Pradhan Mantri Suraksha Bima Yojana is Indian Government’s accidental insurance cover which was announced in the 2015 Budget. This scheme was launched to provide personal accident insurance to the high risk category such as mechanics, labourers, truck drivers which involves a lot of travelling. It is also one of the cheapest insurance cover. The scheme also covers both partial and permanent disability cover.
Pradhan Mantri Suraksha Bima Yojana
This scheme is available to those between the ages of 18 and 70 years and they must have a bank account. The annual premium of the scheme is Rs.12 excluding the service tax. The premium amount is automatically debited from the bank account of the scheme holder. Rs.2 lakh is paid to the nominee if the subscriber dies in an accident or if he is fully disabled. If the subscriber meets with an accident and suffers partial permanent disability, then Rs.1 lakh is paid.
Eligibility Criteria of PMSBY:
The eligibility criteria for subscribing for Pradhan Mantri Suraksha Bima Yojana is as follows:
- The minimum age requirement is 18 years.
- The maximum age requirement is 70 years.
- Those having a savings bank account and falling under the age group of 18 – 70 years are eligible to subscribe to the policy.
- The bank account must be linked with the Aadhaar card.
- If the bank account is not linked with the Aadhaar card, then the Aadhaar card copy must be attached with the application form.
- If the individual has more than one savings account, he or she is only eligible to join the scheme through a single bank account.
- Premium to be paid is Rs.12 yearly.
- The premium amount is auto debited from the insured’s bank account.
- The scheme is valid for a year and it can be renewed at the end of the year.
- The primary KYC document required is the applicant’s Aadhaar card.
Features of PMSBY
The following are the features of PMSBY:
- The accidental death insurance cover renewable each year.
- The annual premium to be paid is Rs.12. This premium is excluding the service tax which is charged at 14%.
- Up to Rs.2 lakh cover is payable to the nominee of the subscriber if he or she dies in an accident or is totally disabled due to the accident.
- The premium is auto debited from the bank account of the subscriber.
- The subscriber can avail the long term option or renew the scheme every year.
- The subscriber can exit the scheme at any time and can sign-up at any time in the future.
Benefits of PMSBY
The benefits of this scheme are as follows:
|If accident causes the subscriber’s death||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.|
The subscriber can also avail deduction under Section 80C for the premium paid. The sum insured received up to Rs.1 lakh is tax free under Section 10(10D).
Documents Required for PMSBY
The Pradhan Mantri Suraksha Bima Yojana application form is to be duly filled. The details to be filled are:
- Proof Id
- Aadhaar card
- Contact information
- Nominee details
- Application form (English, Hindi, Bengali, Marathi, Oriya, Telugu, Tamil or Gujarati).
The only document that has to be submitted along with the application form is the Aadhaar Card copy if the Aadhaar is not linked to your savings bank account.
PMSBY Toll Free Number/Customer Care Number
The toll free number for different state and the names of the convenor banks are as follows: