Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana is basically a government-sponsored accident insurance scheme. Under this scheme, accidental death, total and partial disability, as well as permanent disability is covered. Any individual between the age of 18 years to 70 years can apply for this scheme but they must have a bank account. The yearly premium of Pradhan Mantri Suraksha Bima Yojana without including the service tax is Rs. 20. In this scheme, the premium to be paid is automatically deducted from the bank account of the scheme holder. In case the holder of the scheme is completely disabled or dies in an accident, in that case, Rs. 2 lakh amount is paid to the nominee of the scheme. Apart from this, if the subscriber of the scheme suffers from partial permanent disability, then he/she will be entitled to receive Rs. 1 lakh.

Documents Requirement for PMSBY :

While applying for the Pradhan Mantri Suraksha Bima Yojana scheme, the subscriber needs to fill in the form appropriately. The document that is needed to be submitted along with the application form is the Aadhar card copy if the Aadhar is not linked to your savings bank account. The details that are needed to be filled in the applications form are:

• Id proof
• Aadhaar card
• Contact information
• Nominee details
• Application form

Eligibility & Opening Jan Dhan Yojana Account

The following criterion must be fulfilled to apply for the Pradhan Mantri Suraksha Bima Yojana scheme:

• The minimum age requirement is 18 years, and the maximum age limit is 70 years of age.
• Individuals who fall under the age of 18 years to 70 years and have a savings bank account are eligible to subscribe to this policy.
• Under this scheme, A 12 rupees premium must be paid yearly.
• The bank account must be linked with the Aadhar card.
• In case the bank account is not linked with the Aadhar card at that time a copy of the Aadhar card must be brought along with the application form.
• Individuals having more than one savings account are allowed to join the scheme via a single bank account.
• The amount of the premium is automatically debited from the account of the insured person.

Following are the banks offering Pradhan Mantri Suraksha Bima Yojana scheme:

• Allahabad Bank
• Axis Bank
• Bank of India
• Bank of Maharashtra
• Bhartiya Mahila Bank
• Canara Bank
• Central Bank
• Corporation Bank
• Dena Bank
• Federal Bank

Apart from this, there are many other banks as well which are offering the Pradhan Mantri Suraksha Bima Yojana scheme.

Features of PMSBY scheme:

• A subscriber is entitled to avail of the long-term option for the PMSBY scheme, or he/she can renew the scheme every year.
• The premium that has to be paid is automatically debited from the account of the scheme holder.
• The accidental death insurance covered under the PMSBY scheme is renewable each year.
• Rs. 12 has to be paid as the annual premium for the scheme. The premium excludes the service tax.
• It also enables the subscriber to exit and join the scheme at any point in time.
• If the scheme holder gets disabled in an accident or dies in the accident, the nominee of the scheme is entitled to receive Rs. 2 lakh cover.

Let us go through an example to understand the the Pradhan Mantri Suraksha Bima yojana scheme better :

For example : if the holder of the policy dies in an accident, the nominee will get up to Rs.2 lakhs under this policy. Apart from this, if the insured person undergoes permanent disability, Rs.2 lakhs can be availed. Other than that, in case of permanent partial disability, Rs.1 lakh can be obtained.

Pradhan Mantri Suraksha Bima Yojana is one of the best social security schemes that are offered along with minimum premium rates. PMSBY covers death, accident, and disabilities that are caused by any natural calamities. Apart from this, death due to murder is also covered in this policy. Any individual can sign up for this scheme easily. With the PMSBY scheme, now life protection can also be accessed by people with lesser means without putting a drain on their savings.

Benefits of Pradhan Mantri Suraksha Bima Yojana scheme :

• Since the scheme is a Suraksha Bima Yojna scheme, it covers the death and disability of the scheme holder.
• At the time of the scheme holder’s death or total disability, the nominee of the scheme will be paid Rs. 2 lakh cover.
• If the subscriber of the scheme suffers from a partial permanent disability like a total loss of sight of one eye and loss of use of one hand or foot, then he/she will be entitled to receive Rs. 1 lakh.
• Moreover, under section 80C, the scheme holder can also avail deduction for the premium paid.

Pradhan Mantri Suraksha Bima Yojana is one of the best social security schemes that are offered along with minimum premium rates. PMSBY covers death, accident, and disabilities that are caused by any natural calamities. Apart from this, death due to murder is also covered in this policy. Any individual can sign up for this scheme easily. With the PMSBY scheme, now life protection can also be accessed by people with lesser means without putting a drain on their savings.