PMSBY fullform is Pradhan Mantri Suraksha Bima Yojana. It is a scheme launched by the Government of India to provide accident insurance to bank account holders. This scheme covers death or disability of a person which happened because of accident for one year, which can be renewed every year.
In this article you are going to know more about the Pradhana Mantri Suraksha Bima Yojana. How you are able to apply this scheme, what are the required documents and also Eligibility Criteria and Benefits Of This Scheme. PMSBY is open to all individual bank account holders of participating banks who are aged between 18 and 70 years. They have to give their consent to join the scheme and enable auto-debit facility for paying the premium.
What are the benefits of PMSBY?
PMSBY provides two types of benefits: death benefit and disability benefit.
- Death benefit: The nominee of the deceased member will get Rs. 2 lakhs.
- Disability benefit: The subscriber will get Rs. 2 lakhs if they suffer total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot or Rs. 1 lakh if they suffer total and irrecoverable loss of sight of one eye or loss of use of one hand or foot.
How long is my cover valid for?
The cover under PMSBY is valid for one year from 1st June to 31st May on payment of annual premium. The cover will automatically renew every year unless it is terminated by any event such as attaining age 70 years, closure of account with bank, insufficiency of balance in account, etc.
Overview Of PMBSY
|Name of the scheme
|Pradhan Mantri Suraksha Bima Yojana (PMSBY)
|Individual bank account holders of participating banks aged between 18 years and 70 years who give their consent to join or enable auto debit
|Offline or Online
|Department of Financial Services, Ministry of Finance, Government of India
How To Join PMSBY Online
Following are the steps are used in Joining of the PMSBY
- Step 1: Log in to your net banking account and click on the ‘Insurance’ button.
- Step 2: Select the PMSBY scheme from the list of available insurance schemes.
- Step 3: Fill in the required details such as your name, date of birth, nominee name, relationship with nominee, etc.
- Step 4: Confirm your consent to join the scheme and enable auto debit of Rs. 20 per annum from your bank account.
- Step 5: Download and print the acknowledgement slip cum certificate of insurance.
You have successfully joined PMSBY online.
Frequently Asked Questions
Q: Is there any provision for reimbursement of hospitalization expenses following accident resulting in death or disablement
Ans: Yes, there is a provision for reimbursement up to Rs. 50,000 per hospitalization under certain conditions such as having a valid health insurance policy linked with your bank account at that time.
Q: Who can claim insurance benefit in case of death of the bank account holder who gave the enrolment form?
AnsThe legal heirs or nominees of the deceased member can claim insurance benefit in case of death due to an accident.
Q: What is the mode of payment of the claim amount?
Ans: The mode of payment depends on whether you opt for lump sum payment or monthly pension payment.
Q: Will my family get insurance benefit if I commit suicide?
Ans : No, your family will not get insurance benefit if you commit suicide within one year from joining PMSBY.
Q: Is it necessary to report accidents to police and obtain FIR for claiming benefits under policy?
Ans : Yes, it is necessary to report accidents to police and obtain FIR within seven days from date of occurrence as per law.