What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Understanding the pain of the poor, the Indian government came up with the PMSBY scheme after the huge success of Pradhan Mantri Jan Dhan Yojana scheme. PMSBY was originally introduced by finance minister Mr Arun Jaitley in the budget speech of February 2015 and was launched by Prime Minister Narendra Modi on 9 May in Kolkata. It is the social security scheme offered by the government to the people in the Below Poverty Line category.

What are the features of Pradhan Mantri Suraksha Bima Yojana?

  • The features of this scheme are as follows:
  • 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.

What is the eligibility criteria of Pradhan Mantri Suraksha Bima Yojana:?

  • 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.

What are the documents required for Pradhan Mantri Suraksha Bima Yojana?

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

  • Name
  • Aadhaar number
  • Contact information
  • Nominee details
  • The application form is available in English, Hindi, Bengali, Marathi, Oriya, Telugu, Tamil and 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.

How to Enrol for Pradhan Mantri Suraksha Bima Yojana?

  • The subscriber can approach either one of the participating bank or insurance companies to subscribe to Pradhan Mantri Suraksha Bima Yojana.
  • Most of the reputed banks allow the subscribers to take the policy through internet banking. The subscriber will have to log in to the Internet banking account and enrol for the scheme.
  • The subscriber can also send a message through their registered mobile number to the toll-free numbers of the banks and the insurance companies.
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