What is the PMSBY scheme?
The Pradhan Mantri Suraksha Bima Yojana or PMSBY Scheme is one of the three social security schemes announced by the Government of India. It is an accidental insurance scheme, and it provides accidental death and disability coverage for one whole year with an annual renewal. PMSBY is really beneficial for the poor and low-income people, which are below the poverty line as the minimum premium rate is Rs. 12/- per year. PMSBY provides life insurance of Rs. 2 lakh for the permanent total disability and accidental demise, whereas Rs. 1 lakh for some permanent partial disability.
Features of PMSBY scheme
The features of the PMSBY Scheme are as follows: –
- The insurance cover for accidental death is renewable each year.
- The annual premium that is to be paid is Rs. 12. This premium does not include the service tax, which is around 14%.
- The amount of Rs. 2 lakh is payable to the beneficiary if they are totally disabled due to the accident or dies in the accident.
- The premium that is to be paid is auto-debited from the bank account.
- The subscriber can leave the scheme at any time and can sign up for the scheme at any time in the future.
- He can also avail the long-term benefit, or he can renew the scheme annually.
Benefits Of PMSBY Scheme
The benefits of the PMSBY are summed up as follows:
|If the accident results in a subscriber’s death||Rs. 2 lakh will be paid to the nominee|
|If the accident results in irrecoverable loss of use of both feet or hands, loss of sight of one eye or loss of eyes, and loss of use of a foot or a hand.||Rs. 2 lakh will be paid|
|If an accident causes total loss of sight of one eye and loss of use of one foot or hand||Rs. 1 lakh will be paid|
Eligibility of the PMSBY Scheme
The Eligibility Criteria of the PMSBY is an under: –
- The minimum age of a person has to be 18 years.
- The maximum age of a person has to be 70 years.
- People who have a savings bank account and fall in the age group of 18-70 years are eligible to subscribe to the policy.
- The bank account has to be linked with the Aadhaar Card.
- If your bank account is not linked with your Aadhaar, then you have to attach a copy of your Aadhaar card with the application form.
- If a person has more than one savings account, he is eligible to join the PMSBY Scheme through only a single bank account.
- The premium that is to be paid is Rs. 12 annually.
- The premium is auto-debited from the bank account of the insured.
Documents Required For the PMSBY Scheme
The documents that are required to apply for the PMSBY Scheme are:-
- Identity Proof.
- Aadhaar Card.
- Nominee Details.
- Contact Information.
- Application Form ( in Hindi, English, Gujarati, Marathi, Telugu, Tamil, Bengali, or Oriya)
The only document that a person has to submit along with the application form is the copy of his Aadhaar Card, only if his Aadhaar Card is not linked with his bank account.
Conditions For Termination of the PMSBY Scheme
The accidental cover under the PMSBY Scheme will be terminated on the following conditions: –
- When the subscriber reaches the age of 70 years.
- If the savings account is closed because of non-maintenance of minimum balance.
- If the insurance cover is ceased via more than one account, the cover of insurance will be restricted to only one account.
- If the insurance cover is ceased because of any technical error or insufficient balance, it can be reinstated after the full payment of the premium.
- The participating banks deduct the premium monthly when the auto-debit option is taken.
FAQs About PMSBY scheme
✅ What is the maximum age to subscribe under the PMSBY Scheme?
The maximum age to subscribe under the PMSBY scheme is 70 years.
✅ How can I track the status of my account of the PMSBY Scheme?
You can track the status of your account by visiting the website of the bank, and then, you have to enter the application and account number.
✅ How to download the PMSBY Scheme Certificate?
You need to get in touch with the bank that has the savings account via the PMSBY scheme and then, you will be able to download the PMSBY Scheme Certificate.
Table of Contents
- 1 What is the PMSBY scheme?
- 2 Features of PMSBY scheme
- 3 Benefits Of PMSBY Scheme
- 4 Eligibility of the PMSBY Scheme
- 5 Documents Required For the PMSBY Scheme
- 6 Conditions For Termination of the PMSBY Scheme
- 7 FAQs About PMSBY scheme