Pradhan Mantri Suraksha Bima Yojana

What is Covered & Not Covered Under PM Suraksha Bima Yojana?

Online Registration Steps for Pradhan Mantri Suraksha Bima Yojana:

1. Step 1: The customers can approach either one of the participating banks or health insurance companies to opt for PMSBY
2. Step 2: Most of the reputed banks allow the subscribers to take the policy through internet banking
3. Step 3: The subscriber will have to log in to the Internet banking account and enroll for the scheme
4. Step 4: Subscriber can also send a message through their registered mobile number to the toll free numbers of the banks and the insurance companies.

Pradhan Mantri Suraksha Bima Yojana Steps to Login:

1. Step 1: Log in with your internet banking credential
2. Step 2: Click on 'Insurance' section
3. Step 3: Select Pradhan Mantri Suraksha Bima Yojana
4. Step 4: Select the account through which you will pay the insurance premium
5. Step 5: Click on 'Submit'

How to Activate PMSBY SMS Facility?

1. Visit your bank's website
2. Click on the PMSBY section
3. Enter your account number and Captcha code
4. Click on get One Time Password (OTP)
5. Provide all the requisite details
6. Click on 'Submit'

How to Activate PMSBY Internet Banking?

1. Login to your internet bank account
2. Click on "Insurance"
3. Select which account will be used to pay the premium.
4. Check the details and confirm
5. Download the policy receipt

Benefits of Pradhan Mantri Suraksha Bima Yojana Health Scheme:

The following are the features of PMSBY:

1. The accidental death insurance cover renewable each year.
2. The annual premium to be paid is Rs.12. This premium is excluding the service tax which is charged at 14%.
3. 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.
4. The premium is auto debited from the bank account of the subscriber.
5. The subscriber can avail the long term option or renew the scheme every year.
6. The subscriber can exit the scheme at any time and can sign-up at any time in the future.

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).

PMSBY Renewal Online:

You can renew PMSBY utilising the auto-debit option. Your bank account will automatically be debited for the premium, and the insurance will be renewed in this way. Every year, the policy will be renewed. Between 1 June and 31 May, the insurance is in effect.

Therefore, you must renew your coverage before May ends. If you do not want to renew, you must file a cancellation request to the relevant bank.

How to Claim Process of Pradhan Mantri Suraksha Bima Yojana?

The following is the procedure to claim for the benefits under PMSBY:

1. The insured or the nominee (in the event of death) must immediately inform the bank about the occurrence of the accident.
2. Claim form must be obtained from the bank or designated insurance companies or via the website. The form is to be duly filled.
3. The completed claim form is to be submitted to the bank branch within 30 days from the day of occurrence of the accident.
4. The claim form is to be supported by original FIR, post mortem report, death certificate or in case of disability, disability certificate that is issued by a Civil surgeon. Discharge certificate should also be enclosed.
5. The bank will verify the account details and then forward the case to the insurance company within 30 days of the submission of the claim.
6. The insurer will then confirm that the insured is in the list of the insured persons in the master policy.
7. The claim will be processed within 30 days of receiving the documents from the bank.
8. The admissible claim will be then remitted to the nominee's or the insured's account.
9. If the insured has not appointed a nominee, then the death claim will be paid to the legal heir. The legal heir must produce the succession certificate.
10. The maximum time that is allowed for the bank to finish the claim procedure is 30 days.

Eligibility Criteria of Pradhan Mantri Suraksha Bima Yojana:

The eligibility criteria for subscribing for Pradhan Mantri Suraksha Bima Yojana is as follows:

1. The minimum age requirement is 18 years.
2. The maximum age requirement is 70 years.
3. Those having a savings bank account and falling under the age group of 18 - 70 years are eligible to subscribe to the policy.
4. The bank account must be linked with the Aadhaar card.
5. If the bank account is not linked with the Aadhaar card, then the Aadhaar card copy must be attached with the application form.
6. If the individual has more than one savings account, he or she is only eligible to join the scheme through a single bank account.
7. Premium to be paid is Rs.12 yearly.
8. The premium amount is auto debited from the insured's bank account.
9. The scheme is valid for a year and it can be renewed at the end of the year.
10. The primary KYC document required is the applicant's Aadhaar card.

What are the Documents Required for PMSBY?

The Pradhan Mantri Suraksha Bima Yojana application form is to be duly filled. The details to be filled are:

1. Proof Id
2. Aadhaar card
3. Contact information
4. Nominee details
5. 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:

The convenor bank is not the only bank in the state that allows you to subscribe to the PMSBY scheme, you can subscribe through the various participating banks.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.