Pradhan Mantri Suraksha Bima Yojana Benefits: According to a Finance Ministry official, the Center has settled 96.55 per cent of the claims filed under the PM Suraksha Bima Yojana till February, 2024 and disbursed a total of Rs 2,610 crore.
Accident Insurance in India: In this era of inflation, it is necessary for everyone to have insurance. Imagine, what will happen if suddenly there is a disease or an accident? Hospital expenses, household expenses, children’s education expenses… everything will go up in smoke. In such times, an insurance policy acts as a protective shield for you. It protects you from financial loss due to illness, accident, natural disaster, theft, or other uncertain events. In this, you deposit small amounts of money to the insurance company as premium, and in return the company gives you financial help in difficult times.
If we say that you can get an insurance cover of Rs 2 lakh by paying just Rs 20 annually, then you may not believe it, but it is true. The central government started the PM Suraksha Bima Yojana in May 2015. This facility is being made available under this scheme. Let us know what is PM Suraksha Bima Yojana and how can the facilities related to it be availed? Also, what is its eligibility and complete process?
What is Pradhan Mantri Suraksha Bima Yojana?
Pradhan Mantri Suraksha Bima Yojana launched by Prime Minister Narendra Modi is a central government sponsored accident insurance scheme. It provides financial security to the family in case of untimely death and disability of persons aged 18 to 70 years.
According to the Finance Ministry, the PM Suraksha Bima Yojana requires an annual premium of Rs 20 per person and a cover of Rs 2 lakh is given in case of accidental death or total disability. Apart from this, Rs 1 lakh is given for partial permanent disability.
However, suicide-related deaths are excluded from this. Also, partial disability that does not cause complete loss, i.e. temporary disability, is also excluded from this insurance cover.
How to apply for PM Suraksha Bima Yojana?
To participate in PM Suraksha Bima Yojana, any eligible citizen of the country can register through the banks or insurance companies associated with it. Many banks also provide the facility of taking policy online through internet banking. You can also register in it by sending a text message to the toll-free numbers given from your registered mobile number.
What are the benefits of PM Suraksha Bima Yojana?
This scheme provides renewable accidental and death insurance cover every year.
The annual premium is Rs 20 per person.
Automated premium deduction from the subscriber’s bank account.
Subscribers have the option to renew the scheme annually or choose long term enrollment.
Tax exemption benefit under section 80C is available on the premium paid.
Pradhan Mantri Suraksha Bima Yojana Claim Process
To claim benefits under the PM Suraksha Bima Yojana, the insured or the nominee must inform the bank immediately after the accident. All the required documents, including the claim form, FIR and death or disability certificate, must be submitted within 30 days. The bank then forwards the case to the insurance company for verification and further processing. The aim is to complete the process within 30 days.
Eligibility and Documents Required for PM Suraksha Bima Yojana
The PM Suraksha Bima Yojana is open to individuals aged 18 to 70 years with a savings account. Aadhaar card is the primary document required for KYC. If the bank account is not linked to Aadhaar, a photocopy of it must be submitted along with the application form. The scheme allows easy registration or subscription with minimal documentation.
PM Suraksha Bima Yojana covers 432.9 million people
According to a Finance Ministry official, the Center has settled 96.55 percent of the claims filed under the PM Suraksha Bima Yojana till February 2024 and disbursed a total of Rs 2,610 crore. The PM Suraksha Bima Yojana, which covers death or disability due to accidents, has settled about 173,000 claims till February 2024 since its launch in May 2015. Currently, the scheme covers 432.9 million people in the country.
