PMSBY( Pradhan Mantri Surakshya Bima Yojana) is a health insurance policy backed by government of India. It is available for Indian citizen aged between 18 to 70 years with an operating savings bank account. Aspiring subscriber gives his/her consent to auto debit his/her account on or before 31st May for the coverage period of one year i.e. from 1st of June to 31st May on an annual renewable basis. Rs. 20 is the premium amount which is auto-debited from account holders account once in a year. As per its name this policy gives suraksha Kavach (risk coverage) of Rs. 2 lakh for accidental death and full disability and Rs.1 lakh for partial disability.
Scheme details
This scheme was initially announced in 2015 union budget session by then finance minister late Arun Jaitley and formally launched by the Prime Minister Narendra Modi on 8 May. It is offered by public sector General insurance companies or any other General insurance company which is wiling to offer the similar product on similar terms and conditions with necessary approvals and tie up with banks for this purpose. Initially this scheme was linked to bank accounts opened under Pradhan Mantri Jan Dhan Yojana. Now any bank account holder can enroll to this scheme using his/ her Internet banking facility at any time.
Benefits
- Nominal premium amount.
- Simple exit and re-entry norms.
- Dependents/Nominee gets the death benefits after the death of the insured.
- Provides auto debit facility so that policy holder does not have to worry about missing the premium due date.
- It offers secure processing and continuous coverage.
- Insured can continue and discontinue the policy as per his/her free will.
Eligibility
- All individuals aged between 18 to 70 years are eligible to apply under PMSBY Pradhan Mantri Suraksha Bima Yojana.
- An operating bank account is necessary to apply under this policy as the premium get auto debited from the bank account itself.
- In case of multiple bank accounts only one account is considered to apply.
- Aadhar card would be the primary KYC for the bank account.
How to Apply for PMSBY?
- One can visit bank in which he/she is maintaining an operating bank account to enrol into PMSBY.
- Application form can also be downloaded from the government’s official website .
- Internet banking is also used to apply online from the comfort of the home.
- SMS facility can be used for enrolment. To avail this facility one needs to follow the procedure given below
- Send a SMS on toll free number (Toll free numbers :- 1800-180-1111/1800-110-001).
- Activation SMS will be received on registered mobile number.
- Reply to the SMS with “PMSBY Y”
- Receipt of acknowledgement will be received.
- Further bank will proceed the acknowledgement to enable auto debit facility to pay the premium.
Certificate Download
- There is no need to download the certificate as such because at the time of claiming only the account number from which the premiums were debited will serve the purpose.
- Even if one wants to download the certificate he/she can visit the concerned insurance company’s website.
- There will be an option to download PMSBY Certificate under Pradhan Mantri Suraksha Bima Yojana tab.
- After clicking the download option by selecting financial year one has to select bank from which the premium is debited.
- Once bank is selected some details like PAN number, Aadhar number, Account number need to be filled.
- On successful submission of details click on ”Generate Certificate” option. It will take some time and certificate will get downloaded.
- This certificate is valid for one year only. For next renewal year new certificate needs to be downloaded.
How to Claim PMSBY
Here are some steps to take while claiming PMSBY :-
- The beneficiary or nominee has to visit the bank where insurer had a saving account from which premiums were debited.
- Collect the claim form and discharge certificate from the bank or other designated institutions like insurance companies, hospitals etc.
- Then submit the duly completed form along with death certificate of the insurer and other necessary documents into the bank.
- Other necessary documents include KYC, bank details of the nominee.
Procedure to deactivate PM Suraksha Bima Yojana
If you want to deactivate PM Suraksha Bima Yojana then for this you have to turn off the auto debit mode of your account. For this, you first go to your bank and apply to turn off the auto-debit mode of your account.
After this the bank will turn off the auto debit mode and after that the premium of the schemes will stop deducting from your account.