Pradhan Mantri Suraksha Bima Yojana or PM Suraksha Bima Yojana is an Accident Insurance Scheme. The PMSBY scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. Pradhan Mantri Suraksha Bima Yojana is a Social Security Welfare Scheme and it is an Affordable cover to secure your family against the unexpected.
The scheme would be offered/administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.
Scope of coverage: All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only. Aadhar would be the primary KYC for the bank account.
Enrollment Modality / Period: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year, extendable up to 31st August 2015 in the initial year. Initially on launch, the period for joining may be extended by Govt. of India for another three months, i.e. up to 30th of November, 2015.
|Name of the Scheme||Pradhan Mantri Suraksha Bima Scheme|
|Title||Check the Pradhan Mantri Suraksha Bima Yojana (PMSBY) Details|
|Subject||Govt Of India launched the PMSBY is an Accidental Insurance Scheme under Social Security Welfare Scheme|
Joining subsequently on payment of full annual premium may be possible on specified terms. However, applicants may give an indefinite / longer option for enrolment / auto-debit, subject to continuation of the scheme with terms as may be revised on the basis of past experience. Individuals who exit the scheme at any point may re-join the scheme in future years through the above modality. New entrants into the eligible category from year to year or currently eligible individuals who did not join earlier shall be able to join in future years while te scheme is continuing.
Benefits of PMSBY
As per the following table:
|Table of Benefits||Sum Insured|
|Death||Rs. 2 Lakh|
|Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot||Rs. 2 Lakh|
|Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||Rs. 1 Lakh|
Premium: Rs.12/- per annum per member. The premium will be deducted from the account holder’s savings bank account through an ‘auto debit’ facility in one installment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto-debit.
The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.
Eligibility for PMSBY
Eligibility Conditions: The savings bank account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme. This scheme is implemented by the Department of Financial Services and is available through banks.
- Should be an Indian Citizen
- In the age group 18 to 50 years
- Having Jandhan or saving bank account with Aadhaar.
- Auto-debit from bank account on consent
Master Policy Holder: Participating Bank will be the Master policyholder on behalf of the participating subscribers. A simple and subscriber friendly administration & claim settlement process shall be finalized by the respective general insurance company in consultation with the participating Banks. Pradhan Mantri Suraksha Bima Yojana Insurance Scheme
Termination of cover: The accident cover for the member shall terminate on any of the following events and no benefit will be payable thereunder:
- On attaining age 70 years (age nearest birthday).
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- In case a member is covered through more than one account and the premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
- If the insurance cover is ceased due to any technical reasons such as the insufficient balance on the due date or due to any administrative issues, the same can be reinstated on receipt of the full annual premium, subject to conditions that may be laid down.
- During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of the Insurance Company.
- Participating banks will deduct the premium amount in the same month when the auto-debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.
Administration: The scheme, subject to the above, will be administered as per the standard procedure stipulated by the Insurance Company. The data flow process and data proforma will be provided separately.
It will be the responsibility of the participating bank to recover the appropriate annual premium from the account holders within the prescribed period through ‘auto-debit’ process.
Enrollment form / Auto-debit authorization in the prescribed proforma shall be obtained and retained by the participating bank. In case of a claim, the Insurance Company may seek submission of the same. Insurance Company reserves the right to call for these documents at any point in time.
The acknowledgment slip may be made into an acknowledgment slip-cum-certificate of insurance. The experience of the scheme will be monitored on a yearly basis for re-calibration etc., as may be necessary.
Appropriation of Premium:
- Insurance Premium to Insurance Company: Rs.10/- per annum per member
- Reimbursement of Expenses to BC/Micro/Corporate/Agent: Rs.1/- per annum per member
- Reimbursement of Administrative expenses to participating Bank: Rs.1/- per annum per member
The proposed date of commencement of the scheme will be 1st June 2015. The next Annual renewal date shall be each successive 1st of June in subsequent years. The scheme is liable to be discontinued prior to commencement of a new future renewal date if circumstances so require.
Highlights of the Pradhan Mantri Suraksha Bima Yojana
(Pmsby – Scheme 1 – for Accidental Death Insurance)
- Eligibility: Available to people in the age group 18 to 70 years with a bank account.
- Premium: Rs.12 per annum.
- Payment Mode: The premium will be directly auto-debited by the bank from the subscriber’s account. This is the only mode available.
- Risk Coverage: For accidental death and full disability – Rs.2 Lakh and for partial disability – Rs.1 Lakh.
|Scheme||India Social Security Welfare Schemes|
|NPS Traders||National Pension Scheme for Traders and Self-Employed Persons Yojana|
|APY||Atal Pension Yojana|
|PMSBY||Pradhan Mantri Suraksha Bima Yojana|
|PMJJBY||Pradhan Mantri Jeevan Jyoti Bima Yojana|
|PMJDY||Pradhan Mantri Jan Dhan Yojana|
|PM SYM||Pradhan Mantri Shram Yogi Maandhan Yojana|
Eligibility for Pradhan Mantri Suraksha Bima Yojana Insurance Scheme: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before the 1st of June in order to join the scheme. Name of nominee to be given in the form.
Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
Government Contribution: (i) Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year. (ii) Common Publicity Expenditure will be borne by the Government
When can you get enrolled in PM SBY Insurance Scheme?
This scheme can have one year cover from June 1 to May 31 and this will be administered through public sector general insurance companies and offered through banks.
Who will implement PM SBY Insurance Scheme?
The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
What is covered under PMSBY?
In terms of permanent total disability and accidental death, the risk coverage available is Rs 2 lakh. In terms of permanent partial disability, the risk coverage is 1 lakh. The scheme does not have any provision of reimbursements arising from hospital expenses following any accidents which may later result in any death or disability.
Where cab you buy this PMSBY?
The scheme is already administered through PSGICs and other insurance companies. One can apply for this scheme through SMS or net banking. You can also download the form from the official website and submit the same to your banker.
How you can apply for PMSBY
In order to activate this social security scheme, the account holder first needs to login to internet banking of the bank where he/she holds a savings account and follow the process for application to the scheme accordingly. Remember that one person can avail the scheme only through one bank account. If a person joins the scheme on or after 1 June, the insurance cover shall commence from the date the premium was debited from the account until 31 May of the next year.
How much is insurance premium payable?
The premium payable is Rs 12 per annum per member which will be exclusive of all the taxes and through an auto-debit facility, this amount will be deducted from his account on or before June 1 every year. The Goods and Services Taxes (GST) is also exempted from PMSBY.