: The scheme provides financial security to the family of the insured in case of unfortunate accidental death or disability of the policyholder.
2. High-Risk Coverage at Low Premium: PMSBY provides high-risk coverage of ₹2 lakhs at a nominal premium of just ₹12 per annum.
3. Easy to Apply: The scheme is linked to the bank accounts of the policyholder. All the Public Sector General Insurance Companies and other insurance companies who are willing to join the scheme and meet the criteria as laid down by the government, participate in the scheme.
4. Widespread Availability: The scheme is available to all bank account holders across the country, making it accessible to the vast Indian population.
5. No Health Check-ups: The scheme does not require any health check-up or medical examination for eligibility.

How to Apply Pradhan Mantri Suraksha Bima Yojana?

Applying for the Pradhan Mantri Suraksha Bima Yojana is straightforward:

1. Application Form:
   Obtain the PMSBY application form from the bank where you have your savings account. The form is also available online on the websites of participating banks and insurance companies.
2. Complete the Form:
   Fill out the form providing all the necessary details.
3. Nominee Details:
   Remember to include details of your nominee who would receive the policy benefits in case of your unfortunate demise.
4. Submit the Form:
   Submit the completed form to your bank.
5. Aadhaar Linking:
   Link your Aadhaar card with your savings bank account. This is a necessary step as your linked Aadhaar serves as the primary KYC for the bank account.

The premium will be auto-debited from your bank account. You will receive a confirmation message on your registered mobile number.

Conclusion

In conclusion, the Pradhan Mantri Suraksha Bima Yojana is a great initiative by the Government of India to ensure that every citizen has access to financial security in the face of uncertainty. With an affordable premium, high-risk coverage, and easy application process, PMSBY indeed is an essential step towards universal social security. Understanding what is Pradhan Mantri Suraksha Bima Yojana and its benefits and features can help individuals make an informed decision about their participation in the scheme.