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Friday, February 1, 2019

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs.12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. As on 31st March, 2017, cumulative gross enrolment reported by Banks subject to verification of eligibility, etc. is over 9.94 crore under PMSBY. A total of 12,534 Claims were registered under PMSBY of which 9,403 have been disbursed.

Pradhan+Mantri+Suraksha+Bima+Yojana
Government of India has launched Pradhan Mantri Suraksha Bima Yojana in the year 2015. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident Insurance Scheme offering accidental death and disability insurance cover for death or disability on account of an accident. The scheme is administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies in India. In this article, we look at Pradhan Mantri Suraksha Bima Yojana in detail.

Benefits of PMSBY

  • Benefits of Pradhan Mantri Suraksha Bima Yojana are discussed here.
  • Annual premium under PMSBY is only Rs.12
  • Insurer can avail deduction under Section 80C for the premium paid.
  • Under section 10 (10D) of Income Tax Act, PMSBY sum received up to Rs.1 lakh is tax-free.
  • Sum Insured under PMSBY
Sum Insured under Pradhan Mantri Suraksha Bima Yojana is valid for one year, sum insured is tabulated here.
S.No Death and Disability Sum Insured
1 Death (Death due to murder is covered) Rs.2 Lakh
2 Total and irrecoverable loss of eyes Rs.2 Lakh
3 Loss of use of both hands or feet Rs.2 Lakh
4 Loss use of one hand or foot and loss of one eye Rs.2 Lakh
5 Total loss of sight of one eye Rs.1 Lakh
6 Loss of use of one foot or hand Rs.1 Lakh
Premium

Premium for Pradhan Mantri Suraksha Bima Yojana is Rs.12 per annum for each member. Under this scheme, the premium will be deducted by banks from the eligible person account through auto debit facility.

Premium will be deducted in one instalment on or before 1st June of each annual coverage period.
Bank will remit the amount due to the Insurance Company in that month itself.
In cases auto debit takes place after June first, the cover will commence from day one of the month following the auto debit.

The premium can be reviewed based on annual claims experience.

Eligibility Criteria for PMSBY

Below given eligibility criteria need to be met in order to get benefits of PMSBY.
  • Resident of India who having Adhaar card can apply for this scheme.
  • Age of the citizen should be 18 to 70 year/
  • Applicant should have a valid savings account in any banks in India. Aadhaar would be the primary KYC for the bank account.
Documents Required for Enrol PMSBY
  • PMSBY Application Form, Bank Pass Book and Adhaar Card only need to be furnished for taking insurance policy.
Take PMSBY Policy

Eligible applicant need to approach any one of the PMSBY participating bank or insurance companies. Fill application duly and submit to bank officer to subscribe this scheme. You can also take the policy through internet banking.

Annual Premium of Rs.12 will be auto debited from the applicant’s account.

Termination of Insurance cover
  • The accident cover for the member will terminate on any of the following events and no benefit will be payable.
  • Insurance cover will be terminated on attaining age 70 years.
  • In case of closure of Bank account
  • If the member is not maintaining sufficient balance to keep the insurance in force, the cover will be cancelled.
  • In case a beneficiary is covered under more than one premium by the Insurance Company inadvertently, insurance cover will be restricted to any one of the premium and remaining premium shall be liable to be forfeited.
PMSBY Insurance Policy Claiming Procedure

The procedure to claim PMSBY insurance sum is explained in detail below. Immediately after the occurrence of accident, insured or nominee can claim under PMSBY policy.

Documents required for claiming

The following documents need to furnished to corresponding bank in order to claim

In case of Death of insured
  • Original FIR or Panchnama in case of death of insured
  • Post Mortem Report
  • Death Certificate
In case of permanent disablement
  • Original FIR/ Panchnama
  • Disability Certificate issued by a Civil Surgeon
  • Discharge certificate in the enclosed format
  • Procedure for Claiming
Step 1: Insure person or nominee (in case of death of insured) contact the bank branch where account held.

Step 2: Submit a duly completed PMSBY Insurance Policy claim form.

Step 3: Claim form need to be submitted within 30 days from date occurrence of the accident by claimant or nominee.

Step 4: Bank officer will verify account details, nomination and auto debit particulars. After certifying the claim form, officer will forward to the concerned insurance company within 30 days of the submission of the claim.

Step 5: Claim will be processed within 30 days of its receipt from the Bank by the concern insurance Company Bank

Step 6: The admissible claim amount will be remitted to the Bank Account of the insured or nominee.

Step 7: Nominee has to pay claim amount to the legal heirs of the insured on production of Succession Certificate and Legal Heir certificate from the Competent Court or authority.

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