Pradhan Mantri Suraksha Bima Yojana: Pradhan Mantri Suraksha Bima Yojana is implemented by public sector banks and private banks in partnership with general insurance companies (SBI, Axis Bank, Central Bank, Canara, IDBI, PNB) under the guidance of the Ministry of Finance, Govt. of India. PMBSY was launched in 2015. It offers insurance coverage for accidental death and disability.
In this article, we will take a deeper look at the Pradhan Mantri Suraksha Bima Yojana (PMBSY) by exploring its benefits, eligibility criteria, application process, features, and other important details that can help you understand the scheme better.
Pradhan Mantri Suraksha Bima Yojana
| Name of the scheme | Pradhan Mantri Suraksha Bima Yojana |
| Name of ministry | Ministry of Finance |
| Insurance type | Accident coverage |
| Premium | Rs. 20 |
| Time period | 70 years |
| Official page | https://financialservices.gov.in |
Advantages of Pradhan Mantri Suraksha Bima Yojana
- In case the person who is insured in this scheme dies in an accident, then the nominee will get INR 2 Lakh.
- The annual premium for PMSBY is Rs. 20, which is very affordable for many people.
- If the beneficiary becomes fully disabled due to any accident, the nominee will receive INR 2 lakhs.
- If the beneficiary becomes slightly disabled due to an accident, the nominee will receive INR 1 lakh.
- No medical check-up is needed to enrol under this scheme.
- You can be a part of PMBSY by submitting a form at your bank. The annual premium will be automatically deducted from your account.
Eligibility criteria – Pradhan Mantri Suraksha Bima Yojana
- The minimum age requirement to apply for PMSBY is 18 years.
- The maximum age required to apply for the scheme is 70 years.
- Applicants should have a savings account at a bank that participates in the scheme or a post office.
- Applicants need to have a valid government-issued Aadhaar card.
- Individuals who are already enrolled in any other scheme are not eligible to apply under this scheme.
- Persons who have worked in the armed forces and the merchant navy are not able to apply for the scheme.
Documents required for PMBSY
- Valid identity proof, such as Voter ID, Licence, passport, etc.
- An Aadhar number is a must to enrol under this scheme.
- Residential certificate.
- Contact details.
- Birth Certificate.
- Full details of the nominee (Aadhar/voter/PAN/address proof/age proof).
What PMBSY Covers
PMBSY covers the following components:
| Accidental Death | In case the person who is insured in this scheme dies in an accident, then the nominee will get INR 2 Lakh. |
| Fully Disabled | The nominee will receive INR 2 lakhs. |
| Slightly Disabled | The nominee will receive INR 1 lakh. |
Application Process – Pradhan Mantri Suraksha Bima Yojana
- STEP I: First, the applicants must visit the participating bank website.
- STEP II: You must log in using the internet banking credentials.
- STEP III: Select the section PMBSY and click on the link.
- STEP IV: Here, you must fill in the bank account number and the PMBSY Application ID.
- STEP V: Recheck the details once and press the Submit button to complete the PMBSY enrolment process.