Pradhan Mantri Suraksha Bima Yojana: How To Get Rs 2 Lakh Insurance Cover For Rs 12?

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The number of people enrolled under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), an accidental death insurance scheme, has touched 13.74 crores by the end of July 2018. The scheme, which was launched along with Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a term life insurance scheme, in May 2015, is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.
The risk coverage under the scheme is Rs 2 lakh for death and full disability due to an accident and Rs 1 lakh for partial disability.
The premium of PMSBY is Rs 12 per annum, which is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one instalment. The scheme is being offered by both public sector general insurance companies and private sector general insurance companies, who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.
Enrolment period 
The cover is for a one-year period, starting June 1 to May 31 of a subsequent year. The option to join/pay by auto debit has to be given by May 31 of every year. Subscribers who wish to continue beyond the first year have to give their consent for auto debit before May 31 for successive years.
As on May 14, 2018, nearly 13.53 crore people had enroled under PMSBY, with almost 1.5 lakh joining it on a weekly basis.
What all is covered and for how much?
Under PMSBY, the risk coverage available is Rs 2 lakh for accidental death and permanent total disability, and Rs 1 lakh for permanent partial disability. Permanent total disability is defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of an eyesight and loss of use of a hand or a foot. Permanent partial disability is defined as total and irrecoverable loss of an eyesight or loss of use of a hand or foot.
The cover will be in addition to any other insurance plan the subscriber has. The scheme is not a Mediclaim, i.e., there is no provision for reimbursement of hospitalisation expenses following an accident, resulting in death or disability.
Important inclusions and exclusions
Accidents, any death or disability (as defined under PMSBY) resulting from natural calamities is covered under PMSBY. While death due to suicide is not covered, that from murder is covered. Partial disability without irrecoverable loss of an eyesight or loss of use of one hand or foot is not covered. Also, the family gets no insurance benefit if the subscriber commits suicide.
All individual (single or joint) bank account holders in the 18-70 year age group are eligible to join PMSBY. In case you have multiple bank accounts in one or different banks, then you will be eligible to join the scheme through one bank account only. In the case of a joint account, all holders of the account can join the scheme. Even NRIs are eligible, but if a claim arises, the claimed benefit will be paid to the beneficiary/nominee only in Indian currency.
What to do in case of a claim
PMSBY covers deaths caused by an accident and confirmed by documentary evidence. In case of incidents like road, rail and similar vehicular accidents, drowning, death involving any crime, etc., the accident should be reported to police. In case of incidents like a snake bite, fall from tree, etc, the cause should be supported by immediate hospital record.
In case of death of the account holder, the claim can be filed by the nominee/appointee as per the enrolment form or by his legal heir/s in case there is no nomination made by him. The disability claim will be credited in the bank account of the insured bank account holder. Death claims will be remitted to the bank account of the nominee/legal heir(s).
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