The Government of India announced Pradhan Mantri Suraksha Bima Yojana as one of the three social security programs. PMSBY is an insurance plan that provides coverage for death and accidental disability for one year, with annual renewal. With the lowest premium rate of Rs. 12/- each year, this policy is more beneficial to the poor and low-income sectors of society. Pradhan Mantri Suraksha Bima Yojana provides life-long coverage of Rs 2 lakhs for accidental disappearance or total and permanent deficit. And if a person suffers partial disability he is entitled to compensation of Rs 1 lakh. People between the ages of 18 and 70 who have a savings bank account can register under this scheme.
What Does PMSBY cover?
Persons registered under this special government scheme are eligible to get Rs 2 lakh claim if they suffer any accidental death and total permanent disability. For partially disability occurred during any incident occurred, the registrar can claim a sum of Rs 1 lakh.
The plan provided by PMSBY covers the insured person like any other insurance in addition to any other insurance taken by registrar. As this plan is for life, a person cannot claim any medical expenses or hospitalization bills which could result from an accident.
What is included and excluded in Pradhan Mantri Suraksha Bima Yojana?
The plan included in PMSBY does not cover any death caused by suicide, but if person has been murdered than one can claim this insurance. Moreover deaths or any disability caused through natural disasters are covered under this policy of government. If the person loses his sight or becomes blind somehow, than this will not be counted into disability and applicant is not eligible under this policy to claim the insurance.
Who are eligible for PMSBY Yojana?
Persons aged between 18–70 years and having saving account with any bank are eligible for this government insured policy. If the persons have multiple accounts with different bank, he can apply through single bank only. For the joint account holders in any branch of the bank, each individual in the account can apply for this policy. NRI’s are also eligible for this policy. For the NRI’s if the claim is raised, the beneficiary will get the insured amount in the Indian denomination, not in the currency where the beneficiary is residing.
Is there any rebate on tax on Joining Pradhan Mantri Suraksha Bima Yojana?
The premium paid by insured person under this policy will be tax free and will be covered under Section 80C. The sum received on claiming the insurance upto Rs 1 lakh also will get tax rebate which is covered under the section 10, specifically Section 10D. If the amount of insurance exceeds 1 lakhs and the beneficiary does not supply form 15H or 15G to the agency through which he is insured under the scheme, he is liable to pay TDS at the interest rate of 2% on the total amount which is to be claimed.
How to register in PMSBY Yojana?
Registration through SMS
- A text message is sent to the qualified subscriber that is asked to reply using “PMSBY <space> Y”.
- To subscribe to the scheme, subscribers must reply to an SMS message “PMSBY <space> Y”.
- In response, the client sends a confirmation message to the client.
- For further processing, the request must contain details about the subscriber’s name, marital status, date of birth, etc.
- Details are taken directly from the subscriber’s bank account.
- If the required details are not available of the subscriber in the bank records, the confirmation process will not be executed and the participants must actually submit the request from the nearest branch.
- If the automatic debit deduction process fails due to insufficient balance, the policy coverage will stop, but the policy will still apply.
Registration through NetBanking
- Sign in to the official policy site and click the Security tab.
- Choose between the options available on the page.
- Select an account where you want to pay the premium.
- According to the specified account, the amount of policy coverage, candidate details and amount of premium will be displayed on the screen. You can choose the filter from the savings account or add a new filter.
- Once you’ve submitted your Candidate name to the policy, click on the following details:
- Declaration of good health.
- Details, Terms and Conditions of the program
- “I have no other policy for that”
- Once you click the Continue button, the policy will be displayed on the screen.
- Check the details filled in the application form and click Confirm.
- You will be provided with a confirmation voucher with a unique identification number.
- For any additional reference, remember to save the confirmation number.
Helpline Numbers for Yojana
The government of India under Narendra Modi has launched a lot of schemes for the benefits of common man. If some people have any doubts regarding this insurance scheme launched by government they can directly ask government people by calling on their helpline numbers which are toll free.
Toll free numbers for getting more information on Pradhan Mantri Suraksha Bima Yojana:
- 800 110 001
- 1800 180 1111
Toll Free Numbers for Pradhan Mantra Suraksha Yojana Statewise
JAN-SURAKSHA – Toll Free Numbers
| S.No. | State Name | Name Of SLBC Convenor Bank | Toll Free Number |
|---|---|---|---|
| 1 | Andhra Pradesh | Andhra Bank | 1800-425-8525 |
| 2 | Andman & Nicobar Island | State Bank of India | 1800-345-4545 |
| 3 | Arunachal Pradesh | State Bank of India | 1800-345-3616 |
| 4 | Assam | State Bank of India | 1800-345-3756 |
| 5 | Bihar | State Bank of India | 1800-345-6195 |
| 6 | Chandigarh | Punjab National Bank | 1800-180-1111 |
| 7 | Chhattisgarh | State Bank of India | 1800-233-4358 |
| 8 | Dadra & Nagar Haveli | Dena Bank | 1800-225-885 |
| 9 | Daman & Diu | Dena Bank | 1800-225-885 |
| 10 | Delhi | Oriental Bank of Commerce | 1800-1800-124 |
| 11 | Goa | State Bank of India | 1800-2333-202 |
| 12 | Gujarat | Dena Bank | 1800-225-885 |
| 13 | Haryana | Punjab National Bank | 1800-180-1111 |
| 14 | Himanchal Pradesh | UCO Bank | 1800-180-8053 |
| 15 | Jharkhand | Bank of India | 1800-345-6576 |
| 16 | Karnataka | Syndicate Bank-SLBC | 1800-4259-7777 |
| 17 | Kerala | Canara Bank | 1800-425-11222 |
| 18 | Lakshadweep | Syndicate Bank | 1800-4259-7777 |
| 19 | Madhya Pradesh | Central Bank of India | 1800-233-4035 |
| 20 | Maharashtra | Bank of Maharashtra | 1800-102-2636 |
| 21 | Manipur | State Bank of India | 1800-345-3858 |
| 22 | Meghalya | State Bank of India | 1800 – 345 – 3658 |
| 23 | Mizoram | State Bank of India | 1800-345-3660 |
| 24 | Nagaland | State Bank of India | 1800-345-3708 |
| 25 | Odisha | UCO Bank | 1800-345-6551 |
| 26 | Puducherry | Indian Bank | 1800-4250-0000 |
| 27 | Punjab | Punjab National Bank | 1800-180-1111 |
| 28 | Rajasthan | Bank of Baroda | 1800-180-6546 |
| 29 | Sikkim | State Bank of India | 1800-345-3256 |
| 30 | Telangana | State Bank of Hyderabad | 1800-425-8933 |
| 31 | Tamil Nadu | Indian Overseas Bank | 1800-425-4415 |
| 32 | Uttar Pradesh | Bank of Baroda | 1800-102-4455 1800-223-344 |
| 33 | Uttrakhand | State Bank of India | 1800-180-4167 |
| 34 | West Bengal and Tripura | United Bank of India | 1800-345-3343 |
Application Form for PMSBY
The form can be downloaded at official website for Pradhan Mantri Suraksha Bima Yojana which is available in 9 languages which are listed below:
- Hindi
- English
- Bangla
- Gujarati
- Kannada
- Marathi
- Odia
- Tamil
- Telugu
You need to visit the following link and then click on application form to download the form in your preferred language.
http://www.jansuraksha.gov.in/FORMS-PMSBY.aspx
Important Questions Related to the Pradhan Mantri Suraksha Yojana
What is this Yojana Basically?
This policy by govt covers Accident Insurance for 1 year, which is renewed every year, thus protecting a person against the risk of accidental death or permanent disability occurred due to accident.
What are the benefits of PMSBY yojana?
There are many benefits related to this scheme which can be summarized below:
- In case of death beneficiary s given insured sum of Rs 2 lakhs.
- In the case of permanent disability sum insured is Rs 2 lakhs
- In case of partial disability sum insured is Rs 1 lakh.
What is the premium amount to be paid and how to pay?
The premium per year to be paid is Rs 12 which will be auto debited from the person’s bank account registered with the scheme. The insurer has to give consent for one time charges which would be deducted every year till the scheme is running under the government.
How the scheme will be offered?
This scheme will be offered through insurance companies which have to work on same terms as are described in the Pradhan Mantri Suraksha Bima Yojana with the help of participating banks. Banks can tie up with any of the general insurance companies to give the benefit of the scheme to the registrars.
What is the enrollment period fot PMSBY scheme?
The scheme runs on the yearly basis which starts on 1st of June and ends on 31st may next year. People who want to continue the benefit of the scheme for next year can provide their consent for auto debit on 31st of May.
Can anyone join the scheme anytime?
People can join this scheme anytime by paying full annual premium of Rs 12 in future years.
Is there any provision for the people to rejoin who left the scheme midway?
Yes by paying the premium of a year, they can rejoin the scheme after agreeing to the terms and conditions.
Who will be master holder of the policy?
Policy will be directly under the banks with collaboration of insurance companies therefore banks will be master holder of the policy.
When can this insurance policy terminate?
- On attaining the age of 70
- Account closure of the insurer in the bank or insufficient funds to maintain balance
- The person has applied through multiple banks, the policy will be forfeited
Is this insurance covered in addition to other insurance taken by subscriber?
Yes this insurance is covered in addition to other insurance.
Does this scheme cover death from natural calamities?
Unlike any other policies this policy covers the death caused due to natural calamities.
Is suicide and murder covered under this scheme?
Murder is covered but suicide is not covered under this pradhan mantra suraksha bima yojana.
Can all people under joint account holder join this scheme?
Yes all the people under same joint account can join the scheme and they have to pay premium of Rs 12 per member annually which would be auto debited.
What type of account holders can take benefits from this scheme?
Except institution account holders every type of account holder can take benefit of this scheme.
Are NRI’s eligible for this scheme?
NRI having bank account in India can claim this scheme. But in case of claiming insurance they will be paid in Indian currency rather than country they are living currently in the world.
Are the hospital expenses reimbursed if the person dies during treatment?
No, the hospital charges are not reimbursed. Only death and disability are covered under this scheme.
Who can claim the insurance benefit after death of the subscriber?
The claim in case of death is filed by nominee as per the form given by account holder and in case there is no nominee legal heir of the person can claim the insurance.
How is the payment done?
If the person gets disabled due to accident, amount will be transferred to his bank account. And in case of death, amount will be credited to the nominee’s account or legal heir account
Is it required to report accident to police to obtain FIR so that benefits of policy can be claimed?
The accidents should be reported in police station which includes murder, accidental drowning, road accidents, rail accidents and other vehicular accidents. The cases like snake bite and fall from tree should be confirmed by hospital records.
Will the nominee’s get insurance benefit if person is missing after death?
Each insurance of such type need documented evidence therefore legal heir cannot claim the insurance under PMSBY scheme.
Are the foreign insurance companies providing this scheme?
No foreign insurance companies operate directly in the country. Some foreign companies in joint ventures with Indian insurance companies are permitted but their stake is restricted to 49%. Therefore PMSBY is not under any foreign insurance company.
Conclusion
The Indian government under leadership of Prime Minister Mr Narendra Modi has started so many schemes for the benefit of people. Pradhan Mantri Suraksha Bima Yojana is one of the schemes which have been started under his regime. Many people have been benefitted from this policy and still many are registering for this scheme in which you are insured for life for just annual premium of Rs 12. So join this scheme and take the benefit of government.