Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Complete Details

Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Complete Details

Pradhan Mantri Suraksha Bima Yojana (PMSBY) I will explain each and every detail with you along with step by step instructions. The scheme is very beneficial for everybody who want to do its insurance in minimal premium.

To be financially insured is the most important thing in life as everything of your family depends on it. It’s very important to be financially insured in case when something mishap happens with you and you  left at least some money which would be beneficial for your family.

Pradhan Mantri Suraksha Bima Yojana

Even though money is not everything but at least having something is better than nothing in case when your family have to survive the harsh conditions of life after you.

Pradhan Mantri Suraksha Bima Yojana is a stepping stone to financially help the families which are living below poverty line. It’s basically an accidental benefit scheme which is renewable each year.

Pradhan Mantri Suraksha Bima Yojana
Here are the few important things about the policy:
 
  • Eligibility: 18-70 years of age having savings account in any bank, if having multiple savings account the policy you can take only for one account. Even NRIs can take the policy but the premium will be paid in Indian currency only.
  • Premium: Rs. 12 per annum means 12 Rs emi per year which will be auto debited from your savings account around June 1st week.
  • Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh. Two lakhs is for death benefits as well as if a person is completely disabled that means irrecoverable or loss of both eyes, hands or legs. In case of partial loss or partial disability  meaning loss of one eye, leg or hand the sum assured will be 1 Lakh.
  • Documents Required: Aadhaar card linked with savings bank account is required along with filled application form.
  • How to Enrol: By submitting the application form with Aadhaar card copy in the bank, or by sending SMS, or by netbanking as some banks provide this facility.
  
Application form you can easily get on there website
 
  • Cancellation of the scheme: Policy holder reaches 70 years of age, if person closes his savings bank account, If policy holder goes for multiple policies under same scheme,if premium is not paid on time the BIMA will stopped till the time premium is paid.

Pradhan Mantri Suraksha Bima Yojana

Claim Process:

PMSBY claim process is like claiming other insurance from either private or governmental bank. You need to be prepare with each supporting document and must inform bank. Below steps can be summarized as claim process of Pradhan mantri suraksha Yojana.
  • Need to inform the bank regarding accident.
  • Claim should be submitted to the Bank from which PMSBY has been bought.
  • Claim Form should be submitted within 30 days after incidence.
  • Submit claim supporting document like FIR, death certificate, report of post mortem, disability certificate (if any) and the discharge certificate.
  • After Verification Bank will provide insurance amount to nominee or legal heir.

Pradhan Mantri Suraksha Bima Yojana scheme involves numerous banks and insurance companies.

Participating banks

  1. Allahabad Bank
  2. Axis Bank
  3. Bank of India
  4. Bank of Maharashtra
  5. Bharatiya Mahila Bank
  6. Canara Bank
  7. Central Bank
  8. Corporation Bank
  9. Dena Bank
  10. Federal Bank
  11. HDFC Bank
  12. ICICI Bank
  13. IDBI Bank
  14. IndusInd Bank
  15. Kerala Gramin Bank
  16. Kotak Bank
  17. Oriental Bank of Commerce
  18. Punjab and Sind Bank
  19. Punjab National Bank
  20. South Indian Bank
  21. State Bank of Hyderabad
  22. State Bank of India
  23. State Bank of Travancore
  24. Syndicate Bank
  25. UCO Bank
  26. Union Bank of India
  27. United Bank of India
  28. Vijaya Bank

Participating Insurance companies

  1. Bajaj Allianz
  2. Cholamandalam MS
  3. ICICI Lombard
  4. National Insurance
  5. New India Assurance
  6. Reliance General Insurance
  7. United India Insurance
  8. Universal Sompo
Important link for more information on the yojana
Pradhan Mantri Suraksha Bima Yojana

Enrolling in scheme by sending SMS

ICICI Bank – Sending SMS to Enroll in Suraksha Bima Scheme
 
ICICI Bank account holders need to compose SMS in following format
 
PMSBY <Nominee name> Y to 5676766
 
Example – MS PMSBY Rajesh Kumar Y to 5676766
 
Axis Bank – SMS Format and Number
 
Axis Bank Account holders need to compose following SMS
 
PMSBY to 9717000002
 
Kotak Bank – Sending SMS to join PMSBY
 
Kotak Bank Account holders need to compose following SMS from their registered mobile number
 
SMS SURAKSHA <nominee name> to 5676788
 
Example – SURAKSHA Rajesh Kumar to 5676788
 
HDFC Bank holders

Send SMS PMSBY Y to 5676712 from your registered mobile number. Premium amount will be auto-debited from your HDFC Bank Savings account.

Features of SMS Facility

Consumer needs to just send an SMS from registered mobile number
After receiving the request bank will activate the scheme

The premium amount will be deducted automatically from the bank account

Please watch the complete video for proper understanding.

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