Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored accident insurance scheme that covers accidental death, total and partial disability, as well as permanent disability. To apply for this program, a person must be between the ages of 18 and 70. This program is open to anybody between the ages of 18 and 70, but participants must have a bank account. Without service tax, the annual premium for the plan is ₹ 12. The PMSBY premium payment is automatically taken out of the account of the plan holder. ₹ 2 lakh is provided to the nominee in the event that the subscriber is totally disabled or perishes in an accident. In addition, the subscriber will receive ₹1 lakh in the event of an accident leading to a partial permanent disability.

The Pradhan Mantri Suraksha Bima Yojana's many coverage options include the following:

• ₹2 lakh worth of coverage for total and permanent disability
• Permanent partial disability with ₹1 lakh insurance policy
• Accident with coverage of ₹ two lakhs that results in the policyholder's death

As previously mentioned, the PMSBY policy is an insurance policy that covers accidents and disabilities. If a policyholder passes away or becomes disabled, it protects them, however, some restrictions depending on the cause of death and the kind of disability. For example, deaths by suicide are not covered. In addition, non-permanent disabilities (partial disability without irrecoverable loss), unless otherwise noted, are not covered.

Anyone between the ages of 18 and 70 who has a bank account and agrees to enrol or activate auto-debit on or before May 31 for the coverage period spanning from June 1 to May 31 on an annual renewal basis is eligible for the Pradhan Mantri Suraksha Bima Yojana, or PMSBY, policy. The primary document for applying for the bank account would be the Aadhar card of the applicant.

The Pradhan Mantri Suraksha Bima Yojana program aids in your ability to be ready for unanticipated events. The PMSBY system is beneficial if you have to deal with unexpected death or harm to you or your family. Specific characteristics and advantages of the PM Suraksha Bima Yojana entice the typical person to invest in it.

The PMSBY benefits include the following features:

• Compared to other policies, it offers accident insurance coverage without high costs.
• In the event of the policyholder’s demise, the money will be given to the nominee.
• Furthermore, it offers the option to continue or stop as desired.
• Additionally, it provides a tax benefit under Section 80C and the ₹1.5 lakh insured sum is still exempt from taxation under Section 10(10 D) of the IT Act.

PM Suraksha Bima Yojana requires the application form and one copy of identity proof, i.e. Aadhar card. Submission of the adequately completed PMSBY scheme application form, which must include the selected nominee's information as well as the name, contact information, and Aadhaar information. Apart from English and Hindi, this form is also accessible in a number of regional tongues. The form, for instance, is accessible in Marathi, Tamil, Oriya, etc.

A copy of the applicant's Aadhaar card must be submitted if the applicant's Aadhaar card information is not connected to the specified savings bank account. The application form must be submitted with the same.

If you experience a partial or complete handicap, you may file a claim with the PMSBY. Your nominee may submit a claim in the event of your death. The claim amount will be awarded to the PMSBY policyholder's legitimate successor if there is no designee. Here is how to make a claim.

• To file a claim, the policyholder or nominee should get in touch with the bank or insurance provider where the PMSBY policy was purchased.
• Obtain and complete the claim form. Details like name, address, phone number, and hospital information will be included. The Jansuraksha website offers a free download of the PMSBY claim form. The form is accessible in various languages, including Telugu, Punjabi, and others.
• If the nominee makes a claim, submit the completed form with any pertinent supporting evidence, such as a disability or death certificate.
• The insurance provider will verify the information.
• The claim will be resolved if the documents are valid and the claim amount is transferred to the designated bank account.

The process to submit a claim for benefits under PM Suraksha Bima Yojana is as follows:   

• The bank must be notified immediately of the accident by the insured or the nominee (in the event of death).
• A claim form must be received through the bank, a specific insurance provider, or online. The form must be completed appropriately.
• The claim form must be submitted to the bank branch in full within 30 days of the accident's date of occurrence.
• Original FIR, a post-mortem report, a death certificate, or, in the case of a disability, a disability certificate issued by a Civil Surgeon, must be submitted with the claim form. Include a discharge certificate as well.
• Within 30 days after receiving the claim, the bank will check the account information before sending the case to the insurance provider.
• The insurer will confirm that the insured is included in the master policy's list of insured parties.
• After receiving the necessary paperwork from the bank, the claim will be handled within 30 days.
• The nominee or insured will subsequently receive payment for the admissible claim.
• If no nominee has been chosen by the insured, the death benefit will be paid to the insured's legitimate heir. The succession document must be presented by the rightful heir.
• The bank is given a 30-day window to complete the claim process.

Documentary proof supporting the provision of accidental death and disability provides coverage under the Pradhan Mantri Suraksha Bima Yojana. With all of the advantages, features, and minimum rates that this policy provides, PMSBY is one of the greatest social security programmes. Applications for this programme are available on websites like Niva Bupa. It offers life protection to those with fewer means without considerably reducing savings.