Pradhan Mantri Suraksha Bima Yojana(PMSBY) – The Complete Guide and How It Can Protect You?

Pradhan Mantri Suraksha Bima Yojana is a government-backed insurance scheme that provides an assured sum of Rs. 2 lakhs in case of death or permanent disability due to an accident and 1 lakh for partial disability. The scheme is available for people between 18 and 70 years of age.

The insurance policy can be bought online or offline, and it can be claimed anytime within the next 12 months after the date of purchase.

Introduction: What is Pradhan Mantri Suraksha Bima Yojana?

The Pradhan Mantri Suraksha Bima Yojana is a new scheme introduced by the Indian government to provide life insurance cover of Rs. 2 lacs to 10 crore Indians.

The Pradhan Mantri Suraksha Bima Yojana is a new scheme introduced by the Indian government to provide life insurance cover of Rs. 2 lacs to 10 crore Indians. The scheme was announced in May, 2015, and will be implemented across all states in India by December 2018. The PMSBY aims at providing affordable life insurance coverage for all Indians, especially those who are not able to afford it due to high premiums or not being covered under any social security schemes.

This scheme can be offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer a similar product themselves or while tying up with banks.

Check here for more details on PMSBY website.

What are the Key Features of the Pradhan Mantri Suraksha Bima Yojana Scheme?

The Pradhan Mantri Suraksha Bima Yojana Scheme is a life insurance scheme that offers protection to the people of India. The scheme was launched on 9th May 2015 by Prime Minister Narendra Modi.

The Pradhan Mantri Suraksha Bima Yojana Scheme is a life insurance scheme that offers protection to the people of India. It has been made mandatory for all Indian citizens aged between 18-70 years to take up this life insurance policy. This is irrespective of their financial status or occupation.

The PMSBY provides annual coverage of Rs 2 lakhs (200,000) for death or disability

Who is eligible for Pradhan Mantri Suraksha Bima Yojana?

The Pradhan Mantri Suraksha Bima Yojana is a government initiative that provides financial protection to people in the event of death.

Pradhan Mantri Suraksha Bima Yojana provides financial protection to people in the event of death. It offers a one-time insurance cover of Rs 2 lakhs for all Indian citizens, irrespective of their age, occupation, gender or health condition.

The Pradhan Mantri Suraksha Bima Yojana is available for Indian citizens aged 18-70 years and covers them for accidental death or permanent disability due to any cause other than suicide.

How to Apply for Pradhan Mantri Suraksha Bima Yojana Online?

Pradhan Mantri Suraksha Bima Yojana is a government-sponsored life insurance scheme for people in India. It is also called PMSBY. It was launched by the Narendra Modi Government in May, 2015.

The PMSBY scheme offers an annual renewable term life insurance cover of Rs 2 lakhs for a premium of just Rs 12 per year. This low-cost life insurance scheme is available to people who are 18 years or older and do not have any other forms of life insurance. The application process is simple and can be done online without the need for any documents to be submitted physically at the bank branch or post office counter.

Documents required for filing the application form?

• Form – PMSBY duly filled in with details like name, Aadhar no, nominee details, contact details
• Aadhar card – Aadhar card copy which is linked to your bank account.

Banks from where you can apply for PMSBY?

• Allahabad Bank
• Bharatiya Mahila Bank
• Canara Bank
• Axis Bank
• Bank of India
• Bank of Maharashtra
• Dena Bank
• Federal Bank
• HDFC Bank
• Central Bank
• Corporation Bank
• ICICI Bank
• IDBI Bank
• IndusInd Bank
• Kerala Gramin Bank
• Kotak Bank
• Oriental Bank of Commerce
• South Indian Bank
• State Bank of Hyderabad
• State Bank of India
• State Bank of Travancore
• Syndicate Bank
• Punjab and Sind Bank
• Punjab National Bank
• UCO Bank
• Union Bank of India
• United Bank of India
• Vijaya Bank

You can approach any of the above banks and fill in the form and share a copy of the Aadhaar card. To access the forms, click here

How to activate the policy online?

Login to your internet banking account of your bank

Click on the insurance, Identify the account used for premium payment

Check details and confirm, then download the receipt.

How to opt out of this scheme?

Go to your bank and ask them to cancel the auto-debit instructions from your savings account. Ensure you do proper follow-up as sometimes it takes a longer time to cancel the standing instructions.

Conclusion

Pradhan Mantri Suraksha Bima Yojana is a government insurance scheme for all Indian citizens. It was launched on December 25th, 2015 by the Prime Minister of India, Narendra Modi. The main motive of this scheme is to provide social security to the people of India.

This article will help you understand how Pradhan Mantri Suraksha Bima Yojana can help you protect your family’s future.

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