Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme. The government realized the need of this scheme because road accidents are increasing day by day. Poor people cannot afford to pay for the treatment on a sudden note. However, the accident insurances are too expensive. So, they cannot afford the insurances either.

This gave the idea of Pradhan Mantri Suraksha Bima Yojana. The premium of this scheme is quite low so that people from all classes can afford it. In case the person dies in a road accident, the government will pay a compensation to the family. Read on to know the details of this scheme.

What Benefits will the Pradhan Mantri Suraksha Bima Yojana Provide?

  1. An emergency death cover of up to Rs. 2 lakhs.
  2. If the person loses one limb in the accident, he will get Rs. 1 lakh compensation.
  3. Also, if the person loses both limbs in the accident, then he can claim up to Rs. 2 lakhs.
  4. The premium of the scheme is so low that everyone can afford it. It is Rs. 12 per year. This means that one has to pay only Re 1 per month. So people will get security at a very low price.
  5. The subscribers will get tax benefits too. The premium of the PMSBY scheme will exempt from tax under the section 80C.
  6. In case a person claims up to Rs. 1 lakh under the scheme, he need not pay tax on this compensation. However, if the sum exceeds Rs. 1 lakh, then he will need to pay a tax, as decided by government.

One other beneficial insurance scheme launched by Modi government is Pradhan Mantri Jeevan Jyoti Bima Yojana. If you have any plans to take an insurance policy, you can consider these two schemes.

Key Features of the Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana

  1. The insured can renew the accidental death cover on a yearly basis.
  2. If the insured wants to quit from the scheme, then he is allowed to do so.
  3. Also, if the same person wants to join back at a later point of time, he is again allowed to do so.
  4. The person has to pay a minimal annual premium. The premium will amount to Rs. 12. However, it would be taxed. And the tax applicable is 14%.
  5. The Pradhan Mantri Suraksha Bima Yojana is available in two options. The subscribers can either choose the long term facility. Or they can go for the renew-every-year option.
  6. The maximum compensation that one can get under the scheme is Rs. 2 lakhs.
  7. The subscribers will need to link their bank accounts with the schema. And the government will deduct the premium automatically from their accounts.

Who can apply for the Pradhan Mantri Suraksha Bima Yojana?

  1. The person should be at least 18 years of age.
  2. And he should not be more than 70 years of age.
  3. Aadhar card is the primary document needed for the PMSBY. So, make sure that you have a valid Aadhar number before you apply for the scheme.
  4. The person should hold a valid savings bank account.
  5. The subscribers will also need to link their bank account with their Aadhar number. If your account is not already linked to your bank account, you can submit a copy of Aadhar with the form and then link it later.
  6. Even if you have multiple bank accounts, you can take benefits of the Pradhan Mantri Surakhsa Bima Yojana only using one account.

What are the Document required to apply for the Pradhan Mantri Surakhsa Bima Yojana?

If you follow the above listed conditions, then you can apply for the PMSBY scheme. But, you need to have following documents to apply.

  1. Aadhar Card
  2. Duly filled application form.

How to Apply for the Pradhan Mantri Surakhsa Bima Yojana

Pradhan Mantri Suraksha Bima Yojana

Just like the scheme itself, the procedure to apply for it is also pretty simple. Just follow the below steps and you are done.

  1. Go to the bank or insurance company as per your choice.
  2. If you are already a user of net banking, then you can also register for the scheme online.
  3. Also, you can register for the Pradhan Mantri Surakhsa Bima Yojana through an SMS. Yes, it is that easy. Just send an SMS to the bank’s toll free number with your registered mobile number.

How to Claim the Insurance Cover under the Pradhan Mantri Surakhsa Bima Yojana

You need to follow the below listed steps to claim the insurance cover. The procedure is quite easy and you will not need to go here and there.

  1. Inform the bank about the mishap as soon as possible. The insured himself can do so, or the nominee can do.
  2. The bank will provide you the claim form. You will need to fill it with correct details. You can also download the claim form from bank’s website, and then take a print out of it and fill it. This way, you can directly go to bank will the form.
  3. Within 30 days, you can submit the form to the bank.
  4. You will need to attach certain documents such as post mortem report, FIR, disability certificate/death certificate with the form.
  5. Then, bank will verify the details on their part.
  6. Once verification is over, the matter will go to insurance company. Then the insurance company will check the details of the person insured.
  7. As soon as the process is complete, the company will transfer the cover money to nominee’s bank account.

One more thing about the Pradhan Mantri Surakhsa Bima Yojana is that if the nominee is not there, the bank will pay sum to the legal heir. So, in all cases, you will get your money within 30 days of the mishap.

When will the Pradhan Mantri Surakhsa Bima Yojana cover go void?

If the subscriber goes through any of the below listed conditions, the scheme cover will go void.

  1. He crosses the age of 70 years.
  2. The account balance goes low and it crosses the minimum acceptable limit.
  3. If a subscriber tries to get the scheme through more than one savings account, the premium paid from second account will forfeit.

Let us know in the comments section if you have any queries on the Pradhan Mantri Surakhsa Bima Yojana.

Also Read – duplication of adhaar

Aashish Srivastava

Aashish Srivastava is passionate about writing and is the editor-in-chief of various websites. A nerd and sentimental pulse, he enjoys music and travelling. A big fan of Sachin Tendulkar . He is a great listener who loves observing people.