Pradhan Mantri Suraksha Bima Yojana 2024 Overview & Benefits

Pradhan Mantri Suraksha Bima Yojana 2024

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an Accident Insurance Scheme launched on May 9, 2015, that covers accidental death and disability. It provides one-year coverage that can be renewed each year. Public Sector General Insurance Companies and other approved insurance companies will offer this scheme in partnership with banks and post offices. Let’s check the details of Pradhan Mantri Suraksha Bima Yojana.

Overview Table Of Pradhan Mantri Suraksha Bima Yojana

Aspects	Details
Scheme Name	Pradhan Mantri Suraksha Bima Yojana
Launch Date	May 9, 2015
Coverage	Accidental death and disability
Premium	Rs. 20 per year per member
Coverage Duration	One year, from June 1st to May 31st
Coverage Termination	– Member turns 70 years old. – Bank account closure or insufficient funds. – Premiums paid by mistake through multiple accounts capped at Rs. 2 lakh.
Eligibility	– Individuals holding bank accounts with participating banks. – Age: 18 to 70 years. – Consent for auto-debit. – Automatic enrollment.
Application Process	1. Visit the bank branch or official website to download the form. 2. Fill and submit the form with necessary documents. 3. Receive Acknowledgement Slip Cum Certificate of Insurance.
Required Documents	Aadhaar details

What Is Pradhan Mantri Suraksha Bima Scheme?

Pradhan Mantri Suraksha Bima Scheme is an Accident Insurance Scheme that covers accidental death and disability.

Premium:
The premium is Rs. 20 per year per member, deducted automatically from the account holder’s bank or post office account by June 1st each year.

Coverage Duration:
Coverage lasts for one year, from June 1st to May 31st, after paying the annual premium.

Termination of Coverage:
Accident cover ends or is limited if:

• The member turns 70 years old.
• The bank account is closed or doesn’t have enough funds.

If a member is signed up through more than one account and premiums are paid by mistake, the insurance cover is capped at Rs. 2 lakh.

प्रधान मंत्री सुरक्षा बीमा योजना (PMSBY)

प्रधान मंत्री सुरक्षा बीमा योजना (PMSBY) एक दुर्घटना बीमा योजना जो दुर्घटनावश मृत्यु और विकलांगता को कवर करती है।

प्रीमियम: प्रीमियम प्रति सदस्य प्रति वर्ष 20 रुपये है, जो खातेधारक के बैंक या डाकघर खाते से हर साल 1 जून तक स्वचालित रूप से कट जाएगा।

कवरेज अवधि: प्रीमियम का भुगतान करने के बाद, कवरेज 1 जून से 31 मई तक एक वर्ष के लिए मान्य होती है।

कवरेज समाप्ति: दुर्घटना कवर निम्नलिखित स्थितियों में समाप्त हो जाएगा या सीमित हो जाएगा:

• सदस्य 70 वर्ष का हो जाता है।
• बैंक खाता बंद हो जाता है या उसमें पर्याप्त धनराशि नहीं है।

अगर एक सदस्य एक से अधिक खातों के माध्यम से पीएमएसबीवाई में नामांकित है और गलती से प्रीमियम का भुगतान हो जाता है, तो बीमा कवर 2 लाख रुपये तक सीमित होगा।

Pradhan Mantri Suraksha Bima Yojana Benefits

• Upon death, the nominated beneficiary receives Rs. 2 lakhs.
• If the subscriber experiences total and irrecoverable loss of both eyes, loss of use of both hands or feet, or loss of sight in one eye along with loss of use of one hand or foot, they are entitled to Rs. 2 lakhs.
• In the case of total and irrecoverable loss of sight in one eye or loss of use of one hand or foot, the subscriber receives Rs. 1 lakh.

Pradhan Mantri Suraksha Bima Yojana Eligibility

• Individuals holding bank accounts with participating banks
• Age should be between 18 years (completed) and 70 years (age nearer birthday)
• Enrollment criteria includes consent to join and enable auto-debit
• Automatic enrollment into the scheme upon meeting the above conditions

Pradhan Mantri Suraksha Bima Yojana Application Process

Step 01: To enroll in PMSBY offline, visit the bank branch where you hold a savings account or go to the official website: https://jansuraksha.gov.in/Forms-PMSBY.aspx to download the form.

Step 02: Complete the downloaded application form with all the required details and submit it to the bank along with the necessary documents.

Step 03: Upon successful submission, you will receive an Acknowledgement Slip Cum Certificate of Insurance.

Pradhan Mantri Suraksha Bima Yojana Documents Required

When applying for the scheme, the individual must provide their Aadhaar details.

Conclusion

Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers affordable coverage for accidents and disabilities since 2015. With a nominal premium of Rs. 20 annually per member, it’s administered by approved insurers in collaboration with banks and post offices, accessible nationwide. Though coverage ends for those over 70 or due to account closure, PMSBY supports individuals aged 18 to 70, serving as a vital safety net.

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