Complete information about PMSBY
Objective:
Pradhan Mantri Suraksha Bima Yojana The main objective of Pradhan Mantri Suraksha Bima Yojana is to provide financial assistance in case of death or disability due to accident. This scheme has been specially designed keeping in mind the people of the unorganised sector.
Key Features and Benefits:
Accidental Death Cover: On the death of the subscriber, the nominee will get an insurance benefit of ₹2 lakh.
Total Disability Cover: If the vision of both eyes or functionality of both hands/legs is lost – a benefit of ₹2 lakh will be available.
Partial Disability Cover: An insurance cover of ₹1 lakh is available on loss of vision of one eye or one hand/leg.
Extremely Low Premium: Annual premium of just ₹20 – This scheme is one of the cheapest accident insurance plans in the world.
Auto-Debit: Premium is auto-debited from bank or post office account in the last week of May (25-31 May).
One-Year Renewable Policy: Valid from 1st June to 31st May of the following year, and can be renewed every year.
No Medical Examination: No medical test is required.
Simple Enrollment: Apply easily through participating banks/post offices or internet banking/mobile app.
Highlights
- Accidental Insurance of ₹2 Lakh at a premium of just ₹20
- Individuals aged 18 to 70 years are eligible
- Easy renewals with Auto-Debit facility
- No medical test required
- Covers death/disability due to road accident, natural disaster, snake bite, murder etc.
Eligibility Criteria:
Age Limit: Anyone between 18 and 70 years is eligible.
Bank Account: Must have a valid savings bank or post office account.
One Account Rule: A person can join the scheme with only one account. If more than one application is received, only one policy will be valid.
Consent for Auto-Debit: The account holder must allow auto-debit for the premium.
Aadhaar for KYC: Aadhaar is generally accepted as a KYC document.
NRI Eligibility: NRIs can also purchase this plan if they have an eligible bank account in India.
Coverage Details:
This plan covers accidents that occur by external, violent and visible means:
Road, rail, or other vehicle accident
Drowning
Snake bite
Fall from a tree
Natural calamities such as earthquake, flood
Murder
Also Read :
Exclusions:
Suicide
Intentional self-harm
Risky activities
Pre-existing illnesses
Hospitalisation expenses
Termination of Cover:
Subscriber attains the age of 70 years
If the bank or post office account is closed
If there is not enough balance in the account
If more than one account is linked to the scheme – only one cover will be valid
Scheme Administration:
The scheme is offered by Public Sector General Insurance Companies (PSGICs) and other private general insurance companies, with participating banks/post offices acting as the master policyholder.
