Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one-year personal accident insurance scheme

Posted on August 17, 2022 by Annu Priya

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF FINANCIAL SERVICES

LOK SABHA

UNSTARRED QUESTION NO. 2474

ANSWERED ON – 1.8.2022

PM SURAKSHA BIMA YOJANA

2474. DR. BHARATIBEN DHIRUBHAI SHIYAL
SHRIMATI QUEEN OJA

Will the Minister of FINANCE be pleased to state:

(a) the criteria/documents on the basis of which benefits are provided under Pradhan Mantri (PM) Suraksha Bima Yojana being implemented by the Union Government;

(b) the State-wise number of persons provided benefits under the said Yojana during the last three years across the country including Gujarat along with district-wise number of such persons in Assam including Guwahati; and

ANSWER

THE MINISTER OF STATE IN THE MINISTRY OF FINANCE

(DR. BHAGWAT KARAD)

(a) to (c): Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one-year personal accident insurance scheme, renewable from year to year and is available on pan-India basis to bank/ Post office account holders in the age group 18 to 70 years who give their consent to join and enable auto-debit. At the time of claim, the claimant has to submit a duly completed claim-cum-discharge form to the bank where the subscriber was enrolled along with documents mentioned in the claim-cum-discharge form in support of death /permanent disability due to accident.

The scheme offers coverage for Rs. 2 lakhs in case of accidental death or total permanent disability and Rs. 1 lakh for partial permanent disability due to an accident and is available to people in the age group of 18 to 70 years having a bank account who give their consent to join and enable auto-debit at an annual premium of Rs. 20/- per subscriber. The benefits payable under the scheme on death or disability due to accident are as follows:

Table of Benefits	Sum Insured
Death	Rs. 2 Lakh
Permanent total disability	Rs. 2 Lakh
Permanent partial disability	Rs. 1 Lakh

The number of persons benefitted under PMSBY during the last three years, State-wise across the country and district-wise in Assam, are at Annexure-I and Annexure-II respectively.

Annexure II

PMSBY Claims Paid – State-wise Distribution
S. No	State/ UT	FY 2019-20		FY 2020-21		FY 2021-22		FY 2022-23(as on 29.06.2022
S. No	State/ UT	No. of Claims Paid	Claim Amount Paid (In Cr.)	No. of Claims Paid	Claim Amount Paid (In Cr.)	No. of Claims Paid	Claim Amount Paid (In Cr.)	No. of Claims Paid	Claim Amount Paid (In Cr.)
1	Andaman and Nicobar Islands	3	0.06	0	0.00	0	0.00	2	0.04
2	Andhra Pradesh	608	12.16	423	8.46	529	10.58	885	17.70
3	Arunachal Pradesh	3	0.06	1	0.02	5	0.10	0	0.00
4	Assam	62	1.24	23	0.46	112	2.24	21	0.42
5	Bihar	128	2.56	107	2.14	128	2.56	298	5.96
6	Chandigarh	26	0.52	12	0.24	17	0.34	6	0.12
7	Chhattisgarh	182	3.64	151	3.02	761	15.22	175	3.50
8	Dadra and Nagar Haveli	2	0.04	3	0.06	2	0.04	0	0.00
9	Daman and Diu	0	0.00	3	0.06	1	0.02	1	0.02
10	Goa	6	0.12	13	0.26	21	0.42	12	0.24
11	Gujarat	464	9.28	329	6.58	547	10.94	373	7.46
12	Haryana	510	10.20	367	7.34	367	7.34	397	7.94
13	Himachal Pradesh	221	4.42	115	2.30	116	2.32	222	4.44
14	Jammu and Kashmir	25	0.50	12	0.24	13	0.26	9	0.18
15	Jharkhand	105	2.10	62	1.24	132	2.64	82	1.64
16	Karnataka	320	6.40	185	3.70	252	5.04	1,419	28.38
17	Kerala	333	6.66	97	1.94	95	1.90	283	5.66
18	Lakshadweep	0	0.00	0	0.00	0	0.00	0	0.00
19	Madhya Pradesh	820	16.40	657	13.14	1,784	35.68	396	7.92
20	Maharashtra	664	13.28	472	9.44	9,504	190.08	4,064	81.28
21	Manipur	3	0.06	5	0.10	2	0.04	0	0.00
22	Meghalaya	0	0.00	1	0.02	10	0.20	2	0.04
23	Mizoram	1	0.02	0	0.00	14	0.28	6	0.12
24	Nagaland	0	0.00	2	0.04	0	0.00	0	0.00
25	Nct of Delhi	95	1.90	58	1.16	285	5.70	79	1.58
26	Odisha	234	4.68	140	2.80	509	10.18	104	2.08
27	Puducherry	30	0.60	10	0.20	14	0.28	17	0.34
28	Punjab	252	5.04	226	4.52	541	10.82	120	2.40
29	Rajasthan	397	7.94	408	8.16	1,522	30.44	209	4.18
30	Sikkim	1	0.02	0	0.00	4	0.08	0	0.00
31	Tamil Nadu	858	17.16	469	9.38	595	11.90	383	7.66
32	Telangana	479	9.58	374	7.48	466	9.32	548	10.96
33	Tripura	4	0.08	1	0.02	45	0.90	6	0.12
34	Uttar Pradesh	688	13.76	600	12.00	1,913	38.26	811	16.22
35	Uttarakhand	95	1.90	57	1.14	197	3.94	43	0.86
36	West Bengal	173	3.46	120	2.40	777	15.54	176	3.52
37	Ladakh	1	0.02	0	0.00	0	0.00	0	0.00
Grand Total		7,793	155.86	5,503	110.06	21,280	425.60	11,149	222.98

Source: Banks (Universal Schemes only). Does not include claims paid under Converged schemes of Central/State Govts.

Read also : Online Admission Open to B.Tech, MBBS, BBA/PGDM all private colleges in Delhi/NCR

PMSBY Claims Paid-District-wise Distribution for the State Assam
S. N o	Name of District	FY 2019-20		FY 2020-21		FY 2021-22		FY 2022-23 (as on 29.06.2022)
S. N o	Name of District	No. of Claim s Paid	Claim Amoun t Paid (In Cr.)	No. of Claim s Paid	Claim Amoun t Paid (In Cr.)	No. of Claim s Paid	Claim Amoun t Paid (In Cr.)	No. of Claims Paid	Claim Amoun t Paid (In Cr.)
1	Kokrajhar	0	0.00	0	0.00	4	0.08	0	0.00
2	Dhubri	1	0.02	0	0.00	1	0.02	0	0.00
3	Goalpara	5	0.10	1	0.02	0	0	0	0.00
4	Barpeta	1	0.02	1	0.02	2	0.04	3	0.06
5	Morigaon	3	0.06	1	0.02	0	0	1	0.02
6	Nagaon	3	0.06	1	0.02	2	0.04	0	0.00
7	Sonitpur	2	0.04	4	0.08	6	0.12	1	0.02
8	Lakhimpur	1	0.02	0	0.00	0	0	0	0.00
9	Dhemaji	0	0.00	0	0.00	0	0	0	0.00
10	Tinsukia	1	0.02	0	0.00	0	0	1	0.02
11	Dibrugarh	4	0.08	3	0.06	1	0.02	3	0.06
12	Sivasagar	2	0.04	1	0.02	1	0.02	1	0.02
13	Jorhat	3	0.06	0	0.00	2	0.04	0	0.00
14	Golaghat	3	0.06	0	0.00	1	0.02	1	0.02
15	Karbi Anglong	1	0.02	0	0.00	4	0.08	0	0.00
16	Dima Hasao	1	0.02	0	0.00	0	0	0	0.00
17	Cachar	6	0.12	1	0.02	0	0	0	0.00
18	Karimganj	1	0.02	0	0.00	0	0	0	0.00
19	Hailakandi	2	0.04	0	0.00	0	0	0	0.00
20	Bongaigaon	3	0.06	2	0.04	5	0.1	1	0.02
21	Chirang	0	0.00	0	0.00	1	0.02	0	0.00
22	Kamrup	12	0.24	3	0.06	5	0.1	4	0.08
23	Kamrup Metropolitan	2	0.04	0	0.00	76	1.52	3	0.06
24	Nalbari	2	0.04	0	0.00	0	0	1	0.02
25	Baksa	0	0.00	3	0.06	0	0	0	0.00
26	Darrang	2	0.04	1	0.02	0	0	1	0.02
27	Udalguri	1	0.02	1	0.02	1	0.02	0	0.00
Grand Total		62	1.24	23	0.46	112	2.24	21	0.42

Source: Banks (Universal Schemes only). Does not include claims paid under Converged schemes of Central/State Govts.

Source: Click here to view/download PDF

नोट :- हमारे वेबसाइट www.indiangovtscheme.com पर ऐसी जानकारी रोजाना आती रहती है, तो आप ऐसी ही सरकारी योजनाओं की जानकारी पाने के लिए हमारे वेबसाइट www.indiangovtscheme.com से जुड़े रहे।

*****

Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana complete 7 years

Posted on May 9, 2022 by Annu Priya

Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 7 years

Ministry of Finance

Pradhan Mantri Suraksha Bima Yojana (PMJJBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) and Atal Pension Yojana (APY) complete 7 years of providing social security net

Union Finance Minister Smt. Nirmala Sitharaman said low-cost insurance schemes and the guaranteed pension scheme are ensuring that Jan Suraksha now covers the last person of the society

Union Minister of State for Finance Dr Bhagwat Karad exhorts banks & insurance companies to continue expanding coverage of these schemes with zeal and dedication

प्रविष्टि तिथि: 09 MAY 2022 11:11AM by PIB Delhi

PMJJBY: More than 12.76 crore Cumulative Enrolments
PMSBY: More than 28.37 crore Cumulative Enrolments
APY: Over 4 Crore subscribers

As we celebrate the 7th anniversaries of three social security (Jan Suraksha) schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY), let us focus on how these schemes have provided affordable insurance and security to people (Jan Suraksha), their achievements and salient features.

PMJJBY, PMSBY and APY were launched by Prime Minister Shri Narendra Modi on 9th May, 2015 from Kolkata, West Bengal.

Atal Pension Yojana (APY) complete 7 years

These three social security schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen risks/losses and financial uncertainties. In order to ensure that the people from the unorganised section of the country are financially secure, the Government launched two insurance schemes –Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY); and introduced Atal Pension Yojana (APY) to cover the exigencies in the old age.

While the PMJJBY and PMSBY provide access to low cost life/accidental insurance cover to the people, the APY provides an opportunity for saving in the present for getting a regular pension in old age.

While celebrating the 7th anniversary of the Scheme, Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman said, “One of the main objectives under the National Mission for Financial Inclusion announced by the Hon’ble Prime Minister on August 15, 2014 was to expand the coverage of insurance and pension in order to provide the poor and marginalised sections of the society the much-needed financial security through affordable products.”

“The three Jan Suraksha schemes have brought the insurance and pension within the reach of the common man. The number of people who have enrolled and benefitted from the above schemes over the last seven years is a testimony to their success. These low-cost insurance schemes and the guaranteed pension scheme are ensuring that financial security, which was available to a select few earlier, is now reaching the last person of the society,” the Finance Minister said.

Giving an overview of providing facilities to the poor, the Finance Minister said, “Today, even the poorest of the poor can have a life insurance cover for Rs 2 lakh at less than 1 rupee a day under PMJJBY and an accident insurance of Rs 2 lakh at less than 1 rupee a month under PMSBY. All the citizens of the country in the age group 18 to 40 can subscribe for receiving pension after the age of 60 by paying a minimum amount of Rs 42 per month.”

Providing security with convenience to citizens through PMJJBY, especially during COVID-19 Pandemic, Smt. Sitharaman said, “Under PMJJBY, a cumulative number of 12.76 crore persons have enrolled since inception for life cover and families of 5,76,121 persons have received claims for Rs. 11,522 crore under the scheme. The scheme has proved extremely useful for low-income households during pandemic as in FY21, almost 50% claims paid out were due to COVID-19 deaths. Major changes were brought in the claim settlement process for quick and easy settlement of claims during the pandemic period. These changes brought in for easy settlement of claims are still continuing. Since the beginning of the pandemic i.e., April 1, 2020 till February 23, 2022, a total of 2.10 lakh claims amounting to Rs 4,194.28 erore were paid with a settlement rate of 99.72%.”

The Finance Minister said that in a similar spirit, “28.37 crore people have enrolled for accident cover since the launch of PMSBY and an amount of Rs 1,930 crore has been paid towards 97,227 claims. More than 4 crore people have already subseribed to the APY scheme.”

On this occasion, Union Minister of State (MoS) for Finance Dr. Bhagwat Kishanrao Karad said, “On this 7th anniversary of these schemes, I congratulate all the banks and insurance companies for successful implementation of these schemes and request them to continue working with same zeal and dedication till the last person is covered.”

“Going ahead, as announced by the Hon’ble PM in this regard on his last Independence Day address, it will be our endeavour to ensure that every eligible person in the country is covered under these social security schemes for insurance and pension,” Dr Karad stated.

As we celebrate the seventh anniversary of PMJJBY, PMSBY and APY, let us take a look at the features and glance over their achievements so far.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Scheme: PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.

Eligibility: Individuals in the age group of 18-50 years having a savings bank or a post office account are entitled to enroll under the scheme. People who join the scheme before completing 50 years of age can continue to have the risk of life covered up to age of 55 years upon payment of premium.

Benefits: Life cover of Rs. 2 Lakh in case of death due to any reason against a premium of Rs. 330/- per annum.

Enrolment: Enrolments under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of post office savings bank account. The premium under the scheme is auto debited every year from the subscriber’s bank account based on a one-time mandate from the account holder. Detailed information about the scheme and the forms (in Hindi, English and Regional languages) are available on https://jansuraksha.gov.in.

Achievements: As on 27.04.2022, the cumulative enrolments under the scheme have been more than 12.76 crore and an amount of Rs. 11,522 crore has been paid for 5,76,121 claims.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Scheme: PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.

Eligibility: Individuals in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme.

Benefits: Accidental death cum disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability) for death or disability due to an accident.

Enrolment: Enrolment under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of post office savings bank account. The premium under the scheme is auto debited every year from the subscriber’s bank account based on a one-time mandate from the account holder. Detailed information about the scheme and the forms (in Hindi, English and Regional languages) are available on https://jansuraksha.gov.in.

Read also : Online Admission Open to B.Tech, MBBS, BBA/PGDM all private colleges in Delhi/NCR

Achievements: As on 27.04.2022, the cumulative enrolments under the scheme have been more than 28.37 crore and an amount of Rs. 1,930 crore has been paid for 97,227 claims.

Atal Pension Yojana (APY)

Background: The Atal Pension Yojana (APY) was launched to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. It is an initiative of the Government to provide financial security and cover future exigencies for the people in the unorganized sector. APY is administered by Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).

Eligibility: APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen.

Benefits: Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years, based on the contributions made by the subscriber after joining the scheme.

Disbursement of the Scheme Benefits: The monthly pension is available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.

In case of premature death of subscriber (death before 60 years of age), spouse of the subscriber can continue contribution to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.

Contribution by Central Government: The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on investment are higher, the subscribers would get enhanced pensionary benefits.

Payment frequency: Subscribers can make contributions to APY on monthly/ quarterly / half-yearly basis.

Withdrawal from the Scheme: Subscribers can voluntarily exit from APY subject to certain conditions, on deduction of Government co-contribution and return/interest thereon.

Achievements: As on 27.04.2022 more than 4 crore individuals have subscribed to the scheme.

*****

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Posted on January 31, 2019 by Annu Priya

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.

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.

For more Information on Pradhan Mantri Suraksha Bima Yojana click here

*****

Related Posts

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Related Posts

Related Posts