Pradhan Mantri Suraksha Bima Yojana – Analysis

Pradhan Mantri Suraksha Bima Yojana, as the name itself says, is a government backed accident insurance scheme in India.

The present article sums up features; eligibility; registration; benefits; termination and a list of participating banks and participating insurance companies under the Pradhan Mantri Suraksha Bima Yojana.

Features of Pradhan Mantri Suraksha Bima Yojana-

The salient features of Pradhan Mantri Suraksha Bima Yojana are highlighted hereunder-

√ The Scheme provides one year of personal accident insurance. Accordingly, the period of cover will be 1^st June to 31^st The same is renewable from year to year.

√ The Scheme provides protection against both death as well as disability occurring due to an accident.

√ Personal accident insurance for one year is provided under the Scheme on payment of the premium amount of only INR 12 per annum.

√ The premium amount, of INR 12 per annum, will be deducted from the linked savings bank account via an auto debit facility in a single instalment.

Eligibility under Pradhan Mantri Suraksha Bima Yojana-

The eligibility criteria applicable for availing of the benefits under Pradhan Mantri Suraksha Bima Yojana are very simple. The same is-

1. The savings bank account holder aged between 18 years and 70 years; and

2. Needs to give consent for auto debit, as per the scheme modality.

Registration under Pradhan Mantri Suraksha Bima Yojana-

For obtaining registration under Pradhan Mantri Suraksha Bima Yojana, the applicant needs to either approach any participating bank (list provided below) or any participating insurance company (list provided below). Fill up the application form and enroll under the Scheme. The applicant can also easily enroll online using an internet banking facility.

Benefits available under Pradhan Mantri Suraksha Bima Yojana-

The benefits made available in case of death or disability on account of an accident under Pradhan Mantri Suraksha Bima Yojana are tabulated hereunder-

Termination of cover under Pradhan Mantri Suraksha Bima Yojana-

The personal accident insurance available under Pradhan Mantri Suraksha Bima Yojana will be terminated on the occurrence of any of the following events-

1. Closing of the savings bank account which is linked under the Scheme; or

2. Insufficient balance in the savings bank account at the time of auto debit of premium amount; or

3. The beneficiary has attained 70 years of age.

Notably, if a beneficiary is covered via more than one account and premium is received from all the accounts by the insurance company. Then, in such a case, insurance cover will be restricted to only one and the premium paid via other accounts will be forfeited.

List of participating banks and insurance companies offering enrolment under Pradhan Mantri Suraksha Bima Yojana-

The list of some of the participating banks as well as participating insurance companies are tabulated hereunder for ready reference-