How you can avail Pradhan Mantri Suraksha Bima Yojana
What's the story
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides millions of Indians with accidental insurance cover at a nominal premium of ₹12 per annum.
This government-sponsored scheme is designed to offer financial coverage against accidents resulting in death or disability.
Knowing how to navigate and make the most of this scheme can provide significant peace of mind to individuals and their families in the event of unexpected accidents.
Step 1
Understand the coverage details
The PMSBY scheme offers a death benefit of ₹2 lakh and the same amount for total permanent disability, including loss of both eyes, hands, or feet.
For partial permanent disability, like loss of one eye or one hand or foot, the coverage is ₹1 lakh.
Understanding these specifics enables beneficiaries to estimate the financial assistance they can anticipate in various situations.
Step 2
Enroll through your bank
Enrollment in PMSBY is super easy, thanks to participating banks and their associated insurance companies.
If you have a savings bank account, you can enroll by simply filling out a form at your bank or via internet banking.
The best part? The premium gets auto-debited from your account every year, so you're always covered without lifting a finger.
Step 3
Check eligibility criteria
Individuals aged between 18 and 70 years with a savings bank account are eligible to apply for the Pradhan Mantri Suraksha Bima Yojana.
To enroll, they must give their consent to auto-debit the premium.
Prospective applicants should carefully review these eligibility requirements before applying.
Doing so ensures they are eligible for the benefits of the scheme, preventing future disappointments or misunderstandings about coverage.
Step 4
Nominate beneficiaries wisely
Naming a family member as the beneficiary in your Pradhan Mantri Suraksha Bima Yojana policy is super important.
This makes sure that if something unfortunate happens to you (like death or severe disability), your surviving family members won't have a hard time claiming the benefits.
It's a key step to ensure your loved ones receive financial support promptly, without any hassle or stress during already tough times.
Step 5
Stay informed about renewal process
Since PMSBY coverage is for one year from June 1 to May 31, no matter when you enroll in the year, it needs to be renewed annually.
Actively renewing your policy guarantees continuous coverage.
Monitor renewal periods and maintain enough balance in your bank account for auto-debit of premium payment.