Table of Contents

Introduction

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accidental death and disability insurance scheme launched by the Government of India in 2015. The scheme aims to provide affordable and accessible accidental death and disability coverage to all citizens of India, particularly to those who are not covered by any other social security scheme.

Goals and objectives of Pradhan Mantri Suraksha Bima Yojana

The main goals and objectives of the PMSBY are:

To provide affordable and accessible accidental death and disability coverage to all citizens of India, particularly to those who are not covered by any other social security scheme.

To reduce the financial burden on families in case of accidental death or disability of the breadwinner.

To provide coverage for accidental death and permanent total disability.

To encourage citizens to enroll in the scheme through automatic enrollment of the bank account holders.

To improve the accessibility of the scheme by making it available through banks and other financial institutions.

To encourage the use of technology and digital platforms to improve the delivery and administration of the scheme.

To ensure that the benefits reach the intended beneficiaries.

To help citizens to secure themselves and their families against unfortunate events, like accidental death or disability.

Overall, the goal of the PMSBY is to provide affordable and accessible accidental death and disability coverage to all citizens of India, particularly to those who are not covered by any other social security scheme and to reduce the financial burden on families in case of accidental death or disability of the breadwinner.

Eligibility criteria for Pradhan Mantri Suraksha Bima Yojana

The eligibility criteria for the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is as follows:

The scheme is open to all citizens of India between the age of 18 and 70 years who have a savings bank account with a bank.

The scheme covers accidental death and permanent total disability.

The scheme is implemented through the bank and citizens can contact the bank for more details on the scheme.

The scheme is open to all citizens, including senior citizens, low-income individuals, and those who are not covered by any other social security scheme.

The scheme is implemented through the bank and citizens can contact the bank for more details on the scheme.

Note: The above-mentioned are general eligibility criteria, and it may vary from bank to bank. It is recommended to check with the bank for the specific eligibility criteria.

Overview of the benefits provided under Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accidental death and disability insurance scheme that provides a range of benefits to eligible citizens in order to protect them against accidental death and disability. The specific benefits provided under the scheme are:

Financial protection against accidental death and permanent total disability: The scheme provides financial protection to citizens against accidental death and permanent total disability.

Affordability: The scheme provides affordable accidental death and disability coverage to citizens, particularly to those who are not covered by any other social security scheme.

Accessibility: The scheme is accessible to all citizens who have a savings bank account with a bank.

Automatic enrollment: The scheme encourages citizens to enroll in the scheme through automatic enrollment of savings bank account holders.

Easy enrollment: The scheme is easy to enroll and citizens can contact the bank for more details on the scheme.

Transparency: The scheme improves the transparency and accountability of the scheme and ensures that the benefits reach the intended beneficiaries.

Easy claim settlement process: The scheme has an easy claim settlement process which can be done through the bank where the account is held.

Low premium rate: The scheme has a low premium rate which is very affordable and can be debited automatically from the account on an annual basis.

Overall, the PMSBY scheme provides financial protection to citizens against accidental death and permanent total disability, affordability, accessibility, automatic enrollment, easy enrollment, transparency, easy claim settlement process and low premium rate, to ensure citizens are protected against accidental death and disability and can secure themselves and their families against unfortunate events.

How to apply Pradhan Mantri Suraksha Bima Yojana

The process of applying for the Pradhan Mantri Suraksha Bima Yojana (PMSBY) can vary depending on the specific bank you are using. However, here is a general overview of the process:

Check Eligibility: Check if you are eligible for the scheme by going through the eligibility criteria mentioned earlier

Contact the Bank: Contact your local bank branch for more details on the scheme, and to obtain the application form.

Fill in the Form: Fill in the form with the required details such as personal information and bank account details.

Submit the Form: Submit the completed form along with the required documents, such as proof of residence and ID proof to the bank.

Verification of Documents: The submitted documents will be verified by the bank.

Approval: If the application is found to be eligible, it will be approved and the applicant will be notified of the amount of financial assistance to be provided.

Payment of premium: Once the application is approved, the applicant will pay the premium and will receive the accidental death and disability coverage.

Note that the above-mentioned is a general overview of the application process and it may vary from bank to bank. It is recommended to check with the bank for the specific process and also check the official website of the Ministry of Finance for more information.

Impact of the scheme on the accidental death and disability coverage for citizens in India

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) was launched by the Government of India in 2015 with the goal of providing affordable and accessible accidental death and disability coverage to all citizens of India, particularly to those who are not covered by any other social security scheme. Since its launch, the scheme has had a significant impact on the accidental death and disability coverage for citizens in India.

One of the major impacts of the scheme is that it has helped to increase the coverage of citizens under accidental death and disability insurance. Before the launch of PMSBY, the coverage of citizens under accidental death and disability insurance was low, with only a small percentage of citizens being covered. However, with the launch of PMSBY, the coverage has increased significantly.

The scheme has also helped to increase the affordability of accidental death and disability insurance for citizens, particularly for low-income individuals and those who are not covered by any other social security scheme, by reducing the premium rates.

PMSBY has also helped to improve the accessibility of accidental death and disability insurance by making it available through banks and other financial institutions, and through automatic enrollment of savings bank account holders.

The scheme has also helped to promote the use of technology and digital platforms to improve the delivery and administration of the scheme, resulting in a more efficient and transparent process.

Overall, the PMSBY scheme has had a positive impact on the accidental death and disability coverage for citizens in India and has helped to improve their financial protection against accidental death and permanent total disability, affordability and accessibility, and ensure that citizens are protected against accidental death and disability, and can secure themselves and their families against unfortunate events.