Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the three social security schemes that the government of India introduced in the 2015 budget speech. Launched 2 months later in May 2015, it is an accident insurance scheme that covers people aged between 18 years and 70 years against death, total disability, and partial disability. Also known as PM Rs. 12 Insurance Scheme, a premium of Rs. 12 is charged from the policyholder that will be deducted from their registered bank account. Therefore, only those who have a bank account and who give their consent to join or enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on a yearly renewal basis can avail of benefits under the scheme.

Pradhan Mantri Suraksha Bima Yojana is offered by Public Sector General Insurance Companies or any other General Insurance company willing to provide the scheme on similar terms. Listed below are some features of the scheme or Pradhan Mantri Suraksha Bima Yojana details:

• It is a low-priced insurance policy that can be purchased for Rs. 12
• In case of death, the nominee is provided the money
• The premium is auto-debited from the bank account of the policyholder
• PMSBY policy has easy measures for exit and re-entry
• The scheme offers flexibility to continue or discontinue as per the wish of the policyholder
• Easy processing of continuous cover offered
• Policyholders can opt for a long-term policy or yearly renewability
• The policyholders can avail of tax deductions as per Section 80C and the sum insured of Rs. 1 lakh is non-taxable according to Section 10(10D) of the Income Tax Act.

Inclusions Under Pradhan Mantri Suraksha Bima Yojana

The full form of PMSBY is Pradhan Mantri Suraksha Bima Yojana which offers coverage to the policyholders against the following healthcare expenses:

• The benefit of Rs. 2 lakh given to the nominee in case of an accident leading to the death of the policyholder
• A benefit of Rs. 2 lakh is provided in case of permanent total disability
• A benefit of Rs. 1 lakh is provided in case of permanent partial disability
• Note that the definitions of permanent total disability and permanent partial disability will be according to the policy terms and conditions

Exclusions Under PM Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana covers the policyholders in case of death and disability. However there are some restrictions applied when it comes to the cause of death and the nature of the disability. The scheme does not cover the following:

• Death by suicide
• Non-permanent disabilities i.e. partial disabilities without an irrecoverable loss are not covered mentioned otherwise

Eligibility Criteria for Pradhan Mantri Bima Yojana

To be able to avail of benefits under Pradhan Mantri Suraksha Bima Yojana, the policy buyer will be required to meet the following requirements:

• Should be aged at least 18 years
• Should not be aged more than 7 years
• Should have an active savings bank account
• The policy buyers must have the bank accounts linked with their Aadhar cards
• A copy of aadhaar card should be provided along with an application in case the aadhaar card details are not linked to the bank account
• Premium ofRs. 12 is required to be paid.

Documents Required to Enrol Under Pradhan Mantri Suraksha Bima Yojana (PMSBY Scheme)

To be a part of Pradhan Mantri Suraksha Bima Yojana, the policy buyer must provide the following documents:

a. Form: A duly filled PMSBY application form containing details like contact information, name, aadhaar number, and details of the selected nominee. Apart from English and Hindi, the form is also available in various regional languages such as Tamil, Oriya, Marathi, etc.

b. Aadhaar Card: If the aadhaar card details are not linked to the stated savings bank account, then the policy buyer will be required to submit the aadhaar card along with the application form.

Banks Participating in Pradhan Mantri Suraksha Bima Yojana

Tabulated below are the banks that are a part of Pradhan Mantri Suraksha Bima Yojana:

Enrolment Process For PM Suraksha Bima Yojana (PM Scheme)

To enroll under the Pradhan Mantri Suraksha Bima Yojana, The policyholder is required to reach an affiliated bank or a health insurance company. They can also download the Pradhan Mantri Suraksha Bima Yojana form online from the government's Jansuraksha website wherein they will find the form in various languages. These are Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil, and Telugu.