PRADHAN MANTRI SURAKSHA BIMA YOJNA (PMSBY)

 Newz Fast, New Delhi

PRADHAN MANTRI SURAKSHA BIMA YOJNA : This scheme has been announced by the government of India as one of the social security scheme.

This Pradhan Mantri Suraksha Bima Yojna is an accidental insurance scheme
which provides accidental death and disability coverage for one year with an annual renewal.

It is available to the people in the age group of 18 to 17 years with a bank account
who give their consent to join auto-debit.

This policy is most beneficial to the poor and low income section of the society because it starts with the minimum premium rate of Rs. 12 per annum.

PRADHAN MANTRI SURAKSHA BIMA YOJNA

This yojna provides life coverage of Rs. 2 lakh for the accidental death and permanent total disablement (means when a person is completely disabled for the rest of his life due to any injury because of which
he can no longer work and earn his livings, like; paralysis, loss of any limbs etc.

Rs. 1 lakh for permanent partial disablement (it refers to partial loss of functionality in one or more limbs.

Under Pradhan Mantri Suraksha Bima Yojna any death, accidents and disability
caused due to natural calamities is covered by this policy.

This scheme does not provide coverage against suicide but death due to murder is covered under the policy.

PROCESS TO SUBSCRIBE TO PRADHAN MANTRI SURAKSHA YOJNA THROUGH SMS

• The eligible subscriber is sent an SMS asking them to respond with ‘PMSBY <space>Y’.
• In order to enroll the scheme the subscribers need to reply to the SMS ‘PMSBY <space>Y’.
• In response to the customer to the SMS an acknowledgement message is sent to the customer.
• For further processing the application must have details of the subscriber’s name, marital status,
  date of birth etc.
• The details are taken directly from the participating bank account of the subscribers.
• In case the required details of the subscriber are not available in the banking records
  then the confirmation process will not be taken forward and the subscriber will
  have to apply physically from the nearest branch.
• If auto-debit of the premium fails as a result of insufficient balance the coverage of
  the policy will cease but the policy will still be in force.

DOCUMENTS REQUIRED

• Application form
• Aadhar card

ELIGIBLE CRITERIA

Individuals between the age group of 18 to 70 years are eligible to buy this scheme.

NRI’s too can join the policy.

Also Read This : ATAL PENSION YOJNA (APY)

Provided that any claims will be paid to the beneficiary of the policy should be in the Indian currency.

The person should have a savings bank account in their own name.

The person should give permission to the bank for auto-debit facility for premium payment.

LISTED BANK UNDER THIS SCHEME ARE AS FOLLOWS:

Allahabad Bank, Axis Bank, Bank of India, Bank of Maharashtra, Bharatiya Mahila Bank,

Canara Bank, Central Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, Kotak Bank,
Kerala Gramin Bank, Punjab National Bank, South India Bank, Punjab and Sind Bank,

IDBI Bank, State Bank of India and many other banks also.