Life Insurance 223 views January 19, 2021

Pradhan Mantri Suraksha Bima Yojana is an accident insurance policy that provides death and disability cover. This is a one-year policy that can be renewed annually if you give consent for the same. The premium amount for the Pradhan Mantri Suraksha Bima Yojana is INR 12 per annum per insured person. Under this plan, you will get coverage of INR 2 lakh for accidental death and total permanent disability, and INR 1 lakh for permanent partial disability. Let’s read the page below and know more about the Pradhan Mantri Suraksha Bima Yojana coverages and exclusions.

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Coverage Under Pradhan Mantri Suraksha Bima Yojana

If the insured person meets accidents, dies, or faces any disability as defined under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) policy document, the same will be covered under PMSBY. So if you are looking for an accident insurance plan, put Pradhan Mantri Suraksha Bima Yojana on your list. Because it will secure your family financially in case of your death or disability.

Exclusions from Pradhan Mantri Suraksha Bima Yojana

If the death of the insured person is due to suicide, the same will not be covered. The death exclusion shall not apply in case it is a murder. Also where partial disablement does not consist of any irrecoverable loss of an eyesight or loss of use of one hand or foot, the same will not be covered.

Pradhan Mantri Suraksha Bima Yojana Eligibility

You can buy Pradhan Mantri Suraksha Bima Yojana if you meet the following criteria:-

  1. Age should be between 18-70 years
  2. Should have a bank account
  3. In the case of multiple bank account, you can use any of the banks to apply for Pradhan Mantri Suraksha Bima Yojana
  4. In the case of a joint bank account, all the account holders will be insured under Pradhan Mantri Suraksha Bima Yojana
  5. NRI individuals can also buy the Pradhan Mantri Suraksha Bima Yojana, but the claim payment will be INR only.

How to Enroll for PMSBY?

To enroll under the Pradhan Mantri Suraksha Bima Yojana, you just need to follow the instructions below:-

  1. Log in to net banking of any bank account you have
  2. You will see the ‘PMSBY’ option on its ‘Offers’ section
  3. Click on it
  4. Select the account via which you want to pay a premium for the policy
  5. After that, the policy coverage amount, premium amount and nominee details will be displayed on your screen
  6. Policyholders can choose to replicate the savings account nominee or add a new nominee if they want
  7. Click on the following declarations or details
  8. Click on ‘Continue’
  9. See the complete details of the PMSBY scheme
  10. If you agree to the policy terms and conditions, click on ‘Confirm’ and download the acknowledgment for future reference as it contains the unique reference number

Note – Pradhan Mantri Suraksha Bima Yojana cover starts from June 1 and expires on May 31 of the next year. So if you enroll on or after June 1, the cover shall commence from the date of premium debit and end on May 31 of the next year.

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