What is PMSBY Scheme? मात्र ₹12 में सुरक्षा! जानें कैसे करें आवेदन

What is PMSBY Scheme, The Indian government introduced a number of social welfare programs in a nation where a sizable section of the populace is susceptible to financial hardship as a result of unanticipated circumstances like accidents. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is notable because it provides the average person with financial security in the event of an accident. This page offers a thorough overview of the PMSBY program, including information on its features, advantages, requirements for eligibility, enrollment procedure, and more.

Introduction to the PMSBY Scheme

As part of its broader goal to offer reasonably priced insurance coverage to the whole public, particularly the economically disadvantaged segments, the Indian government introduced the Pradhan Mantri Suraksha Bima Yojana (PMSBY), a flagship social security program, on May 9, 2015. In order to prevent financial hardship for people and families in the case of an accident, the program focuses on providing accident-related insurance coverage.

In order to protect people and their families from financial difficulties brought on by unplanned events, PMSBY strives to offer reasonably priced accidental death and disability insurance. With a relatively modest premium amount, it provides a very accessible platform for people in both urban and rural locations to obtain financial security.

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Key Features of the PMSBY Scheme

A number of elements make the PMSBY system easy to use, reasonably priced, and comprehensive. Here are a few of its salient characteristics:

1. Accidental Death and Disability Coverage

PMSBY’s coverage for accidental death and permanent disability is its main advantage. The nominee or insured person is compensated in the event that someone dies in an accident or becomes permanently disabled as a result.

• Death by Accident: ₹2 lakh
• Total disability costs ₹2 lakh, whereas partial disability costs ₹1 lakh.

2. Affordable Premium

The pricing of this plan is one of its main advantages. Even those from lower-income families might profit from it because the annual cost is only ₹12. It is among the most affordable insurance plans offered in India because of its cheap price.

3. Wide Eligibility Criteria

Because of its straightforward qualifying requirements, PMSBY is available to a broad spectrum of people. It includes anybody with an active bank account connected to their Aadhar number who is between the ages of 18 and 70.

4. Automatic Renewal

The coverage is automatically renewed annually when a person enrolls in PMSBY. Unless the policyholder opts out, the premium is automatically deducted from their bank account, guaranteeing that their coverage will never expire.

5. Annual Premium Payment

The PMSBY plan just requires a yearly fee of ₹12, which is easy for consumers to handle in contrast to many other insurance plans where premium payments may be made weekly or monthly.

Benefits of the PMSBY Scheme

In order to shield the insured and their families from financial hardship brought on by accidents, the PMSBY Scheme provides a number of benefits:

1. Accidental Death Benefit

The nominee or family members are compensated with ₹2 lakh in the sad event that the insured individual dies in an accident.

2. Permanent Disability Benefit

The insured individual will receive ₹2 lakh for a whole disability and ₹1 lakh for a partial disability if they become permanently disabled.

• Total disability covers situations like losing both limbs or sight.
• Partial disability involves losing a limb or an eye.

3. Affordable and Low-Cost Insurance

The primary benefit of PMSBY is its exceptionally cheap premium. It gives them a great degree of financial protection that they otherwise wouldn’t be able to afford for just ₹12 years.

4. Covers a Wide Range of Accidents

The plan provides complete protection by covering a variety of accidents. This covers traffic accidents, natural disasters, and other unanticipated events that result in death or disability.

Who is Eligible for PMSBY?

The goal of the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is to make it as widely available as feasible. The program’s qualifying requirements are simple and guarantee widespread participation:

1. Age Limit

Participants in the program must be between the ages of 18 and 70. This implies that a large portion of the populace, including older folks and working individuals, can profit from the coverage.

2. Citizenship

Only Indian nationals are eligible to use PMSBY. This program does not apply to non-resident Indians (NRIs).

3. Bank Account Requirement

Applicants must have a current bank account connected to their Aadhar card in order to participate in the program. It is necessary for the person to have a working bank account since the premium money is taken out of this account annually.

4. Health Status

People with various health problems can join the PMSBY system as long as they are between the ages of 18 and 70, as there are no strict health requirements.

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How to Apply for the PMSBY Scheme?

The PMSBY scheme application process is quick and easy. This is how to apply:

Step-by-Step Process to Apply for PMSBY:

Go to Your Bank

• PMSBY is accessible through a number of Indian banks. Visit the closest branch of your bank that provides this service to sign up for the program.

Complete the application.

• Fill out the application that the bank has given you. Your name, address, Aadhar card number, and bank account information are among the personal information that will be requested.

Give the details for your Aadhar card.

• Verification of an Aadhar card is required in order to enroll in the program. Your Aadhar number, which is connected to your bank account, will be required.

Payment of Premiums

• The yearly premium of ₹12 will be taken out of your bank account when your application has been completed. A confirmation will be sent to you if your enrollment is approved.

Verification of Registration

• After registration is completed successfully, the bank will provide a verification of your involvement in the PMSBY program. A insurance number will also be given to you for your records.

What Does PMSBY Cover?

Accidental fatalities and permanent disabilities are expressly covered under the PMSBY program. A closer view is provided here:

1. Accidental Death Coverage

• In the event that an accident results in the insured person’s death, ₹2 lakh is paid to the nominee or family.

2. Permanent Disability Coverage

• In the event that an accident renders the insured permanently disabled, the following compensation is awarded:

• ₹2 lakh for total disability.
• ₹1 lakh for partial disability.

3. Temporary Disabilities

• The PMSBY program does not provide coverage for temporary impairments, such as a broken limb or an accident. Compensation is only available for permanent impairments.

How to Claim Benefits from PMSBY?

The insured individual or their family may make a claim if an accident results in death or permanent disability. This is how you approach it:

Steps to File a Claim:

• Inform the insurer or bank.
• Notify your bank or the insurance company where you signed up for the plan of the accident right away.
• Send in the Required Documents
• The claim procedure requires the following documents:
• Medical report or death certificate
• Police report (if an accident occurs)
• Details of a bank account
• Details of an Aadhar card
• Claim Processing
• The claim will be handled after the papers have been validated. The nominee or insured individual will get payment if qualified.

Renewal Process for PMSBY

Since PMSBY is a yearly program, the insurance policy must be renewed annually to maintain coverage. On the anniversary of enrollment, the premium is automatically taken out of the associated bank account. The policy may be terminated if the account has insufficient cash. You may pay the price to renew it later, though.

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Conclusion

In order to give people and their families financial stability in the event of unintentional death or disability, the Indian government launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY). PMSBY is a step in the right direction toward guaranteeing that everyone, regardless of financial background, has access to accident insurance because of its affordable cost, straightforward eligibility, and quick enrollment process. Anyone who wants to guarantee a safety net for themselves and their loved ones would be wise to enroll in this program.

Faq’s

Q. What is the price of PMSBY?

Ans: The PMSBY policy has an annual premium of just ₹12.

Q. What is the PMSBY eligibility age?

Ans: PMSBY is available to everyone between the ages of 18 and 70.

Q. Can someone who is not an Indian citizen apply for PMSBY?

Ans: No, the PMSBY plan is solely available to Indian people.

Q. How can I find out whether I have PMSBY?

Ans: By going to the bank where you applied or using their website, you may find out your PMSBY status.

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