Pradhan Mantri Suraksha Bima Yojana

Health Insurance Plans For Parents by HDFC ERGO

The Pradhan Mantri Suraksha Bima Yojana is a Government-backed accident insurance policy which protects against accidental death and disability to individuals between 18 to 70 years of age. This policy makes accident insurance accessible for people from all sections of society. The idea of this scheme was first discussed in the 2015 budget speech and was launched two months later, in May 2015. PMSBY prepares an individual against unexpected emergencies by providing accident insurance coverage of up to ₹2 lakhs at a very nominal premium of ₹20 per annum.

The PMSBY gives facility to citizens of India to insure themselves against unforeseen events that can lead total disability, partial disability and death.

Benefits of PMSBY

Here are the benefits of the Pradhan Mantri Suraksha Bima Yojana.

• You can get PMSBY at a minimum price of Rs. 20.

• The nominee gets claim in case of accidental death.

• An annual premium of ₹20 will be auto-debited from the beneficiary’s bank account.

• Provides coverage of up to ₹2 lakhs against accidental death and total or partial disability caused due to an accident.

Permanent total disability, i.e. total 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 one foot will be covered at compensation of ₹2 lakh

Permanent partial disability, i.e. loss of sight of one eye or loss of use of one hand or one foot will also be covered at compensation of ₹1 lakh

Accidental death of the applicant will be covered by the scheme.

The abuse or the consequences of the abuse of intoxicants or hallucinogenic substances such as drugs and alcohol, including treatment of nicotine addiction or alcohol addiction programs, any other substance abuse treatment or services, or supplies.

Whilst engaging in aviation or ballooning, whilst mounting into, dismounting from or travelling in any balloon or aircraft other than as a passenger (fare paying or otherwise) in any duly licensed standard type of aircraft anywhere in the world.

Whilst engaging in or participation in or involvement including but not limited to naval, military or air force operation.

Any Insured Person committing or attempting to commit a breach of law with criminal intent, or intentional self-injury or attempted suicide or suicide.

Whilst participation in Adventure sports

Any loss suffered by the Insured on account of his participation as the driver, co-driver or passenger during motor racing or trial runs or rallies using a motorized vehicle or bicycle

Note: Kindly refer Policy wordings for exhaustive list of exclusions in the product

Eligibility Criteria for PMSBY

In order to be able to avail the benefits of the PMSBY you will have to fulfil the following eligibility criteria:

• The person's age should be between 18 to 70 years.

• Applicant must have an active bank account. In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only.

• To enrol into the PMSBY, the bank account holders needs to give their consent to join / enable auto-debit.

Documents Required to avail PMSBY

• Active Bank Account Details

• Duly filled PMSBY application form containing details such as name, contact details, and details of the selected nominee etc.

How to Renew PMSBY

You can renew PMSBY by activating the auto-debit facility. This way, the premium will automatically debit from your bank account and renew the policy. The scheme can be renewed on an annual basis. However, the policy duration is between June 1 to May 31. Therefore, the policy should be renewed before the end of May. If you don’t want to renew, you must send a cancellation request to the respective bank.

Frequently Asked Questions

1. What is the essence of PMSBY?

The essence of the Pradhan Mantri Suraksha Bima Yojana is to provide Indian citizens with Personal Accident insurance coverage at a price considerably lower than what is charged by commercial insurance plans. It is a yearly policy and covers accidental death and disability as per the terms and conditions.

2. Who Can Claim Insurance Benefit In Case Of Death Of The Bank Account Holder Who Gave The Enrolment Form?

In case of death of the Account holder who enrolled in the scheme, claim can be filed by the nominee/appointee as per the enrolment form or by the legal heir/s in case there is no nomination made by the subscriber bank account holder.

3. Is It Necessary To Report Accidents To Police And Obtain FIR For Claiming Benefits Under The Policy?

In case of incidents like road, rail and similar vehicular accidents, drowning, death involving any crime etc, these accidents should be reported to the police. In case of incidents like snake bite, fall from tree etc.; an immediate hospital record should support the case.

4. If The Insured Is Missing And Death Is Not Confirmed, Will The Legal Heirs Get Benefit Of Insurance?

PMSBY covers deaths confirmed by documentary evidence, to have been caused by accident.

5. Are NRIs Eligible For Coverage Under PMSBY?

Any NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMSBY cover through this account subject to fulfilment of the terms and conditions relating to the scheme. However, in case a claim arises, the claim benefit will be paid to the beneficiary/ nominee only in Indian currency.