- 1 Pradhan Mantri Suraksha Bima Yojana Introduction
- 2 PM Suraksha Bima Yojana Scheme Conditions
- 3 Government Pradhan Mantri Suraksha Bima Yojana Scheme Features
- 4 Government PMSBY Scheme Benefits
- 5 Govt Pradhan Mantri Suraksha Bima Yojana Enrollment period
- 6 Termination of Cover
- 7 Govt PMSBY Forms and Documents
Pradhan Mantri Suraksha Bima Yojana Introduction
Pradhan Mantri Suraksha Bima Yojana Scheme is an Accident Insurance Scheme. It offers accidental death & disability cover for death/ disability due to an accident. It is a one-year life insurance cover which was announced by Finance Minister. It will start from 01-06-2015 to 31-05-2016. PMSBY Government Scheme can be renewable from year to year. It offers insurance cover of Rs. 2,00,000/- for an annual premium of Rs. 12/-. Government Pradhan Mantri Suraksha Bima Yojana Scheme is available only for the people of 18 to 70 years age group along with the bank account. They can join this scheme by submitting the application form.
PMSBY Government General Insurance scheme would be offered through PSGICs (Public Sector General Insurance Companies) & other General Insurance companies with required approvals and tie up with Banks to offer the product on similar terms. SBT (State Bank of Travancore) had tie-up with National Insurance Co. Ltd., for implementing this scheme.
PM Suraksha Bima Yojana Scheme Conditions
|Age at Entry:||
|Date of commencement:||
Government Pradhan Mantri Suraksha Bima Yojana Scheme Features
The key features involved in Government PMSBY Scheme are given below.
- One year renewable accidental death insurance cover which will commence from 01-06-2015.
- Age group of 18 to 70 years and having a bank account are eligible to take the cover by submitting the prescribed application/proposal form.
- Coverage of 2 lakhs for the premium of 12/-.
- Tax Benefit: You can avail tax benefit for the premiums paid under section 80C.
- An individual has to opt for this scheme every year, or he/she can also prefer a longterm option of continuing.
Government PMSBY Scheme Benefits
Benefits under P M Suraksha Bima Yojana is given in below table,
|Type of Accident||Sum Insured|
|Death||Rs. 2 Lac|
|Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot.||Rs. 2 Lac|
|Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot.||Rs. 1 Lac|
Govt Pradhan Mantri Suraksha Bima Yojana Enrollment period
- Enrollment is required for all bank account holders and has to give their auto-debit consent (agreement) by 31-05-2015.
- Late enrollment will be possible up to 31st August 2015.
- The Govt. may extend the enrollment period for another three months, i.e. up to 30th November 2015.
- Those who are joining after 31-08-2015 will have to pay the full annual premium on specified terms.
Termination of Cover
Pradhan Mantri Suraksha Bima Yojana cover will be terminated based on below reasons.
- Account holder attains 70 years of age.
- In a case of account closure or balance insufficiency for debiting premium.
- In a case of multiple coverages, the cover will be restricted to Rs. 2 Lac.
- Other are terminated, and premium shall be surrendered.