Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015.It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata.As of May 2015, only 20% of India's population has any kind of insurance, this scheme aims to increase the number.

Pradhan Mantri Suraksha Bima Yojana is available to people between 18 and 70 years of age with bank accounts. It has an annual premium of 12(18¢ US) excluding service tax, which is about 14% of the premium.
The amount will be automatically debited from the account. In case of accidental death or full disability, the payment to the nominee will be 2 lakh(US$3,000) and in case of partial Permanent disability 1 lakh (US$1,500). Full disability has been defined as loss of use in both eyes, hands or feet. Partial Permanent disability has been defined as loss of use in one eye, hand or foot.

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.

Age at Entry Min: 18 years (Age last birthday) Max: 50 years (Age nearest birthday) Maximum Maturity Age 55 years (Age nearest birthday) Policy Term One year renewable Sum Assured Rs. 200,000 (Two lakhs only) Premium Amounts Rs. 330 /- (Exclusive of Service tax* and inclusive of Rs. 41 towards administrative charges of participating banks). Lien Period 45 days from the date of enrolment into the scheme (entry date/date of commencement of insurance cover)

The premium amount will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment for the entire year, as per the option to be given on enrollment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

PMSBY claim process is like claiming other insurance from either private or governmental bank. You need to be prepare with each supporting document and must inform bank. Below steps can be summarised as claim process of Pradhan mantri suraksha Yojana. Need to inform the bank( There are more than 25 banks) regarding accident.

1. Claim should be submitted to the Bank from which PMSBY has been bought.
2. Claim Form should be submitted within 30 days after incidence.
3. Submit claim supporting document like FIR, death certificate, report of post mortem, disability certificate (if any) and the discharge certificate.
4. After Verification Bank will provide insurance amount to nominee or legal heir.