Pradhan Mantri Suraksha Bima Yojana (PMSBY) 2024: The Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme that covers accidental death, permanent disability, and partial disablement. Individuals between 18 years and 70 years are eligible to apply for this scheme.
About Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a social security scheme launched by the Government of India on 9th May 2015. The scheme aims to provide accidental insurance cover to all citizens of India in the age group of 18 to 70 years at an affordable premium. In this article, we will take a closer look at the various aspects of PMSBY.
What is PMSBY?
PMSBY is an accidental insurance scheme launched by the Government of India to provide insurance coverage to all citizens of India in the age group of 18 to 70 years. The scheme provides a cover of Rs. 2 lakhs for accidental death and total disability and Rs. 1 lakh for partial disability, at an annual premium of Rs. 12 only.
Objectives of PMSBY
The objectives of PMSBY are as follows:
- To provide accidental insurance coverage to all citizens of India in the age group of 18 to 70 years at an affordable premium.
- To encourage the unbanked population to join the formal banking system by making the scheme available to all savings bank account holders.
- Ensure that the families of the insured are provided with financial assistance in case of any unfortunate event.
Eligibility Criteria of Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The eligibility criteria for subscribing to Pradhan Mantri Suraksha Bima Yojana are as follows:
- The minimum age requirement is 18 years.
- The maximum age requirement is 70 years.
- Those having a savings bank account and falling under the age group of 18 – 70 years are eligible to subscribe to the policy.
- The bank account must be linked with the Aadhaar card.
- If the bank account is not linked with the Aadhaar card, then the Aadhaar card copy must be attached to the application form.
- If the individual has more than one savings account, he or she is only eligible to join the scheme through a single bank account.
- The premium to be paid is Rs.12 yearly.
- The premium amount is auto-debited from the insured’s bank account.
- The scheme is valid for a year and it can be renewed at the end of the year.
- The primary KYC document required is the applicant’s Aadhaar card.
Documents Required for PMSBY
The Pradhan Mantri Suraksha Bima Yojana application form is to be duly filled. The details to be filled are:
- Proof Id
- Aadhaar card
- Contact information
- Nominee details
- Application form (English, Hindi, Bengali, Marathi, Oriya, Telugu, Tamil, or Gujarati).
The only document that has to be submitted along with the application form is the Aadhaar Card copy if the Aadhaar is not linked to your savings bank account.
Benefits of PMSBY
The key features of PMSBY are:
Affordable premium: The scheme provides accidental insurance coverage of Rs. 2 lakhs for accidental death and total disability and Rs. 1 lakh for partial disability at an annual premium of Rs. 12 only.
Eligibility: All savings bank account holders in the age group of 18 to 70 years are eligible for the scheme.
Insurance coverage: The scheme provides coverage for accidental death, total disability, and partial disability.
Automatic renewal: The scheme is renewed automatically every year unless the account holder chooses to opt out.
Easy enrolment: The enrolment process for the scheme is simple and can be done by visiting the bank branch or through Internet banking.
Nomination facility: The scheme provides for the nomination of a beneficiary in case of any unfortunate event.
Impact of PMSBY
Since its launch, PMSBY has been successful in providing insurance coverage to a large number of citizens in India. As of August 2021, over 23 crore people have been enrolled in the scheme. The scheme has played a critical role in providing financial assistance to the families of the insured in case of any unfortunate event. The scheme has also encouraged the unbanked population to join the formal banking system by making the scheme available to all savings bank account holders.
Conclusion of Pradhan Mantri Suraksha Bima Yojana (PMSBY)
PMSBY has been a significant step towards providing social security to all citizens of India at an affordable cost. The scheme has helped in providing financial assistance to the families of the insured in case of any unfortunate event. The success of the scheme can be attributed to its affordable premium, eligibility, insurance coverage, automatic renewal, easy enrolment, and nomination facility. Going forward, it is essential to increase awareness about the scheme and encourage more people to enroll in it to ensure a financially secure future for themselves and their families.
