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.
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.
- 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.
- 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.
- 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.
- Allahabad Bank
- Axis Bank
- Bank of India
- Bank of Maharashtra
- Bharatiya Mahila Bank
- Canara Bank
- Central Bank
- Corporation Bank
- Dena Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IndusInd Bank
- Kerala Gramin Bank
- Kotak Bank
- Oriental Bank of Commerce
- Punjab and Sind Bank
- Punjab National Bank
- South Indian Bank
- State Bank of Hyderabad
- State Bank of India
- State Bank of Travancore
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
Participating Insurance companies
- Bajaj Allianz
- Cholamandalam MS
- ICICI Lombard
- National Insurance
- New India Assurance
- Reliance General Insurance
- United India Insurance
- Universal Sompo
Enrolling in scheme by sending SMS
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
The premium amount will be deducted automatically from the bank account