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Pradhan Mantri Suraksha Bima Yojana (PMSBY) is India's government-backed accident health insurance scheme. It provides financial protection to individuals in case of an accidental death or disability. Launched in May 2015, PMSBY offers affordable insurance coverage to all Indian citizens, mainly targeting the underprivileged and economically weaker sections of society. Let’s explore the eligibility criteria for enrolling in PMSBY, the coverage details, and the benefits of this vital insurance scheme.
PMSBY is an individual accident insurance plan that does not directly extend to cover families as a collective unit. Each eligible family member must enrol individually to benefit from the scheme.
While it does not cover health expenses like traditional health insurance plans, PMSBY ensures financial security for family members in case of accidental mishaps. It helps mitigate the economic impact of unforeseen events. To get extended health insurance plans for family, separately subscribe to the scheme.
Here are the various PMSBY benefits that provide financial security in case of accidents.
- Affordable premium
The scheme provides accident insurance coverage at a minimal annual premium of Rs. 20 per person.
- Substantial coverage
In case of accidental death, the nominee receives Rs. 2 lakh, which is one of the significant Suraksha Bima Yojana benefits.
- Disability benefits
For total and irrecoverable loss of both eyes or both hands or feet or loss of sight of one eye and one hand or foot, the insured receives Rs. 2 lakh. For partial disability, such as the loss of sight, hand or foot, the coverage amount is Rs. 1 lakh.
- Easy enrolment
Enrollment is simple and possible through banks and insurance companies. To know more details, contact a nearby insurance company or bank.
- Renewable annually
The policy is renewable annually, ensuring continuous coverage without lengthy processes.
- Broad accessibility
The scheme is accessible to all Indian residents aged between 18 and 70.
- Automated processes
Premium amounts are auto-debited from the insured person's bank account.
The steps involved in the PMSBY claim process are:
- Notification of claim
In case of accidental death or disability, the nominee or the insured person must notify the respective bank branch.
- Claim form submission
The claimant must fill out the PMSBY claim form, which is available at the bank branch or downloaded from the insurance company's website.
- Document submission
Along with the completed claim form, you must submit the following documents.
- In case of death
Original death certificate, FIR, post-mortem report (if conducted), and discharge summary (if hospitalised).
- In case of disability
Disability certificate issued by a competent authority, FIR, and hospital discharge summary.
- Verification and processing
The bank forwards the claim form and documents to the insurance company, which verifies the documents and the claim details.
- Claim settlement
Upon successful verification, the claim amount is directly transferred to the nominee's or insured person's bank account within a month of submission of the complete claim form and documents.
The PMSBY eligibility age criteria are as follows.
- Minimum age
The lower age limit for PMSBY is 18 years.
- Maximum age
The upper PMSBY scheme age limit for enrollment is 70 years.
- Renewal eligibility
Once enrolled, individuals can renew their PMSBY policy annually up to the age of 70.
Here are the steps on how to download the PMSBY certificate.
- Visit the bank’s website
Go to the bank's official website, where you hold your savings account and have enrolled for PMSBY.
- Log in to Internet banking
Use your credentials to log in to your account.
- Navigate to the PMSBY section
Find the section dedicated to insurance or PMSBY under the 'Services' or 'Insurance' tab.
- Download certificate
Locate the option to download the PMSBY certificate. Click on it to generate and download the certificate, which will be in PDF format.
Here are the critical details of the PM Suraksha Bima Yojana premium amount.
- Annual premium
The annual premium for PMSBY is Rs. 20 per person.
- Auto-debit feature
The premium amount is auto-debited from the insured person's linked savings bank account. This auto-debit usually occurs on or before June 1st every year.
- Cost-effectiveness
At Rs. 20 per annum, PMSBY provides a substantial insurance cover of Rs. 2 lakh for accidental death and total disability. The amount is Rs 1 lakh for partial disability.
- Renewal
The premium is deducted annually, and the Pradhan Mantri Accidental Insurance policy must be renewed yearly to maintain the coverage.
PMSBY is a vital government-backed accident insurance scheme in India. There are several PMSBY benefits, including substantial coverage at an annual premium of just Rs. 20 per person. Understanding the Suraksha Bima Yojana age limit and benefits can help you secure your financial future effectively.
Further, if you wish to opt for comprehensive insurance coverage for you and your family, you can choose Generali Central's DIY Health Insurance, Health Absolute, and Health Elite.
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