The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored accident insurance scheme that provides financial protection to millions of Indians. Launched in 2015, this program offers coverage for accidental death and disability at an incredibly low premium of just ₹20 per year. As of February 2024, over 432 million people have enrolled in the scheme, making it one of the most popular insurance programs in India.
What is the Pradhan Mantri Suraksha Bima Yojana?
The PMSBY is an accident insurance scheme that covers death or disability caused by accidents. It was introduced by Prime Minister Narendra Modi on May 8, 2015, as part of the government’s efforts to provide social security to all Indians.
Key features of the scheme include:
- Annual renewable accident insurance cover
- Low premium of ₹20 per year
- Coverage amount of ₹2 lakh for accidental death and full disability
- Partial coverage of ₹1 lakh for partial disability
- Available to individuals aged 18-70 years
- Auto-debit facility for easy premium payment
Eligibility and Enrollment
To be eligible for the PMSBY, you must meet the following criteria:
- Age between 18 and 70 years
- Have a savings bank account
- Provide consent for auto-debit of premium
Enrolling in the scheme is simple. You can visit your bank branch, use internet banking, or even send an SMS to join. The required documents include:
- Completed PMSBY application form
- Aadhar card (if not linked to your bank account)
Benefits of the Pradhan Mantri Suraksha Bima Yojana
The PMSBY offers several important benefits to policyholders:
- Accidental death coverage: In case of the policyholder’s death due to an accident, the nominee receives ₹2 lakh.
- Total and permanent disability coverage: If the insured person suffers total and permanent disability due to an accident, they receive ₹2 lakh. This includes:
- Loss of both eyes or loss of use of both hands or feet
- Loss of sight in one eye and loss of use of one hand or foo
- Partial permanent disability coverage: For partial permanent disability, such as the loss of sight in one eye or loss of use of one hand or foot, the policyholder receives ₹1 lakh.
- Affordable premium: At just ₹20 per year, the PMSBY is one of the most affordable insurance schemes available.
- Easy enrollment and renewal: The scheme can be easily joined through banks and post offices, with automatic renewal through auto-debit.
- Wide age range: Covering individuals from 18 to 70 years, the scheme caters to a large section of the population.
- Tax benefits: Premiums paid for PMSBY are eligible for tax deduction under Section 80C of the Income Tax Act.
How to Apply for Pradhan Mantri Suraksha Bima Yojana
Applying for the PMSBY is a straightforward process:
- Visit your bank branch or post office where you have a savings account.
- Fill out the PMSBY application form, which is available in multiple languages.
- Provide your Aadhar card details or submit a copy if not linked to your bank account.
- Give consent for auto-debit of the annual premium from your account.
- Receive an acknowledgment slip and certificate of insurance upon successful enrollment.
Alternatively, you can enroll through:
- Your bank’s internet banking portal
- SMS-based enrollment (check with your bank for details)
- The official Jan Suraksha website (https://jansuraksha.gov.in)
Coverage Period and Renewal
The PMSBY provides coverage for one year, from June 1 to May 31. The premium is auto-debited from the policyholder’s bank account before June 1 each year for renewal. If the auto-debit fails, policyholders have a grace period to pay the premium and continue coverage.
Claim Process
In the unfortunate event of an accident, the claim process for PMSBY is designed to be simple and quick:
- The nominee or the insured person (in case of disability) should inform the bank about the claim.
- Submit the required documents, including a death certificate or disability certificate, to the bank.
- The bank forwards the claim to the insurance company.
- The insurance company processes the claim within 30 days of receiving all required documents.
- The claim amount is then transferred to the nominee’s or insured person’s bank account.
Exclusions and Limitations
While the PMSBY offers comprehensive coverage, there are some exclusions to be aware of:
- Death by suicide is not covered
- Non-permanent disabilities (partial disability without irrecoverable loss) are not eligible for claims unless specified
- Pre-existing disabilities are not covered
Impact and Achievements
The Pradhan Mantri Suraksha Bima Yojana has made a significant impact since its launch:
- As of February 2024, over 432 million people have enrolled in the scheme.
- The government has settled 96.55% of claims filed under PMSBY.
- A total of ₹2,610 crore has been disbursed in claims.
- Approximately 173,000 claims have been settled since the scheme’s launch in May 2015.
These numbers highlight the scheme’s success in providing financial protection to a large number of Indians, especially those from economically weaker sections of society.
Comparison with Other Insurance Schemes
The PMSBY is part of a trio of social security schemes launched by the Indian government, along with the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana (APY). Here’s how they compare:
- PMSBY: Accident insurance with ₹2 lakh coverage for ₹20 per year
- PMJJBY: Life insurance with ₹2 lakh coverage for ₹436 per year
- APY: Pension scheme with guaranteed minimum monthly pension of ₹1,000 to ₹5,000 after age 60
Together, these schemes form a comprehensive social security net for Indian citizens.
Conclusion
The Pradhan Mantri Suraksha Bima Yojana represents a significant step towards providing affordable accident insurance to all Indians. With its low premium, wide coverage, and simple enrollment process, the scheme has already benefited millions of families. As it continues to evolve and expand, the PMSBY is poised to play a crucial role in strengthening India’s social security framework. By offering financial protection against unforeseen accidents, this scheme not only provides peace of mind to individuals but also contributes to the overall economic stability of families across the country.
