Pradhan Mantri Suraksha Bima Yojana: Rs. 20 Can Secure Your Family's Future

Pradhan Mantri Suraksha Bima Yojana: Rs. 20 Can Secure Your Family's Future

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme launched in India to provide financial security to low-income families in the event of an unexpected tragedy.

Key Features

• Highly Affordable: One of the scheme's biggest advantages is its affordability. With a yearly premium of just Rs. 20, payable through auto-debit from your savings bank account, PMSBY offers substantial coverage without straining your finances.
• Eligibility: Individuals between 18 and 70 years old with a savings bank account are eligible to enrol in PMSBY. This broadens the scheme's reach to a large portion of the working population.
• Accidental Death and Disability Coverage: The scheme provides a lump sum payout of Rs. 2 lakhs in case of accidental death of the insured. It also provides INR 2 lakhs for permanent total disability and INR 1 lakh for permanent partial disability sustained due to an accident.
• Easy Enrolment: Enrolment in PMSBY is a straightforward process. You can visit your participating bank or insurance company and submit the application form. Alternatively, some banks offer enrolment via SMS or internet banking for added convenience.
• Renewability and Flexibility: PMSBY is an annual scheme that can be renewed every year. This provides flexibility and allows you to continue your coverage as long as you meet the eligibility criteria. You can also exit the scheme at any point and rejoin later by paying the back premiums, subject to certain conditions.
• Tax Benefits: The premium amount paid towards PMSBY may be eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

Enrolment Process

1. Contact your bank or insurance company: These are the primary channels for enrolment. They give the application form and also help through the process.
2. Download the form: The PMSBY application form can also be downloaded from the Jan Suraksha website (https://jansuraksha.gov.in/). It's available in multiple languages for wider accessibility.
3. Complete the form: Fill out the application form accurately, providing details like your name, contact information, Aadhar number, and nominee details.
4. Submit the form: Submit the completed form along with your Aadhar card (if not already linked to your bank account) to your bank or insurance company.
5. Activate your policy: Some banks might offer SMS or internet banking activation options. Follow the specific instructions provided by your bank or insurance company.

Claim Process

In case of an accident resulting in death or disability, here's how to claim benefits under PMSBY:

1. Inform your bank: Notify your bank as soon as possible about the accident.
2. Obtain claim forms: You can get claim forms from your bank, designated insurance company, or download them from the relevant website.
3. Submit the claim form: Complete the claim form accurately and submit it to your bank branch within 30 days of the accident.
4. Attach necessary documents: Include supporting documents like the original FIR, post-mortem report (in case of death), disability certificate, and discharge certificate (if applicable).
5. Claim processing: The bank will verify your information and forward the claim to the insurance company within 30 days.
6. Claim settlement: The insurance company will validate your details and process the claim within 30 days of receiving the documents from the bank.
7. Claim payout: The approved claim amount will be credited to the account of the nominee or the insured (in case of disability).

Benefits for the Weaker Sections

The PMSBY scheme is particularly beneficial for low-income families. With its low premium and comprehensive coverage, it offers much-needed financial security. The payout helps families in any unfortunate event.