PMSBY Scheme Details: Everything You Need to Know About Pradhanmantri Suraksha Bima Yojana

 The Government of India has launched various schemes to provide social security and financial protection to its citizens. One such scheme is the Pradhanmantri Suraksha Bima Yojana  (PMSBY), which aims to provide accidental death and disability insurance coverage to the masses. In this blog, we will discuss the details of the PMSBY scheme and how it can benefit you.



What is PMSBY Scheme?

PMSBY is a government-backed insurance scheme launched in 2015 under the Jan Suraksha Yojana. It is available to all Indian citizens aged between 18 to 70 years and has an annual premium of only Rs. 12. The scheme provides accidental death and disability coverage of Rs. 2 lakhs and Rs. 1 lakh, respectively. The coverage is available for one year and can be renewed annually.

Eligibility Criteria for PMSBY Scheme

To avail the benefits of the PMSBY scheme, one must fulfill the following eligibility criteria:

1. The applicant must be an Indian citizen between 18 to 70 years of age.

2. The person must have a savings bank account in any participating bank.

3. The account should be linked to the Aadhaar number.

How to Apply for PMSBY Scheme?

To apply for the PMSBY scheme, one can visit any participating bank and fill the PMSBY application form. Alternatively, the application form can also be downloaded from the official website of the scheme. The premium amount of Rs. 12 will be auto-debited from the linked savings bank account on the specified date.

Benefits of PMSBY Scheme

1. Affordable Premium: The annual premium for the PMSBY scheme is only Rs. 12, making it accessible to people from all income groups.

2. Accidental Death Coverage: In case of the policyholder's accidental death, their nominee will receive a sum of Rs. 2 lakhs, providing financial security to their family.

3. Disability Coverage: The scheme also provides coverage of Rs. 1 lakh in case of total and permanent disability due to an accident. This amount can help the policyholder to cover their medical expenses and support their family financially.

4. Easy Renewal: The PMSBY scheme can be renewed annually by paying the premium amount of Rs. 

Claim Process for PMSBY Scheme

In case of an unfortunate event, the nominee or the policyholder can file a claim by following the below-mentioned process:

1. Inform the Bank: The first step is to inform the bank where the savings account is linked about the accident and the claim.

2. Submit Documents: The nominee or the policyholder must submit the necessary documents, such as the claim form, death certificate, FIR, etc., to the bank.

3. Claim Settlement: The bank will then forward the claim to the insurance company, and the claim amount will be credited to the nominee's bank account.

Conclusion

The PMSBY scheme is a step towards providing financial security to the masses. It is a cost-effective insurance scheme that can benefit people from all income groups. The scheme has a simple application process and provides coverage for accidental death and disability. We urge all eligible individuals to avail the benefits of this scheme and secure their future.

In conclusion, the PMSBY scheme is a commendable initiative by the Government of India, which aims to provide social security and financial protection to its citizens. We hope this blog has provided you with all the necessary details about the scheme, and we encourage you to spread the word and help others benefit from it. Remember, your safety is in your hands, and PMSBY is here to support you in times of need. Stay safe and secure with PMSBY!

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