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Pradhan Mantri Suraksha Bima Yojana (PMSBY) :How to Apply Full Details

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Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one among three Social Security schemes that the govt had announced within the 2015 Budget. the opposite two being Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and therefore the Atal Pension Yojana (APY).

What is PMSBY?

An accident insurance scheme, PMSBY offers a one-year accidental death and disability cover, which may be renewed annually

Enrolment period

The cover is for a one-year period, starting June 1 to May 31 of the next year. the choice to join/pay by auto-debit has got to tend by May 31 of each year. Subscribers who wish to continue beyond the primary year need to give their consent for auto-debit before May 31 for successive years.

What all is roofed and for a way much

Under PMSBY, the danger coverage available is Rs 2 lakh for accidental death and permanent total disability, and Rs 1 lakh for permanent partial disability. Permanent total disability is defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of eyesight and loss of use of a hand or a foot. Permanent partial disability is defined as total and irrecoverable loss of an eyesight or loss of use of a hand or foot.

The cover are going to be additionally to the other insurance plan the subscriber has. The scheme isn't a Mediclaim, that is, there's no provision for reimbursement of hospitalisation expenses following accident, leading to death or disability.

Important inclusions and exclusions

Accidents, any death or disability (as defined under PMSBY) resulting from natural calamities is roofed under PMSBY. While death thanks to suicide isn't covered, that from murder is roofed . Partial disability without irrecoverable loss of an eyesight or loss of use of 1 hand or foot isn't covered. Also, the family gets no insurance benefit if the subscriber commits suicide.

Eligibility

All individual (single or joint) checking account holders within the 18-70 year age bracket are eligible to hitch PMSBY. just in case you've got multiple bank accounts in one or different banks, then you'll be eligible to hitch the scheme through one checking account only. within the case of a joint account, all holders of the account can join the scheme. Even NRIs are eligible, but if a claim arises, the claim benefit are going to be paid to the beneficiary/nominee only in Indian currency.

How much is that the premium and the way to pay

The premium payable is Rs 12 once a year per member and can be deducted from his checking account through an 'auto debit' facility in one instalment on or before June 1 per annum . However, in cases where auto debit takes place after June 1, the duvet shall commence from the date of auto-debit of premium by the bank.

The annual renewal dates shall be June 1 in subsequent years. albeit one gets enrolled with quite one bank, the claim, if applicable, are going to be paid by just one bank and therefore the other premium may get forfeited. The premium are going to be reviewed supported annual claims experience. However, barring unforeseen adverse outcomes, efforts would be made to make sure that there's no upward revision of the premium within the first three years. Also, there won't be any policy certificate issued to individual subscribers because the participating banks are going to be the master policyholders.

Where to shop for the scheme from

The scheme is offered/administered through Public Sector General Insurance Companies (PSGICs) and other general insurance companies, together with participating banks. The banks are liberal to engage any general insurance firm for implementing the scheme for his or her subscribers.

To enrol, you'll Download the shape from , and submit it to your banker. Some banks have initiated an SMS-based enrolment process too. It are often done through net banking also.

A sample process-detail to activate through SMS:

  1. Eligible customers are going to be sent an SMS asking them to reply as 'PMSBY Y'.
  2. To enrol for the scheme, customer replies as 'PMSBY Y'.
  3. Customer will get an acknowledgement message for receipt of the response.
  4. For processing the appliance , the demographic details and therefore the nominee name, nominee relationship and nominee date of birth are going to be taken from the small print present within the bank account .
  5. In case, the nominee details aren't available in core banking records, the confirmation won't be taken ahead for processing. Customer may then apply from the closest branch/net banking.
  6. In case, the auto debit of the premium fails thanks to insufficient funds or other reasons, the insurance cover ceases to be in-force.

A sample process-detail to activate through net banking:

  1. Log in to net banking.
  2. you'll be shown PMSBY at the relevant space.
  3. Select the account through which you would like to pay your premium.
  4. Policy cover amount, premium amount and nominee details (as per the chosen account) are going to be displayed. you'll prefer to replicate the bank account nominee or add a replacement nominee.
  5. Click on the subsequent declarations/details:
  6. Click on 'Continue'. you'll then be shown the entire details of the PMSBY scheme you've got registered for.
  7. If you're okay with the scheme registration details displayed, click on 'Confirm'.
  8. Download the acknowledgement, which carries a singular reference number.
  9. Do save the acknowledgement document for future reference
  10. Till what period is that the protect 

The accident cover of the member will terminate/be restricted in any of the subsequent events:

  1. On attaining age 70.
  2. Closure of checking account or insufficiency of balance to stay the insurance effective .
  3. just in case a member is roofed through quite one account and therefore the premium is received by the insurance firm inadvertently, the insurance cover are going to be restricted to at least one account and therefore the premium are going to be forfeited.

What to try to to just in case of a claim

PMSBY covers deaths caused by an accident and confirmed by documentary evidence. just in case of incidents like road, rail and similar vehicular accidents, drowning, death involving any crime, etc., the accident should be reported to police. just in case of incidents like snake bite, fall from tree, etc, the cause should be supported by immediate hospital record.

In case of death of the account holder, the claim are often filed by the nominee/appointee as per the enrolment form or by his legal heir/s just in case there's no nomination made by him. the incapacity claim are going to be credited within the checking account of the insured checking account holder. Death claims are going to be remitted to the checking account of the nominee/legal heir(s).

Documents Required:

Mentioned below is a list of documents required to be a part of the PMSBY.

  • Form – Submission of the duly filled PMSBY application form containing details such as name, contact details, Aadhaar number, and details of the selected nominee. This form is available in several regional languages apart from English and Hindi. For example, the form is available in Marathi, Tamil, Oriya, etc.
  • Aadhar Card – In case the applicant’s Aadhaar card details are not linked to the stated savings bank account, the applicant will have to submit a copy of the Aadhaar card. The same will have to be accompanied with the application form.

Important Link :

PMSBY Full Information In Gujarati : Click here
PMSBY Application Form Download (Gujarati) : Click here
PMSBY Application Form Download (Hindi) : Click here

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