The Pradhan Mantri Suraksha Bima Yojana is a type of scheme
which provides accidental insurance coverage to the policyholder. The PMSBY
scheme is meant to provide affordable insurance coverage to people, especially
the unorganized sector.
This scheme provides protection for one year from 1st June
to 31st May. Even though the scheme is a beneficial scheme, it is operated like
a standard insurance policy offered by insurance companies. Before you opt for
this type of insurance coverage, there are a few points to remember.
Here are things to remember before opting for Pradhan Mantri
Suraksha Bima Yojana:
Coverage:
A PMSBY policy provides protection against:
Accidental death
Permanent partial disability: Total and irrecoverable
loss of both eyes or loss of use of both hands or feet or loss of sight of one
eye and the loss of use of either one hand or one foot.
Permanent partial disability: Total and irrecoverable
loss of sight from one eye or the loss of use of one hand or one foot
The Pradhan Mantri Suraksha Bima Yojana provides a compensation
of Rs. 2 lakh for accidental death and permanent partial disability. For
permanent partial disability, the compensation is Rs. 1 lakh. Any accidental
death or disability occurring within 12 months of an accident as a direct
result of the accident will also be covered under this scheme.
Exclusions: The Pradhan Mantri Suraksha Bima
Yojana is an insurance policy and the exclusions for a standard insurance
policy are the exclusions when making a claim. These standard exclusions are:
Death due to suicide
Attempted suicide leading to permanent partial or total
disability
Death or disablement due to pregnancy and childbirth
Any accident or disability caused under the influence of
drugs or alcohol
Any accident or disability caused because of participation in
criminal activities
Participation in any race or a speed contest
Underground mining and inherently hazardous occupations
Defence personnel
This means that if any claims are made under PMSBY scheme
due to these factors, the claim will be rejected.
Premium payment:
The premium for the PMSBY policy is Rs. 12 and is paid by
auto debit. The amount is automatically debited from the bank account of the
policyholder. A policyholder can only get enrolled in the scheme once through
one bank account. One person cannot hold multiple PMSBY policies. If this
happens, the multiple policies will be cancelled and the premium collected will
be refunded.
Claims process: To make claims under the Pradhan
Mantri Suraksha Bima Yojana, you need to fill up a claims procedure form and
submit it either to your bank or the insurance company. The claim form requires
information with respect to the accident along with documents such as FIR, post
mortem report, disability certificate, surgeon’s medical report, discharge
summary. This form has to be submitted within 30 days of the date of accident.
The bank will verify the information and submit the claim to the insurance company.
The insurance company has to process the claim within 30 days.
Eligibility criteria: This scheme can be entered into
by any Indian Citizen within the age group of 18 years to 70 years with a
savings bank account. Most banks mandate that the mobile number must be linked
to the savings account to send auto debit notifications.
