Pradhan Mantri Suraksha Bima Yojana was launched in 2015 by PM Narendra Modi in 2015. (Source: freepik)
The Narendra Modi-led central government started the program called “Pradhan Mantri Suraksha Bima Yojana (PMSBY)” in 2015. Under this yojna, the insurance plans cost very little each year, but they can assist the families with the financial burdens if the insured member gets hurt or is met with an unfortunate demise in an accident.
Pradhan Mantri Suraksha Bima Yojana: Benifits
The Pradhan Mantri Suraksha Bima Yojana is a low-cost way to give yourself and your family peace of mind. For just Rs. 12 (subject to change) per year, you get a Rs. 2 lakh payout if you die in an accident. This financial support can be a lifesaver for your loved ones, helping them manage your loss’s emotional and financial burden. Pradhan Mantri Suraksha Bima Yojana also offers coverage in case of disability.
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If an accident leaves you permanently disabled, you’ll receive Rs. 2 lakh to help you manage your living expenses and maintain some financial independence. Even partial permanent disability is covered, with a proportionate amount of the Rs. 2 lakh death benefit offered (As per the scheme) to help with medical bills and rehabilitation costs.
To be eligible for PMSBY, you must meet the following criteria:
Age Limit: Individuals aged 18 years (completed) to 70 years (age nearer birthday) on the enrollment date are eligible.
Saving Bank Account: You must possess a valid savings account with a participating bank or post office in India. This is crucial for automatic premium deduction and ensures seamless enrollment.
Occupation: PMSBY primarily targets individuals employed in the unorganised sector, though exceptions may exist. Check with your bank or post office for specific eligibility details based on your occupation.
Pradhan Mantri Suraksha Bima Yojana: Application process
Applying for PMSBY is a convenient process that can be completed using two different methods.
1] Through Your Bank:
Head to Your Branch: Visit the bank branch where you have your savings account.
Let Them Know: Tell a customer service representative that you want to sign up for PMSBY.
Fill Out the Form: You might be given a form to fill out with your information, like your name, birthday, address, and who you want the benefits to go to if something happens to you (called a nominee). Ensure everything is filled in correctly.
Set Up Auto-Pay: The bank will explain how they’ll automatically deduct the yearly fee (around Rs. 12, subject to change) from your savings account. Make sure you understand and agree to this.
Submit Everything: Once you’ve filled out the form and agreed to auto-pay, hand everything to the bank representative to process your application.
2] Through Post Office:
Visit Your Local Branch: Go to your nearest post office.
Show Your Interest: Tell a postal worker that you’d like to enrol in PMSBY.
Complete the Application: You may need to fill out a form with your details, similar to what you’d do at the bank. Include information about your nominee if applicable.
Set Up Auto-Pay: Discuss how the annual fee will be automatically deducted from your linked savings account. Make sure you understand and agree to this.
Submit for Enrollment: After completing the application and agreeing to auto-pay, give the documents to the postal worker to finalise your PMSBY enrollment.
