PMSBY was started by the Government in 2015 under the scheme of Social security which covers pension and Insurance sections. PMSBY was announced by the honourable prime minister Shri Narendra Modi on 9th May 2015 under the budget of 2015. By this project the government target the social security of the unprivileged people, in which the deceased family will get the insured amount of 2 Lac INR, this scheme will be renewed every year, so the 12 rupees will be deducted from the subscriber’s bank account.
In this article, you will get to know about the objective, eligibility, benefits, application form, document requirements, contact details, etc. In short, you will get the whole information about the scheme, so to get all the information you can scroll down the page. The links to the application form and the claim form are also available in the article.
Table of Contents
About the PMSBY Scheme 2023
MSY is launched for the well-being of the deceased family, by providing 2 lac INR after the death of the person or any disability. This scheme is not for the particular society of the people, anyone can apply for this plan of insurance but he/she should be in between 18 to 70 years. As this scheme was announced in 2015 and after organizing so many camps and advertisements, the involvement of the people increased by around 124 million in 2016.
To provide the security of every people of India, in which the insurer will get two lac INR for their treatment. To claim for the scheme it is mandatory to submit the legal documents, which mean a copy of FIR or any hospital report, which proof the beneficiary died or was disabled because of an accident. If the situation is accidental then the MLC (Medical Legal Case) will be generated in the hospital with the involvement of the Police Department.
Objective of PMSBY
The main aim of Pradhan Mantri Suraksha Bima Yojana is to provide insurance cover for unexpected causality that occurs with yearly charges of 12 INR only. The scheme is affordable by all people, but there is some condition which is applicable for the candidates, which we have discussed below in the article. It was renewed every year and the premium amount (12 Rs) will be deducted directly from your bank account via an “auto-debit” mode, so there are no worries to submit the premium.
The scheme is mainly introduced for the accidental cases, in which a person died or disable, in that situation to help the deceased family, the government provides insurance amount As you see the data many people died because of not getting proper treatment after the accident and lack of money. By seeing all this situation the government has announced this scheme so that no one can lose their life because of lack of money. All the benefits of the scheme you will see in the article.
Standards for PMSBY 2023
It is essential to see the eligibility criteria of the scheme before purchasing it, which gives you confirmation of whether you can take its advantage or not. Then after you can fill the application form for the scheme, the standards for the scheme is mentioned below:
- Under the PMSBY Age limit of the candidates should be in between 18 to 70 years.
- Your Aadhaar card should be linked with your bank account.
- The candidate should have an active savings bank account.
- The payment should be made in Indian Currency only.
- NRIs are also eligible to purchase this scheme.
- KYC is mandatory.
- Nationality should be Indian.
- Document of any FIR or any hospital report.
Documents Required In PMBSY
After seeing the eligibility criteria of the scheme the candidate must go & see the document required section, which is important for the process of verification, we arranged all the necessary document details which are needed to submit in this yojana, the list of the documents is as follows:-
- Applicant’s Aadhaar card is mandatory for the scheme.
- Bank Details with the copy of the passbook.
- Your bank account should be linked with the Aadhaar card, and if the candidate’s bank account is not linked with the Adhaar card in that case the applicant has to submit the xerox of the Aadhaar card along with the application form.
- Address proof like Electricity bill/ water bill, etc, have to submit
- Proof of age will also be submitted.
- Details of the Nominee are mandatory to fill.
- The identification of the nominee has to submit along with the application form.
- Details of the nominee bank account should also be attached.
- Passport size photographs have to attach with the documents.
Benefits of Pradhan Mantri Suraksha Bima Yojana
Through this scheme, many poor or middle-class people can get financial assistance in emergencies. This plan of scheme can be purchased only at 12 INR which was to be paid yearly, and it will be deducted directly from your account of the beneficiary. If the subscriber met an accident, and after that subscriber died in that case the family member will get the insurance amount. And in the case of full or partial disability, the subscriber will get the insurance amount for their medical treatment. The benefit of this yojana has been taken by both Rural and Urban areas of the people.
|If the subscriber died during the accident
|the registered nominee will get 2 lac. INR
|During the accident, if there is a loss of both hands or feet, eyesight loss.
|In this case, 2 lac will be paid to the subscriber.
|if the causality cause total loss of one eyesight or loss of one hand or foot
|Subscriber will get 1 lac.
Some other benefits of PMSBBY
- It is a very easy and simple process to register in the yojana.
- At any time you can exit or enter the scheme.
- The government has generated the Auto-debited process, so now there are no worries to submit the premium amount.
- In case of the death of the beneficiary, then the claim amount will be given to the Nominee.
What are the important features of PMSBY:
There are some of the main aspects of PMSBY, through which you can take an overview of the whole scheme, and will know about the key points of the PMSBY. The list is the important aspects is given below:
- PMSBY death/accidental insurance has been renewed every year.
- Only 12 INR premium amounts have to be paid yearly by the applicant, which not include the services taxes i.e 14 percent.
- If the subscriber died or met with an accident or suffered from any disability, in that case, 2 Lakh INR will be given to their families.
- Aadhaar Card is a mandatory document, and it should be linked with the bank account, and if it is not linked, in that case, the applicant should submit a copy of the Aadhaar card.
- The yearly premium is auto-debited from your applicant’s bank account.
- This scheme also provides the Long term option as well.
- Anytime, you can sign-on or exit from this insurance scheme.
- In case, if the applicant forgot to submit the PMSBY premium policy amount, in that case, the policy will not be restart.
- The claim amount will be transferred either to the beneficiary account or the nominee account.
- Applicants must have to submit the information about their address and the contact details.
- You can submit your application form in the following languages:- Gujarati, Oriya, Telugu, Hindi, Tamil, Bengali, English, and Marathi.
- To the joint account holders, the yearly premium was 330 INR per head.
Name of the Insurance Companies
There are some of the insurance companies who are participating in this scheme, the data of the companies are listed below:
|Reliance General Insurance
|United India Insurance
|New India Assurance
Enrollment Process of PMSBY
For the enrollment process, the candidate either visits the official site or you can also download from the link which is given below in this article. After downloading that application form candidate fills in all the details and submits them to the bank.
Online Process of Enrollment
The online process of enrollment can only be done through the ICCI bank, you have to visit its site and click PSMBY enrollment and internet banking. After logging in to Internet Banking the candidate can enroll for it.
Application Form Link In Various language
As PMSBY is not driven by any state, the scheme comes under the central govt., so the application form is available in 9 different languages, you can easily download it, the link is listed in the table:-
Claim Forms Link
The claim form is available in 8 languages, you can download it and fill the form, and then attach it with the application form. Download the claim form from the below links:-
How to Activate SMS Facility of PMSBY?
To activate the SMS service of PMSBY, you need to follow the following steps:
- Firstly you have to call the toll-free number of your respective State Bank.
- Then you will get an activation SMS to your registered mobile number.
- Send a reply by typing ‘Y’, for the activation.
- Then the service will open.
- After that, you will get the messages
How to Activate Internet Banking of PMSBY?
You can apply for the Internet Banking services of PMSBY through the online method, and for that, you have Login to your PMSBY banking account and then you will see the Insurance option click on it. After that select your bank and tap the confirmation button. After that note down the reference number which will be displayed on your screen and also download the receipt of it.
Contact-Details of Bank Related to PMSBY
We assemble all the contact of various banks, so it can be easy for you and to find your state bank which is registered from this scheme, and its toll-free number as well. You can see the toll-free number of your respective state bank, the data is given in the below table, you can see by scrolling down the page:-
|Name of the States
|Bank Name As per the State
|Toll-Free Number of Bank
|Andaman & Nicobar Island
|State Bank of India(SBI)
|Bank of Baroda
|Oriental Bank of Commerce
|PNB (Punjab National Bank)
|Dadra & Nagar Haveli
|Bank of India
|Daman & Diu
|Central Bank of India (CBI)
|Bank of Maharashtra
|1800 – 345 – 3658
|Bank of Baroda
|1800-102-4455 / 1800-223-344
|Indian Overseas Bank
|State Bank of Hyderabad
|United Bank of India
For more information, you can contact to the helpline no. of National Toll-Free –
1800-180-1111 / 1800-110-001
Termination of the PMSBY Scheme
There are some circumstances under which members of the scheme cannot take the benefit:-
- Insufficient balance in the bank account especially at the time of renewal.
- The candidate who attains 70 years.
- The account suspended due to technical glitches or insufficient amount in your account or any due premium will lead to the closure of your insurance account.
Enrolment period means when an insurance plan has a specific time for registration, only then people can take its benefits.
Yes, by paying the premium amount i.e. 12 INR which is auto-debited every year.
According to the official notification, you can exit this scheme at any point, but for rejoining there are some terms and conditions which you have to follow and also pay yearly premium charges.
1. the premium which can be paid to the PSGIC or any insurance company, i.e 12 INR per year paid by the individual candidate.
2. The amount paid to the insurer for the Expenses Reimbursement, i.e 1 INR per month by the individuals.
3. The amount paid to the insurer for the Administrative expenses of Reimbursement, i.e 1 INR per month by the individuals.
Except for Institutional Bank Account holders, all are eligible for PMSBY.
Yes, this scheme is also for NRIs as well, but there are terms and conditions, in which the NRI candidate must have to fulfill the eligibility criteria he/she should be Indian, the bank account must locate in India, etc.
If you did a disability claim, then it claims to the insured person’s bank account, whereas in the case of a Death claim the amount will be transferred to the nominee account.
As the scheme is based on the PMSBY, which mainly works on the evidence which has to be caused by an accident.
There are no benefits are available in such cases under PMSBY.
No, not directly operating, but as per the IRDA regulation some companies whose stake 49 percent and also have a joint venture with the Indian companies.
Yes, but they have to pay a separate premium amount for each individual.