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Introduction to PMSBY
What if you could get accident insurance of ₹2 lakh for ₹20 a year? Sounds unbelievable, right? That’s exactly what the Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers! This is a government backed scheme giving financial protection to all individuals aged 18 to 70 in the event of an accident.
| Feature | Details |
| Full Name | Pradhan Mantri Suraksha Bima Yojana (PMSBY) |
| Purpose | Provides financial security in case of accidental death or disability |
| Eligibility | 18 to 70 years old with a savings bank account |
| Premium | ₹20 per annum |
| Coverage | ₹2 lakh for accidental death or total disability₹1 lakh for partial disability |
| Enrollment Process | Through bank branch, internet banking, or mobile bankingAuto-debit from a savings account |
| Renewal | Auto-debited annually from the bank account |
| Claim Process | Inform the bank/insurer, submit claim form with required documents |
| Documents Required | Claim form, Death/Medical certificate, FIR (if applicable), Nominee details |
| Government Support | Fully backed by the Government of India |
| Key Benefits | Affordable, easy to enroll, hassle-free renewal, high coverage with a minimal premium |
Key Features of PMSBY
- Affordable premium: It is one of the most affordable accident insurances in India, with an annual premium of just ₹20.
- Financial Assistance: Accident Coverage scheme coverage for accidental death as well as disability and this way financial help will be there if any of the mishap occurs.
- Eligible Criteria: This scheme is available to the people between 18 to 70 years of age who have a savings bank account.
- Coverage Term: The coverage is renewed annually to ensure a constant financial security.
- Easy Enrollment & Renewal: The policy can be taken by the customers of banks through PMSBY online registration and insurance providers who have an auto debit facility to make hassle free renewal.
Benefits of PMSBY
1. Financial Protection Against Accidents
It offers substantial financial aid in case of an accident. The scheme provides following benefits:
- ₹2 lakh for accidental death.
- ₹2 lakh for total and irreversible disability like loss of both eyes or both hands or both legs or loss of sight of one eye and loss of a hand or a foot.
- ₹1 lakh for partial and irreversible disability like loss of sight in one eye or loss of use of one hand or foot.
2. Nominee Benefits
The insured amount offered to the nominee in case of the policyholder’s accidental death provides financial stability to the family.
3. Government Support & Initiative
As it is government-backed insurance scheme sponsored, it comes with a strong financial structure just by bearing the security and easy claims processing in case of any issue.
How to Enroll for PMSBY?
Step-by-Step Enrollment Process
- Ensure your Eligibility: You must be 18-70 years old and have a savings bank account in a participating bank.
- Contact Your Bank: Visit your bank branch or use internet banking or mobile banking to apply for PMSBY.
- Fill Out the Form: Complete the PMSBY enrollment form and provide nominee details accurately.
- Enable Auto-Debit: The ₹20 annual premium will be automatically deducted from your savings account every year.
- Confirmation: Upon successful enrollment, a message or certificate to confirm and a policy activation is sent by confirmation. If you want to know about post office interest rates then click here.
How to Claim Benefits Under PMSBY
Steps to File a Claim
- Inform the concerned bank or insurance company: Report the accident without delay to your bank and insurance provider.
- Submit Required Documents:
- Duly filled PMSBY claim form.
- Death certificate or medical certificate in case of disability.
- FIR and post-mortem report in case of accidental death.
- Nominee information and Bank account details.
- Documents verification: After verification, the claim amount is credited to the insured person or, in case of death, to the nominee.
Why Should You Opt for PMSBY?
1. Low Premium, High Coverage
- It is one of the cheapest insurance schemes in India offering accident coverage up to ₹2 lakhs, for only ₹20 per year.
2. Government-Backed Security
- Since it is a government-backed scheme, it ensures reliable financial assistance when needed.
3. Simple & Hassle-Free Process
- PMSBY has a simple, hassle-free enrollment and renewal process with minimal documentation.
Comparing PMSBY With Others
| Insurance Scheme | Annual Premium (₹) | Coverage Amount (₹) |
| PMSBY | 20 | 2,00,000 |
| SBI Accidental Cover Plan | 1,500 | 10,00,000 |
| ICICI Personal Accident Insurance | 2,000 | 15,00,000 |
| HDFC Personal Accident Insurance | 2,500 | 20,00,000 |
| Kotak Accident Care Plan | 2,200 | 15,00,000 |
How PMJJBY Helped Families
Rajesh, 40 years old became a member of PMJJBY by paying ₹436 annually. His death occurred because of a sudden illness. The insurance benefit of ₹2 lakh from the scheme arrived to help his family with their financial needs. These individuals found security through PMJJBY which demonstrated that small financial commitments yield big results.
Lesson: Small Contributions Can Lead to Big Security.
Meena the 35-year-old homemaker convinced her husband to join PMJJBY despite his initial belief that ₹436 was insignificant. Tragically, he met with an accident a year later. As a stay-at-home mother with two young children, Meena had no immediate source of income. However, the ₹2 lakh payout from PMJJBY helped her manage essential expenses and gave her time to explore other financial options. The minor choice of her decision became her financial rescue.
Lesson: A Wise Financial Decision Today Can Be a Lifesaver Tomorrow.
Frequently Asked Questions (FAQs)
1. Who Can Enroll for PMSBY?
Eligibility includes people of the age group between 18 to 70 years having savings accounts in any one of the participating banks.
2. Are there multiple PMSBY policies?
No, a person cannot enroll in multiple PMSBY from the savings bank account alone.
3. Is Medical Examination Required?
While enrolling PMSBY there’s no need for any medical examination.
4. How Can I Renew My Policy?
The premium is auto-debited from your bank account annually for hassle-free renewal.
5. What Happens If I Do Not Have a Sufficient Balance in My Account?
If your account lacks sufficient balance at renewal, the policy will lapse. You must re-enroll to activate it again.
6. Is PMSBY available to me if I don’t have a bank account?
Participating banks have to be mentioned in order to enroll inPMSBY, no you don’t need a savings bank account with a participating bank.
7. Can NRIs who are not residents of India apply for the PMSBY?
PMSBY is only available to Indian residents having a valid savings bank account.
8. Is it possible to transfer my policy PMSBY to any other banking account?
The policy is not a once you enroll with a particular bank account type. If you want to change the account, you are going to have to cancel and rejoin at a new account.
9. Can there be a waiting period for coverage under PMSBY?
PMSBY has no waiting period. Coverage begins as soon as the policy is active.
10. If I want to change the coverage amount what is the process?
Amount of coverage under it is uniform and cannot be altered. However, if additional coverage is needed, you may sign up to some of the similar insurance schemes.
Conclusion: Sign Up Today to Protect Your Future at a Price of Just ₹20.
Accidents are unpredictable, but what is in your hands is securing your future. At just ₹20 per year, you can get accident coverage of ₹2 lakh!!
Don’t wait! Visit your bank or use internet banking to enroll in PMSBY today.
Already enrolled? Please share this article with friends and family so they can also enjoy this government backed scheme!
