Under a ground-breaking Central Government scheme, you can get accident insurance of up to ₹2 lakh by paying ₹20 annually. This scheme is called the Pradhan Mantri Suraksha Bima Yojana (PMSBY). God forbid, if something untoward happens, you can claim up to ₹2 lakh under this policy. In case of death in an accident, the family receives ₹2 lakh. Additionally, claims can also be made under this policy if the accident results in disability.
What is the Pradhan Mantri Suraksha Bima Yojana
The Central Government launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY) to help economically vulnerable individuals in the event of an accident. This accident insurance scheme provides insurance coverage at a very low premium. The scheme was launched on May 9, 2015.
Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), accident insurance coverage of up to ₹2 lakh is available for a mere ₹20 annually. This amount is automatically deducted every year from your Aadhaar-linked bank account. The primary objective of PMSBY is to secure the future of all sections of society by providing insurance coverage to economically weaker sections.
PMSBY Features and Claim Amount
The Pradhan Mantri Suraksha Bima Yojana provides accident insurance coverage for individuals between the ages of 18 and 70. An annual premium of ₹20 provides medical coverage of ₹2 lakh. The insurance amount is deducted from the account between May 1 and 31 every year. The insurance cover also covers disability. In the event of the insured’s death, the family receives ₹2 lakh.
It is important to understand the claim details under PMSBY in detail: If death occurs due to an accident, the full amount of ₹2 lakh is paid. If the accident results in the loss of both eyes, both hands, or both legs, ₹2 lakh is also paid. Similarly, if one eye, one arm, or one leg is lost, a claim of ₹2 lakh is received. If one eye, or only one arm or one leg, is lost, an amount of ₹1 lakh is provided.
Eligibility Criteria and Application Procedure
To avail the Pradhan Mantri Suraksha Bima Yojana, certain general conditions must be met. You must have a savings account linked to your Aadhaar card in any bank. You must be between 18 and 70 years of age, as benefits will not be available after 70 years of age. The most important condition is that the applicant must consent to auto-debit so that the premium amount can be deducted automatically.
How to Apply
You can apply for the PMSBY scheme online through NetBanking. To fill out the application form offline, you must visit your nearest bank branch and obtain the application form there. Fill in all the information correctly, including the name of the nominee, on the application form. Submit the application form along with all the required documents to the bank. After submitting the form, you will receive an acknowledgement slip from the bank.
Documents and Complaint Numbers
The required documents for the scheme include your Aadhaar card, a bank account linked to your Aadhaar card, and a consent letter for auto-debit of insurance premiums. The national toll-free number for complaints related to the Pradhan Mantri Suraksha Bima Yojana is 1800-180-1111 / 1800-110-001.