Accidents can strike anytime and it is one of the leading causes of death. Accidents can also cause partial and full disability of the victim. Disability and death caused because of accidents, especially of the sole breadwinner of the family, can lead to financial distress in the family. To keep your family financially protected in the event of an untoward incident, Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides accidental insurance cover to individuals.
Pradhan Mantri Suraksha Bima Yojana is an accidental insurance cover. Prime Minister Narendra Modi introduced it on 9th May 2015.
It is an affordable insurance policy that financially safeguards the policyholder’s family and dependents in the case of any disability or death of the policyholder because of accident.
Interested individuals can enrol for the Pradhan Mantri Suraksha Bima Yojana through banks or general insurance companies. The general insurance companies offer the policies through banks.
You can enrol for PMSBY through online and offline procedure. If you have opted for internet banking facilities, you can take the insurance policy online by logging in to your bank’s net banking platform with your credentials.
Depending on your bank, you can send a message on a particular number to take the policy. You can also visit your nearest bank branch to take the policy.
The annual premium of the policy is affordable. Customers need to pay an annual premium is Rs.12 exclusive of taxes that is directly auto-debited from your bank account every year between May 25 and May 31.
The policy covers death because of death and physical disabilities such as loss eyesight (one eye and both eyes), or loss of use hands (one and both hands) or feet (one foot or both).
The total sum insured under this policy is Rs. 2 lakhs. For partial disability, the policy holders get a coverage of Rs.1 lakh.
|Table of Benefits||Sum Insured|
|Death||Rs. 2 Lakh|
|Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or Foot||Rs. 2 Lakh|
|Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||Rs. 1 Lakh|
Intentional self-injury, suicide or attempted suicide under the influence of alcohol and drugs are some major exclusions in the policy.
You have now registered with the SBI PMSBY.
You can click on ‘Status’ option to see the branch code, reference number, etc.
ICICI Bank savings account holders can apply for the policy through internet banking, phone banking (through IVR) and branch banking.
Apply online through Internet Banking:
Log in to ICICI Bank’s net banking platform to enrol for the PM insurance policy.
Through Phone Banking
Visit the bank branch
Interested ICICI Bank savings account customers can enrol for the PMSBY policy by visiting the nearest bank branch.
Net Banking, sending an SMS and visiting a bank branch are three ways that Kotak customers can enrol for the insurance policy.
Kotak Net Banking:
Customers can log in to Kotak Net Banking with their credentials to apply.
Log in to the Kotak Net Banking.
Select ‘Banking’ available in the top menu section.
Select ‘Enroll in PMJJY and PMSBY’ in Quick Links.
Select the PMSBY.
Select Savings account from where the premium amount will be debited.
Add your nominee name and your relationship with the nominee.
Click on ‘Submit’.
Individuals can write SURAKSHA and send the SMS to 5676788 to get started.
Visit bank branch
Bank customers can also visit the nearest Kotak bank branch to apply for the insurance policy.
HDFC Bank savings customers can enrol for this accident insurance policy through SMS, internet banking facilities or by visiting the nearest bank branch.
Activate the insurance policy through SMS
Through HDFC NetBanking
The PM Suraksha Bima Yojana is a personal accident insurance policy offered by the government of India. It offers financial protection to dependents of the policy holder in case of death or disability (partial or full) due to accident.
The annual premium is Rs.12. The maximum cover of this policy is Rs.2 Lakh.
The premium will be auto deducted from your linked savings bank account. Customers have to opt for the auto debit function or submit auto debit consent form along with the application form.
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