Making people financially safe and integrated into society is quite a problem because of the diversity and population of India. Keeping this fact in mind, the Government of India has introduced several social security schemes that aim to provide cover against financial risks to the vulnerable sections of society. Out of the numerous such initiatives, the Pradhan Mantri Suraksha Bima Yojana stands out, providing much-needed and affordable insurance coverage for millions of Indians. The paper sequentially outlines the background, characteristics, influence, and difficulties of Pradhan Mantri Suraksha Bima Yojana z, clarifying its role in enhancing financial security nationwide.
Background and Objectives:
The Government of India launched the Pradhan Mantri Suraksha Bima Yojana(PMSBY) on 9th May 2015 as part of its broader agenda towards enhancing financial inclusion and providing cheap insurance coverage to every citizen.
It was targeted to provide accidental death and disability insurance coverage to people in the age group of 18 to 70 years. This scheme was specifically designed to help economically vulnerable groups in society who may not have easy access to traditional insurance products. A huge chunk of India’s population is engaged in informal sectors or without regular streams of income.
Sudden accidents or disabilities could turn out to be financially ruinous for such people. It is this gap that the PMSBY sought to bridge by keeping a very nominal premium for substantial coverage, making insurance protection certainly within the reach of the economically weaker sections.
Also Read:- Pradhan Mantri Ujjwala Yojana | PM Awas Yojana Gramin List 2024
Features of Pradhan Mantri Suraksha Bima Yojana(PMSBY):
The features of the Pradhan Mantri Suraksha Bima Yojana(PMSBY) are simple yet effective:
- Eligibility: Any citizen of India who falls in the age bracket of 18 to 70 years and has a bank account can join this scheme. The subscriber needs to furnish his Aadhaar number at the time of enrollment.
- Insurance Coverage:
- Accidental Death Coverage: If death results from an accident, the nominee receives a sum assured amount of Rs. 2 lakh.
- Total and Permanent Disability Coverage: In the event of total permanent disability after an accident, then an amount of Rs. 2 lakh is payable to the insured.
- Permanent Partial Disability Coverage: In the event of permanent partial disability after an accident, then an amount of Rs. 1 lakh is payable to the insured.
- Premium: The premium under PMSBY has deliberately been kept low to make it affordable. The premium was Rs. 20 per annum per subscriber, which will be automatically debited from the account of the subscriber, who has given his consent.
- Enrolment and Renewal: The enrolment period shall normally commence on 1st June of every year and end on 31st May of the following year. The coverage period shall begin on 1st June and end on 31st May.
- Claim Process: In the event of death or disability due to an accident, the nominee or the insured person, as the case may contact the bank where the account is maintained and file a claim by submitting a claim form.
Government Schemes:- Pradhan Mantri Awas Yojana-Urban | Pradhan Mantri Gramin Digital Saksharta Abhiyan
How to enroll in Pradhan Mantri Suraksha Bima Yojana(PMSBY)?
Step-by-Step Guide to Enroll in Pradhan Mantri Suraksha Bima Yojana:-
- Eligibility Check:
You should be a citizen of India who falls within the age bracket of 18 to 70 years. You should have a savings bank account. The bank account has to be linked to your Aadhaar number.
- Choose a Bank:
Choose a participating bank where you have a Savings Bank account. Almost all public and private sector banks are enrolled under the PMSBY scheme.
- Visit Your Bank:
Go to your bank’s branch where you maintain your savings bank account.
- Fill out the Enrollment Form:
Ask the bank officials to provide the enrollment form for Pradhan Mantri Suraksha Bima Yojana(PMSBY) Fill in all the requisite information in the given form.
- Consent and Authorization:
A candidate must sign consent cum authorization in the form to allow the bank to debit an annual premium of Rs. 20 from their savings account.
- Submit the Form:
Present the enrollment form, duly filled, with the documents required by the bank officials to the bank office; it is usually a copy of the UID card and bank account details.
- Payment of Premium:
After successful enrollment, the premium of Rs. 20 per annum would be auto-debited from the savings bank account linked to the scheme on an annual basis, likely around June every year.
- Coverage Period:
Your PMSBY cover shall commence from 1st June of the cover year and shall end on 31st May of the subsequent year.
Also Read:- Pradhan Mantri Fasal Bima Yojana | Bhulekh system in India | MP Bhulekh Portal
Benefits of Pradhan Mantri Suraksha Bima Yojana
- Affordable Premium: Rs. 20 per annum makes it easily accessible to all sections.
- Accidental Death Benefit: Accidental death of the insured person, Rs. 2 lakh is payable to the nominee.
- Total and Permanent Disability Benefit: For accidental total permanent disablement, the insured person shall receive Rs. 2 lakh.
- Easy Enrolment: Enrolment is easy through a savings bank account and an Aadhaar number which is available in almost all banks.
- Wide Reach: It uses the widest banking network in India for its wide reach.
- Facilitates Financial Inclusion: Promotes bank account ownership and brings underserved communities into the folds of formal financial systems.
- Government Guarantee: Assuring that the government guarantees settlement, in time, of claims made against death or permanent disability.
- Peace of Mind: This is the source of insurance providing security to families and individuals against death and permanent total disability arising from accidents.
- Complementary to Other Schemes: Works in conjunction with other social security schemes for comprehensive coverage.
- Empowerment: It enables people to become financially secure, thereby increasing the general resilience of society.
Additional Tips:
- Nominate Wisely: The nominee should be selected carefully for the smooth processing of the claim.
- Update Details: Ensure that contact and bank account details are updated to avoid breaks in coverage.
- Understand Terms: Be informed about the scheme details, including the claim processes and limitations of the schemes.
- Renew Timely: Ensure renewal yearly to get uninterrupted coverage.
- Seek Assistance: You may contact your bank for any clarifications or assistance related to enrolment or for claiming.
Sum-Up:-
The Pradhan Mantri Suraksha Bima Yojana(PMSBY) is an example of how India, at the very root level, has been dedicated and earnest in its commitment to the cause of social justice and integrated development. It is a very cheap accidental death and disability insurance coverage for a big chunk of the population. Scores of millions are covered along with their families, shielding them from life’s unexpected events.
FAQs:-
1. Who can join Pradhan Mantri Suraksha Bima Yojana?
Any person between 18 years to 70 years of age.
He or she should have a valid savings bank account or Jan Dhan account with any participating bank or post office.
2. Are there any exclusions under Pradhan Mantri Suraksha Bima Yojana?
Death or disability due to natural causes, suicide, or self-inflicted injuries are not covered.
3. What are the benefits of Pradhan Mantri Suraksha Bima Yojana?
a. Rs. 2 lakh: On death due to an accident.
b. Rs. 1 lakh: For permanent disability on account of an accident
