Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a Personal Accident Insurance Scheme formally launched by PM Modi on May 9, 2015. The scheme will be a one year accidental death and disability cover for death or disability due to an accident, which can be renewed from year to year.
The benefits are as follows:
Premium payable is Rs 12 per annum per member, which will be auto-debited from the account holder’s bank account, as per the consent given at the time or enrolment.
The scheme will be offered and administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance Companies willing to offer the scheme on similar terms in collaboration with participating banks. Participating banks are free to engage any such general insurance company for implementing the scheme for their subscribers.
All individual bank account holders of participating banks who are over 18 years and less than 70 years of age are eligible for the scheme. In case of multiple accounts held by an individual in one or different banks, he/she will be will eligible to avail the scheme through one bank account only.
Initially on scheme launch for the cover period of from June 1, 2015 to May 31, 2016, subscribers were expected to enroll and give their consent for auto-debit facility by May 31, 2015 which was extended up to May 31, 2016. Subscribers who wish to continue beyond the first year will be expected to enroll and giver auto-debit consent before each successive May 31 for subsequent years. Delayed renewal after this date is permissible subject to payment of full premium.
Individuals who exit the scheme at any point can rejoin the scheme in the future by paying the annual premium, subject to conditions that may be laid down.
The accident cover of the member shall terminate/be restricted on any of the following events:
In case of joint account, all holders of the said account can join the scheme provided they satisfy its eligibility criteria individually and pay the premium at the rate of Rs. 12 per person per annum through auto-debit.
In case of death of the PMSBY subscriber, claim can be filed by the nominee/appointee as per the enrolment form or by the legal heir(s) in case there is no nomination made by the subscriber.
The nominee / legal heir(s) should collect the Claim Form and Discharge Receipt from the subscriber’s bank or via the PMSBY website. They then need to submit the duly completed claim form, discharge receipt, Death certificate, Original FIR, Post Mortem Report (in case of death), Disability certificate issued by civil surgeon (in case of disablement) and a photocopy of the cancelled cheque of the nominee’s bank account ( if available). The claim forms and the detailed claim guidelines are available here: http://www.idfcbank.com/content/dam/idfc/image/other-pdfs/ClaimForm%20and%20Procedure%20PMSBY.PDF