The scheme has been designed to help people who have lost their family members due to accidents.
One of the Social Security schemes launched by the government in 2015 gives accidental insurance cover of ₹ 2 lakhs in just an annual premium of ₹20 only, excluding GST.
- Social security schemes in India.
- The cost of investment is just ₹20 per year.
- Accidental death benefit to surviving family member is ₹2 lakhs.
- Monetory benefit of ₹1 lakh on partial disability due to accident.
- Indian citizens with the age group of 18 to 70 are eligible for the scheme.
Pradhan Mantri Suraksha Bima Yojana
PMSBY is an insurance scheme that was launched on April 1, 2017. It will run until March 31, 2027.
Who will benefit from this scheme?
The scheme provides financial aid to the surviving family members.
With partial disability, the insurer would get ₹1 lakh in monetary benefit, and in the case of accidental death, the nominee would get ₹2 lakhs.
The nominee has to make a claim in order to avail of the benefits. One should bear in mind that the claim period is limited, and it should be done within the bank’s prescribed time line.
What are the benefits of the scheme?
Under the scheme, the government will pay ₹ 2 lakhs as compensation to the next of kin of those killed in accidents.
In addition, the government will also bear the expenses incurred during the last rites of the deceased. Besides, there is a provision for free medical treatment for injured survivors.
How does it work?
The scheme was launched in 2015 with the aim of reducing the number of deaths caused by road accidents.
It covers both fatal and non-fatal accidents. The scheme provides financial assistance to the insurer as well as the families of the victims of road accidents.
You need to have a bank account, preferably a savings bank account, to enroll in the PMSBY scheme.
Are there any eligibility criteria?
All citizens of India who are in the age group of 18 to 70 can apply for the scheme.
The scheme is available at all the banks in India. You may get it at popular banks such as SBI, ICICI, HDFC, and all the nationalized banks in India.
The beneficiaries must be residents of India. They also need to provide proof of identity and address.
How to Enroll PMSBY?
There are ways to enroll in PMSBY at banks. You can either enroll it online with the bank’s internet banking or you can visit the bank, fill out the application form, and get it done instantly.
Online Registration of PMSBY
The process of online PMSBY registration is simple and easy.
- Login to your internet banking service. For SBI, login to the bank website.
- Click on e-sevices menu. You will find the link under the menu bar.
- Now, click on the ‘Social Security Schemes’ menu and proceed.
- You will find 3 options: PMJJBY, PMSBY, and APY. select PMSBY and also choose the bank account you would like to link with.
- Verify the next screen and make sure the nomination details are captured correctly.
- Confirm it, payment will be completed with an OTP and an e-certificate will be issued instantly.
Likewise, you can apply online, wherever you bank. The process is more or less similar.
All you have to do is find the link for online enrollment in PMSBY on the respective bank website.
Offline Registration of PMSBY
The process is very simple. All you have to do is fill out the standard format and submit it to the concerned staff.
It can be done in a single visit. Just make sure that, you have provided the correct account number along with the nomination details.
In case you need the application form, click here to get it today.
Conclusion
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the best social security schemes of all time.
As the cost of investment is just ₹20 per year, it’s advisable to have it if your eligible for it.
The eligibility age group will be 18 to 70 years old, which means nearly all of us can participate in the scheme.
Up to ₹2 lakhs of insurance coverage is provided by the government, and yes, for partial disabilities, there’s a provision too. ₹1 lakh monetory benefit for partial disability due to accident.
To learn more, visit the Jansuraksha website.
