PMSBY FULL FORM

PMSBY FULL FORM: Pradhan Mantri Suraksha Bima Yojana

PMSBY FULL FORM – Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed insurance scheme aimed at providing accidental death and disability cover to the policyholders. The scheme was launched on 9th May 2015, by the Government of India as a part of its financial inclusion scheme. The scheme is open to all citizens of India between the age group of 18 to 70 years and provides a cover of Rs. 2 lakhs in case of accidental death or permanent total disability.

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PMSBY Eligibility Criteria

The eligibility criteria for enrolling in the PMSBY scheme are as follows:

Age Limit

The policyholder must be between 18 to 70 years of age to be eligible for the scheme.

Enrollment Period

The scheme provides an annual cover, and the enrollment period is from 1st June to 31st May of the following year. Policyholders can enroll in the scheme during this period.

Requirements for Enrollment

To enroll in the scheme, the policyholder needs to have a savings bank account in any participating bank. The premium amount of Rs. 12 per annum is automatically deducted from the policyholder’s account.

Exclusions

The scheme does not cover death or disability caused by natural calamities, suicide, drug abuse, and self-inflicted injuries.

PMSBY Benefits

Accidental Death and Disability Cover

The PMSBY scheme provides a cover of Rs. 2 lakhs to the policyholder’s nominee in case of accidental death or permanent total disability.

Premium Amount

The premium amount for the scheme is Rs. 12 per annum, which is automatically deducted from the policyholder’s savings bank account.

Renewal Policy

The scheme provides an annual cover, and the policyholder needs to renew the policy every year to continue the cover.

Comparison with other insurance schemes

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

PMJJBY is another government-backed insurance scheme that provides a life cover of Rs. 2 lakhs in case of the policyholder’s death. The premium amount for PMJJBY is Rs. 330 per annum, which is higher than PMSBY.

Atal Pension Yojana (APY)

APY is a pension scheme aimed at providing a steady income to the policyholder after retirement. The scheme is open to all.

Aam Aadmi Bima Yojana (AABY)

AABY is a social security insurance scheme for rural landless households. The scheme provides coverage for death or disability due to accidents or natural causes. The premium amount for AABY is Rs. 200 per annum, which is also higher than PMSBY.

When compared to other schemes, PMSBY is the most affordable and provides a higher accidental death and disability cover at a lower premium amount.

PMSBY Enrollment Process

Procedure for Enrollment

The policyholder can enroll in the PMSBY scheme through their savings bank account in any participating bank. The enrollment process is simple and hassle-free.

Application Process

The application process involves submitting the consent form to the bank where the savings account is held. The form can be downloaded from the official website or obtained from the bank.

Premium Payment Options

The premium amount of Rs. 12 per annum is automatically deducted from the policyholder’s savings bank account.

PMSBY Claim Process

Documents Required

The policyholder or nominee needs to submit the following documents to file a claim under the PMSBY scheme:

• Claim form
• Death certificate (in case of accidental death)
• Disability certificate (in case of permanent total disability)
• FIR or police report (in case of accidental death or disability)
• Post-mortem report (in case of accidental death)

How to File a Claim

The policyholder or nominee can file a claim with the bank where the savings account is held. The bank forwards the claim to the insurance company, and the settlement process starts.

Settlement Process

The insurance company settles the claim amount directly to the policyholder’s or nominee’s savings account within a few days of the claim being filed.

Conclusion

In conclusion, insurance schemes are essential for every individual to ensure financial security in case of unforeseen events. PMSBY is a government-backed insurance scheme that provides accidental death and disability cover to policyholders at an affordable premium amount. The scheme has a simple enrollment process, and the claim settlement process is hassle-free. By enrolling in the PMSBY scheme, individuals can secure their future and that of their loved ones.

Frequently Asked Questions