Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Government of India has launched Pradhan Mantri Suraksha Bima Yojana in the year 2015. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident Insurance Scheme offering accidental death and disability insurance cover for death or disability on account of an accident. The scheme is administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies in India. In this article, we look at Pradhan Mantri Suraksha Bima Yojana in detail.

Benefits of PMSBY

Benefits of Pradhan Mantri Suraksha Bima Yojana are discussed here.

Annual premium under PMSBY is only Rs.12
Insurer can avail deduction under Section 80C for the premium paid.
Under section 10 (10D) of Income Tax Act, PMSBY sum received up to Rs.1 lakh is tax-free.

Sum Insured under PMSBY

Sum Insured under Pradhan Mantri Suraksha Bima Yojana is valid for one year, sum insured is tabulated here.

S.No	Death and Disability	Sum Insured
1	Death (Death due to murder is covered)	Rs.2 Lakh
2	Total and irrecoverable loss of eyes	Rs.2 Lakh
3	Loss of use of both hands or feet	Rs.2 Lakh
4	Loss use of one hand or foot and loss of one eye	Rs.2 Lakh
5	Total loss of sight of one eye	Rs.1 Lakh
6	Loss of use of one foot or hand	Rs.1 Lakh

Premium

Premium for Pradhan Mantri Suraksha Bima Yojana is Rs.12 per annum for each member. Under this scheme, the premium will be deducted by banks from the eligible person account through auto debit facility.
Premium will be deducted in one instalment on or before 1st June of each annual coverage period.
Bank will remit the amount due to the Insurance Company in that month itself.
In cases auto debit takes place after June first, the cover will commence from day one of the month following the auto debit.
The premium can be reviewed based on annual claims experience.

Eligibility Criteria for PMSBY

Below given eligibility criteria need to be met in order to get benefits of PMSBY.

Resident of India who having Adhaar card can apply for this scheme.
Age of the citizen should be 18 to 70 year/
Applicant should have a valid savings account in any banks in India. Aadhaar would be the primary KYC for the bank account.

Documents Required for Enrol PMSBY

PMSBY Application Form, Bank Pass Book and Adhaar Card only need to be furnished for taking insurance policy.

Take PMSBY Policy

Eligible applicant need to approach any one of the PMSBY participating bank or insurance companies. Fill application duly and submit to bank officer to subscribe this scheme. You can also take the policy through internet banking. Annual Premium of Rs.12 will be auto debited from the applicant’s account.