Download PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY) CLAIM-CUM-DISCHARGE FORM

Premium: Pay a premium of ₹ 20 per annum per member - deducted automatically from savings bank account, with facility for auto-debit instructions.

Age limit: Age at entry: minimum 18 years; maximum 70 years.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme in India.

Click here to Download PMSBY Claim Form

Here are the key details about PMSBY:

Policy term: Get accident insurance cover for one year.

Accident benefits(Coverage): Beneficiaries will receive:

Accidental death: ₹2 lakh.
Permanent total disability (loss of both eyes or both limbs or loss of one eye and one limb): ₹2 lakh.
Permanent partial disability (loss of one eye or one limb): ₹1 lakh.

Criteria: Only those with a savings bank account and have consented to the auto debit facility can buy this policy.You have to subscribe to the policy by May 31st of every year.

Details of the scheme: The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.

Scope of coverage: All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.

Period: The Accidental death / disability cover period will be from 1st June to 31st May of next year. Subscriber can join the scheme anytime in this period and give consent for auto debit of premium. Along with enrollment, subscriber is also required to give consent for auto-debit of the renewal premium. The renewal premium is debited in the last week of May every year.

Termination of cover:

The accident cover for the member shall terminate on any of the following events and no benefit will be payable there under:
On attaining age 70 years (age nearest birth day).

Closure of account with the Bank or insufficiency of balance to keep the insurance in force.

In case a member is covered through more than one account and premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.

If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that may be laid down. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company.

Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.

Claim Process:

In the event of an accident leading to death or disability, the beneficiary or nominee must submit a claim form to the concerned bank along with relevant documents like FIR, post-mortem report (in case of death), and hospital records (in case of disability). The claim form is then processed, and the claim amount is transferred to the beneficiary's bank account.

Renewal:

The policy needs to be renewed annually, and the premium is auto-debited from the subscriber’s bank account. Subscribers can choose to continue or discontinue their enrollment each year.

Download PMSBY Claim Form

NOTE: This article is written by Adv. Alok Kumar, a practicing lawyer in the Delhi High Court & District Courts. For any complaints or suggestions, you may drop an email at care@legalfree.in.