Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme in India designed to provide affordable financial security in the event of death or disability resulting from an accident.
Key Features & Benefits:
- Death Benefit: ₹2 Lakh is paid to the nominee in case of accidental death.
- Disability Benefit:
- ₹2 Lakh for total and irrecoverable loss of both eyes, hands, or feet.
- ₹1 Lakh for total and irrecoverable loss of one eye or one limb.
- Low Premium: ₹20 per year (revised from ₹12), which is auto-debited annually from your linked bank account.
- Policy Tenure: The cover is valid for one year, from June 1st to May 31st, and must be renewed annually.
Eligibility Criteria:
- Age Limit: Individuals between 18 and 70 years of age.
- Bank Account: Must have a savings bank account with a participating bank.
- Single Enrolment: You can only join through one bank account, even if you hold multiple accounts.
- KYC: Aadhaar is the primary document required for identification.
How to Apply:
- Online: Log in to your bank's Internet Banking portal, navigate to the "Insurance" or "Social Security Schemes" section, and select PMSBY to activate.
- Offline: Visit your nearest bank branch to fill out the enrolment form.
- Forms: You can download the application forms from the official Jan Suraksha portal.
