Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana, as an insurance scheme offers accidental death and disability cover to individuals. The plan offers a one-year cover which is renewable from year to year.

It is provided by the Public Sector General Insurance Companies or any other General Insurance Company; if they are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose.

Under the Pradhan Mantri Suraksha Bima Yojana, all savings bank account holders between 18 and 70 years of age can opt for the cover. In case an individual holds multiple savings bank accounts, he will be eligible for the scheme through one savings bank account only. The primary KYC document for the Pradhan Mantri Suraksha Bima Yojana is Aadhar Card.

Let's look at the features and benefits in detail to avail of the Pradhan Mantri Suraksha Bima Yojana services effectively.

• The scheme covers one year starting from June 1 to May 31 of subsequent year. You can renew it annually by paying the premium in the last week of May every year.
  
• An individual can subscribe to the Pradhan Mantri Suraksha Bima Yojana anytime during the earlier mentioned period. 
• A premium of Rs.12/- per annum per member applies to the scheme. It will be deducted from the policyholder's savings account in one installment through the 'auto-debit' facility.
• Similar to any other insurance policy, Pradhan Mantri Suraksha Bima Yojana offers financial compensation to the nominee in the unfortunate case of the policyholder's loss of life.
• You can join the scheme by downloading the Pradhan Mantri Suraksha Bima Yojana form and submit it to your banker. Alternatively, there are options to activate it through SMS or netbanking as well.

Here are the benefits offered under Pradhan Mantri Suraksha Bima Yojana:

Pradhan Mantri Suraksha Bima Yojana aims to offer financial assistance in times of crisis to India's lower-income population. Here are the highlights of the accident insurance scheme:

The eligible individual can avail of the Pradhan Mantri Suraksha Bima Yojana benefits if they comply with the following terms and conditions.

1. If an individual holds multiple savings bank accounts, the account holder can only apply for one Pradhan Mantri Suraksha Bima Yojana policy. If various policies are active, the premiums will be refunded to the respective accounts, and no claims will apply to the additional policy requests. 

An eligible individual can apply for the Pradhan Mantri Suraksha Bima Yojana by approaching an affiliated bank or an insurance provider. The government's Jansuraksha website also allows you to download the Pradhan Mantri Suraksha Bima Yojana form in different languages.

Pradhan Mantri Suraksha Bima Yojana certificate download will allow you to avail of the scheme's benefits. Here's a sample of how you can apply for the Pradhan Mantri Suraksha Bima Yojana through the SMS facility:

• Eligible customers receive an activation SMS
  
• Reply 'PMSBY Y' to activate the scheme
• You will receive an acknowledgment message for the receipt of the response
• The Bank will manage the processing information such as nominee relationship and details from the savings account.

In case, the required details are not available in core banking records, the confirmation will not be taken ahead for processing. Customer may then apply from the nearest branch/net banking.

Here's a sample process to apply for the Pradhan Mantri Suraksha Bima Yojana using NetBanking:

• Log in to the internet banking of the respective Bank
  
• Click on the Insurance tab and select the Pradhan Mantri Suraksha Bima Yojana option
• Choose the account to be used for paying the premium amount
• Review all the details and confirm
• Download the receipt of confirmation and note the unique reference number