Pradhan Mantri Suraksha Bima Yojana - How to Apply, Benefits and Documents required

Pradhan Mantri Suraksha Bima Yojana - How to Apply, Benefits and Documents required: Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme launched by the Government of India. This government scheme was formally launched by Prime Minister Shri Narendra Modi on 9th May 2015. This accident insurance scheme is available to Indian residents and NRI's in the age group of 18 to 70 years with bank accounts. The annual premium to be paid is ₹12 exclusive of taxes and GST is exempted. The premium amount is automatically debited from the person's bank account and the coverage of this scheme starts from 1 June of a year and ends on 31 May of the next year.

Benefits of Pradhan Mantri Suraksha Bima Yojana scheme :

In the event of an unexpected death of the subscriber in an accident or if the subscriber becomes fully disabled, ₹2 lakh will be paid to the nominee.
In case, if the subscriber meets with an accident and suffers partial permanent disability, ₹1 lakh will be paid to the nominee.
The subscriber can avail of the long term option or renew the scheme every year.
The subscriber can also exit the scheme at any time and can enrol once again at any time in the future.

Documents required for Pradhan Mantri Suraksha Bima Yojana scheme :

The candidate needs to fill the Pradhan Mantri Suraksha Bima Yojana application form. Here are the details to be filled :

ID proof
Aadhar card
Contact details
Details of the nominee

If the candidate's Aadhar card is not linked to his / her savings bank account, a copy of the Aadhar card has to be submitted along with the application form.

How to apply for the Pradhan Mantri Suraksha Bima Yojana scheme :

In order to apply for the Pradhan Mantri Suraksha Bima Yojana scheme, the person can approach either one of the participating banks or insurance companies.

Here is the list of the participating banks :

● Axis Bank

● Allahabad Bank

● Bank of India

● Bharatiya Mahila Bank

● Bank of Maharashtra

● Central Bank

● Canara Bank

● Corporation Bank

● Dena Bank

● Federal Bank

● ICICI Bank

● HDFC Bank

● IDBI Bank

● IndusInd Bank

● Kerala Gramin Bank

● Kotak Mahindra Bank

● Oriental Bank of Commerce

● Punjab National Bank

● Punjab and Sind Bank

● South Indian Bank

● State Bank of India

● State Bank of Hyderabad

● State Bank of Travancore

● Syndicate Bank

● Union Bank of India

● United Bank of India

● UCO Bank

● Vijaya Bank

Here is the list of participating insurance companies :

● Bajaj Allianz

● Cholamandalam MS

● ICICI Lombard

● New India Assurance

● National Insurance

● Reliance General Insurance

● Universal Sompo

● United India Insurance

The subscriber can apply for the scheme via an Internet banking facility. He/she needs to log in to the Internet banking page and enrol for the scheme. He/she can also directly contact the toll-free number of any participating bank or insurance company for details regarding enrollment.

Eligibility criteria for Pradhan Mantri Suraksha Bima Yojana scheme

Indian residents and NRI's whose age is between 18 to 70 years and having savings in the bank account is eligible to subscribe to this scheme.
If a person has multiple savings bank accounts, then he or she will only be eligible to enrol for this scheme through a single bank account.
The premium amount to be paid is ₹12 (exclusive of taxes).
The individual must give consent for the premium amount to be auto debited from the savings bank account.
The scheme is valid for a period of one year and it can be auto renewed at the end of that period.
The individual's Aadhar card is mandatory for enrollment in this scheme.