It happened on the 28th of February 2015 when India’s Finance Minister first announced the Pradhan Mantri Suraksha Bima Yojana. The scheme was initiated by the Government of India to help the unprivileged people under the social security.
What is the PM Suraksha Bima Yojana scheme?
The Pradhan Mantri Suraksha Bima Yojana is basically an accidental death insurance scheme that was launched in the budget of 2015-16. The basic aim behind this initiative is just to provide a low cost insurance for all the Indians as well as the under privileged citizens.
Currently, it is almost impossible for the poor people to buy any kind of insurance policy and as a reason for this the Pradhan Mantri Suraksha Bima Yojana is a great option for the people to afford a basic premium cover. Thus it will certainly help the people to claim a cover for any accidental death issues of the policy holder. Indeed, the best part is that the amount to be taken for the premium is indeed very low.
Benefits and Eligibility of the Pradhan Mantri Suraksha Bima Yojana
There are certain benefits for the Pradhan Mantri Suraksha Bima Yojana and they are:
The charge for opening an account with Pradhan Mantri Suraksha Bima Yojana is just Rs. 12 per year and it is certainly the cheapest insurance premium in the world. This amount is supposed to be auto debited from the account of the policy holder.
- The accidental Death Risk can be claimed with coverage of Rs. 2 lakh by the Government. So for any accidental death the Pradhan Mantri Suraksha Bima Yojana will cover an insurance of Rs. 2 lakhs in case of total loss of both hands, both eyes or sight or one leg or foot.
- For partial disability, a sum of Rs. 1 lakh will also be paid by the Pradhan Mantri Suraksha Bima Yojana to the account holder.
- The cover will be terminated if the policy holder reaches the age of 70 years.
Eligibility for the Pradhan Mantri Suraksha Bima Yojana
There are certain criteria that must be fulfilled by the account holder. They are:
- The age limit must be within 18-70 years of the account holder.
- The Bank account is a must for any individual holding the Pradhan Mantri Suraksha Bima Yojana scheme.
- You have to provide a consent form or ECS form for auto debit of premium amount from your savings account.
How to Apply Pradhan Mantri Suraksha Bima Yojana?
You can apply for Pradhan Mantri Suraksha BimaYojana in authorized banks via online or offline as well. I have just checked the process to apply Pradhan Mantri Suraksha BimaYojana in ICICI bank and here are the steps.
- Through Internet Banking, please login to your Internet Banking account at ICICI Bank and follow the navigation: Service Requests > Bank Accounts > Enroll for Pradhan Mantri Suraksha BimaYojan
- Or you can try through mobile, please send SMS PMSBY <Nominee name> Y to 5676766 from your registered mobile number.
Simply login to your internet banking and then look for options to apply PMSBY. You will find the link somewhere and then proceed further by clicking the same.