The Pradhan Mantri Suraksha Bima Yojana, also known as Pradhan Mantri Suraksha Bima Yojana, is India’s national social security program. It offers coverage for accidental death and disability for one year and may be renewed annually.
In the fiscal year 2015 budget, the federal government named Pradhan Mantri Suraksha Bima Yojana one of the three social security programs it intends to implement. Atal Pension Yojana (APY) & Pradhan Mantri Jeevan Jyoti Bima Yojana are the two additional plans that have been implemented (PMJJBY).
In its most basic form, Pradhan Mantri Suraksha Bima Yojana is an insurance program that protects policyholders against accidental mortality and disability for one year and includes the option to renew the policy annually.
Because the annual minimum reconnection fee is only Rs. 12 (twelve rupees), it is widely acknowledged that insurance offers the most significant advantages to low-income and impoverished members of society. This plan provides a life coverage of Rs. 2 lakh in the event of accidental death and Rs. 1 lakh in the event of total and permanent disability. Additionally, the plan provides Rs. 1 lakh in the event of permanent partial disability.
This program is open to individuals who are at least 18 years old but who are over the age of 70, provided that they have a savings account. It is essential to remember that if you have more than one savings bank account, you will only be able to participate in the program if you use one of those accounts.
Pradhan Mantri Suraksha Bima Yojana Scheme
According to the government, a person is considered to have a lifelong handicap if they have suffered a complete and irreversible vision loss in both eyes or if they have lost the use of these or either hand or foot. The risk coverage available through Pradhan Mantri Suraksha Bima Yojana is Rs 2 lakh for unnatural death & Rs 1 lakh for only permanent partial dementia. The risk coverage for permanent total impairment is Rs 2 lakh.
On the other hand, total & irreversible vision loss or the loss of a foot or hand are examples of impairments that constitute a permanent partial disability. The program is available to people and other insurance they may already have.
In addition, because this is a term life insurance plan and not a Mediclaim policy, it does not include any provision for the reimbursement of hospitalization expenditures in the event of an accident. This is because an accident is considered a medical emergency.
Who is Eligible for Pradhan Mantri Suraksha Bima Yojana?
The Pradhan Mantri Suraksha Bima Yojana is open to participation from Indian citizens between 18 and 70 with a bank account. If the individual possesses more than one bank account, they will only need to use one of those accounts to participate in the Scheme.
If the person has a joint bank account with other people, then each of those people can take advantage of the Scheme on their own. Even Non-Resident Indians (NRIs) have the opportunity to participate in the program, but any benefits they receive will be paid to them solely in Indian currency.
What documents are required for Pradhan Mantri Suraksha Bima Yojana Documents?
It is not difficult at all to sign up for this insurance program that the government supports. You can sign up for the program in one of two ways: by entering into the online banking platform provided by your bank or by sending an SMS from your mobile phone to the toll-free number provided for each participating insurance company and bank. To finalize the process of subscribing, you will need the following collection of documents:
● Application form
● Contact details of the account holder
● Aadhaar Card
● Contact details of the nominee
Benefits of Pradhan Mantri Suraksha Bima Yojana Scheme
Three primary advantages of Pradhan Mantri Suraksha Bima Yojana should be mentioned. These include:
The government program known as the Pradhan Mantri Suraksha Bima Yojana has a predetermined premium of twelve rupees to be paid yearly to participate. Because it is offered at such a low cost, the insurance plan is accessible to everyone and within their financial means. Additionally, by Section 10D of the Income Tax Act of
1961, any insurance payout up to one lakh rupees received through the Pradhan Mantri Suraksha Bima Yojana is exempt from taxation.
● The extent of coverage
The Pradhan Mantri Suraksha Bima Yojana offers coverage of up to two lakh rupees in the event of accidental death or total or partial permanent disability. It provides a good payout that can be used to compensate for a loss of income caused by the death or disability of the family worker. Because of this, it is the most affordable accident insurance policy available on the market.
● Auto–debit function
The only accepted method is automatic debit when paying for a Pradhan Mantri Suraksha Bima Yojana subscription. Using this kind of debit helps to ensure that your coverage will continue uninterrupted even if you forget to renew your membership in time.
How To Apply for Pradhan Mantri Suraksha Bima Yojana?
Instructions for applying for Pradhan Mantri Suraksha Bima Yojana by SMS –
Step 1: Call the toll-free number provided by the onboarding organization and leave a message.
Step 2: An activation notification will be sent to you.
Step 3: When prompted, type “Pradhan Mantri Suraksha Bima Yojana Y” as your response to the activation notice.
Step 4: The next step will consist of an acknowledgement message being sent to you.
Step 5: The bank will handle your request based on your savings account information.
Instructions on how to sign up for Pradhan Mantri Suraksha Bima Yojana using net banking –
Step 1: The first thing you need to do is sign in to your online banking account. Step 2: Select “Insurance” from the drop-down menu.
Step 3: Pick the bank account that will be utilized for the payment of premiums
Step 4: After ensuring all the information is correct, click the “Confirm” button.
Step 5: After the download, preserve the copy of the acknowledgement receipt for your records.
Role and Responsibilities of Pradhan Mantri Suraksha Bima Yojana
In the event of any of the following, the member’s accident coverage will be cancelled, and no further benefits will be paid:
(1) At the age of seventy (age nearest birthday).
2) The Bank account being closed or having insufficient funds to maintain insurance coverage.
3) If the Insurance Company receives a premium for a member who is already insured under more than one policy, the member’s coverage will be reduced to that of the primary policy, and the excess payment will be forfeited.
4) If coverage is cancelled for technical reasons, including a lack of payment on the due date or an administrative error, it can be reinstated upon payment of the entire annual premium, according to any conditions which may be imposed.
5) There will be a lapse in coverage, and whether or not it is reactivated is entirely up to the Insurance Company.
6) The premium will be automatically debited from the account at participating banks in the same month the auto payment option is made available, typically May of each year, and the funds will be transferred to the insurance provider at the beginning of the following month.
How to Check Pradhan Mantri Suraksha Bima Yojana Status?
Here’s how you can see what’s going on with Pradhan Mantri Suraksha Bima Yojana’s account. 1. Go to your bank’s website.
2. Enter your login details for your online banking account.
3. go to the relevant Pradhan Mantri Suraksha Bima Yojana forum.
4. input the account number for the bank account.
5. Enter the Pradhan Mantri Suraksha Bima Yojana application number.
6. Select the “Submit” button as the sixth step.
7. We will verify the current state.
What is Pradhan Mantri Suraksha Bima Yojana KYC?
Anyone between 18 and 70 with a bank account agrees to join the Scheme and set up auto-debit by May 31 will be covered from June 1 through May 30 of the following year. The primary Know Your Customer (KYC) document for the bank account would be Aadhar.
Pradhan Mantri Suraksha Bima Yojana KYC is an Insurance Cover Scheme that provides coverage for accidental death or disability. The policy would last for a year and may be renewed annually.
Today, accidents are commonplace on India’s highways, and accident insurance is affordable for the middle class and the wealthy but not for the impoverished. All of these factors contributed to the government’s recognition of the issue, which led to the development of the Pradhan Mantri Suraksha Bima Yojana.
Pradhan Mantri Suraksha Bima Yojana (Pradhan Mantri Suraksha Bima Yojana) is considered among the best social security systems due to its comprehensive nature, low premiums, and other laudable qualities. It ensures the lives of those with less financial resources without severely impacting their savings.