Check out Pradhan Mantri Suraksha Bima Yojana Benefits here!

Mahima Chaudhary | Updated: Dec 20, 2022 23:19 IST

Pradhan Mantri Suraksha Bima Yojana Benefits: Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme in India. Launched in 2015, the scheme provides affordable insurance coverage to individuals aged 18 to 70, with a one-year policy that can be renewed annually. One of the major Pradhan Mantri Suraksha Bima Yojana benefits is its affordable premiums. Annual premiums for the scheme are as low as Rs. 12, making it accessible to individuals from all income groups. This low cost is made possible through the government’s subsidization of the premiums, as well as the use of technology to reduce administrative costs.

Table of Contents

Pradhan Mantri Suraksha Bima Yojana Overview
- Eligibility
- Application process
Pradhan Mantri Suraksha Bima Yojana Benefits

Pradhan Mantri Suraksha Bima Yojana Overview

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme in India that provides financial protection to individuals in case of accidental death or disability. The scheme aims to provide affordable insurance coverage to individuals and reduce the burden of out-of-pocket expenses in case of an accident.

Feature	Description
Scheme	Government-backed accident insurance scheme
Objectives	Provide affordable insurance coverage to individuals and reduce the burden of out-of-pocket expenses in case of an accident
Eligibility	Savings bank account holders in the age group of 18 to 70 years
Premium	Rs. 12 per year, automatically debited from enrolled bank account on an annual basis
Sum insured	Rs. 2 lakh in case of accidental death and Rs. 1 lakh in case of permanent total disability
Coverage	Accidental death and disability only, does not cover illnesses or diseases
Enrollment process	Approach a participating bank, fill out the enrollment form, submit required documents
Claim process	Approach the bank where the PMSBY enrollment was done, submit required documents

Eligibility

Below are given eligibility criteria for PMSBY:

The scheme is open to all savings bank account holders in the age group of 18 to 70 years.
Individuals who have a savings bank account with a bank participating in the PMSBY scheme can enroll in the scheme.
The enrollment in PMSBY is done on a yearly basis and the premium is automatically debited from the enrolled bank account.

Application process

Below is given application process for PMSBY:

Approach a bank or financial institution that is participating in the PMSBY scheme.
Fill out the PMSBY enrollment form and submit it along with a self-attested photocopy of your savings bank account passbook.
The bank will verify the information provided in the enrollment form and, if everything is in order, will enroll you in the PMSBY scheme.
The premium for PMSBY is automatically debited from the enrolled bank account on an annual basis.

Pradhan Mantri Suraksha Bima Yojana Benefits

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme in India. It was launched in 2015 as part of the government’s social security initiatives. The scheme provides affordable insurance coverage to individuals aged 18 to 70, with a one-year policy that can be renewed annually. Here are some of the benefits of PMSBY:

Affordable premiums: PMSBY premiums are highly affordable, with annual premiums as low as Rs. 12 for coverage of Rs. 2 lakh. This makes it accessible to individuals from all income groups.
Accident coverage: PMSBY provides insurance coverage for accidental death and permanent total disability. In the event of accidental death or permanent total disability, the insured individual’s nominee will receive the full sum insured, up to a maximum of Rs. 2 lakh.
Easy enrollment: Enrolling in PMSBY is simple and convenient. Individuals can enroll through their bank by filling out a one-page application form and providing their savings bank account details.
Wide coverage: PMSBY is available to all citizens of India who have a savings bank account and are between the ages of 18 and 70. This makes it one of the most widely available accident insurance schemes in the country.
Government backing: PMSBY is a government-backed scheme, which provides an additional level of security and assurance to individuals enrolled in the scheme. The scheme is administered by the Ministry of Finance, with the support of public sector banks and other participating banks.