Pradhan Mantri Suraksha Bhim Yojana- Protect your Family against any Mishaps

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A doctor in the dust

An accident is something which cannot be prevented. Playing the blame game is really easy, but doesn’t help with dealing with future consequences. Families can be torn apart because of the lack of preparation. We can always say that “this isn’t going to happen to us” but we don’t realise that luck can run out at any point in time.

Being prepared for anything that happens in the future, is not just smart, but can also save your family a lot of problems. There isn’t anything wrong in making sure that your family is well provided for in case you aren’t here to take care of them. While money issues aren’t the only problems, this is something which can be prevented or at least helped with.

It is our duty as working members of a family to safeguard their future, in whatever possible ways. There are a lot of great insurance policies offered by private banks. The only problem is the high amount of premiums that need to be paid annually. Not everyone can afford this amount- especially the poor sections of society.

Keeping this problem in mind the government has started a new insurance plan called the Pradhan Mantri Suraksha Bima Yojana to work towards better coverage in case of accidents.

This article will highlight the details of this scheme and the conditions associated with it.

What is the Pradhan Mantri Suraksha Bhim Yojana?

 The Pradhan Mantri Suraksha Bhim Yojana is an insurance scheme funded by the government for accidents. It was done to improve the statistics in the country in terms of the number of people who have an insurance scheme.

It was introduced by the finance minister- Mr. Arun Jaitley in February 2015. This scheme was introduced along with its counterpart the Pradhan Mantri Jeevan Jyoti Bima Yojana which covers life insurance.

The scheme is offered by all Public Sector General Insurance Companies and banks covered under them.

How does the insurance work?

Anyone adult who is below 70 years of age and has a bank account can apply for this insurance. It is particularly famous amongst the lower strata of society because of the low premiums.

The subscriber has to pay a total of Rs 12 per annum. This insurance scheme exempts the individuals of all taxations like GST. This will cover a year from the month of June to May. The amount is automatically debited from the bank account. The bank account must come under the Pradhan Mantri Jan Dhan Yojana.

  1. Accidental death or full disability (including loss of one or both eyes, hands or feet) – the individual or the individual’s family will be eligible for a coverage of Rs 2 lakhs.
  2. Partial disability– the individual will be eligible for a coverage of Rs 1 lakh

After the death of the individual or when there is an accident resulting in partial disability, the family members or the individual can file the claim after reporting to the concerned authorities. They have to present a death certificate with the cause of death.  

Eligibility criteria

  1. The person should be a citizen of India
  2. The individual should be above 18 years of age and below 70 years of age
  3. The individual should have a bank account in their name under the Pradhan Mantri Jan Dhan Yojana
  4. The individual should not benefit from another insurance scheme by the government of India

Exclusions and inclusions

If a person procures an injury and asks for the insurance, a full check is done on the nature of the injury. Depending on the type of injury, the coverage is provided:

  1. Self-inflicted harm or suicide/ attempt to suicide while intoxicated- the family gets no benefit if the individual commits suicide
  2. Any injury caused as a result of a law-breaking act with or without criminal intent
  3. Does not include hospital or health coverage
  4. Murder of the individual is covered
  5. The individual is above 70 years of age
  6. Natural causes of death are not covered

How to apply for the scheme

You can either apply online or offline.

To apply online, you need to visit your bank’s official website and register for the scheme. You can also call the bank helpline and enrol for it. To enrol directly at the bank, you have to go to the bank branch where your account is registered, fill the form and register there.

Your Aadhar card number is required for the KYC. For joint account holders, the registration can only be done via the bank branch and not by online modes.

Increasing the premiums in the future

There have been complaints by the partner banks about the increasing loss ratio as a result of this scheme. Hence demands have been put up to increase the annual premium to sustain the project for future generations.

Benefits

  1. Since the premium of the scheme is very low, even the lower strata of society can opt for it
  2. It has helped bring a rise in the number of people who have insurance against accidents
  3. Safeguards your family’s future in case of a mishap
  4. Prevents the financial distress produced in the event of untimely deaths
  5. False claims are prevented by airtight rules and checks.

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