How the Prime Minister's Suraksha Bima YojanaYojana Can Protect You and Your Family

How the Prime Minister's Suraksha Bima YojanaYojana Can Protect You and Your Family

As the Prime Minister’s Suraksha Bima Yojana continues to gain popularity, more and more individuals are enrolling in this innovative insurance scheme that provides life and accidental death coverage to policyholders for up to ₹2 lakh (₹50,000) or ₹5 lakh (₹1 million), respectively. So how does this insurance plan work? What can it do for you? Read on to find out.


What Is the Prime Minister’s Suraksha Bima Yojana?

The Prime Minister’s Suraksha Bima Yojana is a scheme to help reduce accidental deaths in India. Launched by Narendra Modi, it offers an insurance policy with an initial sum assured of 10 lakh Rupees (about $15,000 USD). It also provides Rs 1 lakh compensation for permanent disability. The coverage is valid for accidental death due to natural or man-made disasters.

Who Is Eligible for PMSBY?

All adults aged between 18 and 70 years are eligible for coverage under PMSBY. This covers you, your spouse, your children (up to 25 years of age) and parents (up to 60 years of age). Also, you can insure your spouse with additional premium payable by you. In case of any accidental death or disability due to an accident, a sum insured of Rs. 2 lakhs will be paid out as compensation. However, if you die or become disabled before completing two years from inception date then no benefit will be paid out. In case of accidental death or disability due to an accident before completion of two years from inception date then no benefit will be paid out.

Are There Any Benefits to The PMSBY?

Yes, there are many. The most basic is that it will give you a peace of mind. It is great to know that your family can claim up to Rs.2 lakh if they suffer an accident. Secondly, if you die in an accident, your family will get Rs.1 lakh as compensation. This can help pay for funeral expenses or even help pay off some loans to tide over financial troubles after losing a loved one.

What are The Documents Required To Apply For PMSBY?

If you are a resident of India, then you must have Aadhar card. Other documents such as Driving License, Voter ID or any other Government issued Identity proof. Mobile number linked to bank account is also necessary for activation. The process requires an applicant to register online on portal pmssy.gov.in after filling up complete details with supporting documents. After that, he/she will receive OTP from registered mobile number which should be entered in given field. Then applicant will receive one time password (OTP) via registered mobile number.

How To Apply For PMSBY Online?

Prime Minister’s Suraksha Bima Yojana (PMSBY) is a Government of India Scheme which was launched on 25th August 2015. The main purpose of launching PMSBY is to provide accidental death and disability cover for all citizens in a time of need. Under PMSBY, two types of policies have been launched, i.e., Standard Accidental Death & Disability Cover Insurance Plan and Sum Assured Basic Death Benefit Only Insurance Plan.

When Do I Need To Renew My PMSBY Policy And Under What Circumstances Will It Be Renewed?

The PMSBY insurance premium is not renewed automatically. When your card expires, you will have to apply for a new one. If you are satisfied with your insurer, you can even reapply with them directly without having to fill any form. If your policy has expired or it has been cancelled by an insurer or if it is not valid for renewal or has reached its prescribed limit, then you need to fill a KYC form again for applying for a new policy.

Examine All Of The Details Before You Accept A Job Offer In India

If you’re considering a job in India, you should always examine all of your options. The Prime Minister’s Suraksha Bima Yojana is one option that could save your life or that of a loved one. Before you decide on a salary or accept an offer, look into it carefully. This scheme can provide protection for up to 12 months if you are injured or fall ill during employment. It also offers a lump sum amount as compensation for death due to injury or illness. This amount varies depending on whether your family is eligible for monthly benefits under other social security schemes such as the Employees' State Insurance Scheme (ESIS) and/or whether they are covered by any of their own personal insurance policies.

Now That You Have Been Approved, Learn About The Responsibilities Of A Claimant Under PMSBY
Benefits are paid to you in two instances: First, when a member of your family suffers from any of the diseases listed above. Secondly, if you die due to an accident that occurred on account of one of these reasons. In both cases, immediate financial support is required. At times like these, it is natural for a family to get nervous and start worrying about how they will handle such situations financially. That’s where PMSBY steps in.

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