The Buyt Desk
The Government of India launched Pradhan Mantri Suraksha Bima Yojana, accidental insurance, in 2015. To fulfil the goal of financial inclusion, the Government launched two more schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) along with PMSBY. The aim behind the launch of PMBSY was to provide accidental cover to more and more Indians at an annual premium of just Rs.12.
Eligibility of the subscriber
You can avail the accidental insurance if you fulfil the following criteria:
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An Indian citizen or Non-Resident Indian (NRI)
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The age bracket of 18 to 70 years
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A bank account holder
Who is providing the scheme?
Public sector general insurance companies are providing Pradhan Mantri Suraksha Bima Yojana. Other general insurance companies, which agree with the terms and conditions of the scheme, can tie up with banks to provide the insurance to the citizens. It is the responsibility of the bank to recover the premium from the subscriber and forward it to the insurance company.
Features of the scheme
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Premium to be paid is Rs.12 annually.
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The cover for accidental death and full disability is Rs.2 lakhs and for partial disability is Rs.1 lakh. The coverage period is from 1 June to 31 May of a year. The scheme is renewed yearly. The scheme defines full disability as complete loss of function of eyes, hands, and feet. However, partial disability refers to loss of function of one eye, one hand, or one foot.
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The subscriber gives an auto-debit instruction, for the premium, from his bank account. The premium is deducted from the bank account before 1st June.
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If the subscriber exits the scheme at any point in time, he has the option to re-join by paying the annual premium.
How to subscribe to the scheme?
You can subscribe to PMSBY by submitting the duly filled application form at your bank. The application form is available in PDF format at https://jansuraksha.gov.in/. Aadhaar card is required as the KYC document.
The claim process
For the claim process, it is necessary to submit documentary proof of the death or disability in an accident. Police FIR will be the documentary proof for death by any crime, drowning, or road, rail, and vehicular accident. A hospital record is proof enough for snakebite or accident by falling from a tree. Moreover, the insurance company may even require the application form submitted to the bank by the subscriber, and the acknowledgement slip given by the bank. After claim processing, the money goes directly to the bank account of the subscriber or the nominee if the subscriber has passed away.
When is the cover terminated?
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The subscriber has reached the age of 70 years.
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The bank account linked with the PMSBY has been closed or has insufficient funds.
PMSBY is helpful for weaker sections of society to get an accidental cover without paying a huge premium. However, the insurance companies find it difficult to sustain the insurance under PMSBY at a meagre annual premium of Rs.12.
