Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a accidental life insurance scheme. Here Lets’, we know about this scheme which is known as PMSBY.
Preface of PMSBY
Our Finance Minister, Shri Arun Jaitley, mentioned this scheme in budget of February-2015. Our Prime Minister, Shri Narendra Modi, launched this scheme on 09.05.2015 in Kolkata. The source of this scheme is Jansuraksha website.
Requirement / Eligibility for enrollment
- It is necessary to have saving bank account.
- Age between 18 to 70 years.
- If multiple account in one or different bank, he is eligible to join only through one saving account.
- Aadhar is primary KYC for bank account.
- Enrollment form with auto debit consent
Initial enrollment period
- This insurance started from 01.06.2015 and the first cover period was 01.06.2015 to 31.05.2016.
- Subscriber has to enroll and gave auto debit consent before 31.05.2015.
- Late enrollment prospective cover would be possible up to 31.08.2015. The government extended the same for another three months up to 30.11.2015.
- Subscriber can join anytime in this scheme.
- Subscriber exits this scheme and again he can join this scheme. It is year to year basis.
- It is required to submit auto debit consent from saving account in prescribed proforma before 31st May of every year for cover of a year.
- If payment is delayed due to any reason, the subscriber can pay annual payment and join this scheme.
- Subscriber exits this scheme due to any reason. He can join anytime by payment of annual premium.
This is accidental life insurance scheme. The benefits are given on accidental death or disabilities (mentioned below).
|Serial Number||Detail of benefit||Sum Assured amount (In Rs.)|
|2||Total and irrecoverable loss of both eyes or loss of use of both hand or feet or loss of sight of one eye and loss of use of hand or foot||2 Lakh|
|3||Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||1 Lakh|
- Rs.12/- per annum.
- The premium will auto debit from SB account before 1st June of each year.
- The insurance companies will review the premium every year on the base of annual claims experience.
- There is no upward revision of premium in the first three years.
- In any cases, auto debit take place after 1st June, the risk will commence from the 1st day of the auto debit month.
Master Policy Holder of PMSBY
- Participating / Concern bank is Master Policy Holder.
- LIC & other insurance companies shall finalize administration and claim settlement process. Consultation of participating bank is required for it.
Termination of Assurance of PMSBY
The conditions of the termination of assurance are as under. Subscriber will not get any payment in this condition.
- On attaining the age of 70 years. (Age nearest birth day)
- Closure of bank account.
- Insufficient balance in bank account.
- The subscriber joined this scheme in more than one account. The LIC / Other insurance company gets premium from all account. The risk cover is restricted to one only. The extra paid premium will not returned back.
- The insurance company cease the insurance cover, if premium not received due to any technical issue. The company will start the cover again, when premium will receive.
- The bank has to remit the premium to insurance company before last date of the enrollment month. Most prefer deduction is month of May.
Administration of Pradhan Mantri Jivan Jyoti Bima Yojana
The LIC P&GS unit / other insurance companies do the administration work of this scheme. The data flow of process is as under.
- Bank / Post office has to recover the premium through auto debit process only.
- Bank has to obtain the following documents and keep them in office. The insurance company will ask to submit the same at the time of claim or at any point of time.
- Enrollment form
- Auto debit authorization
- Consent cum declaration
- Bank gives to subscriber acknowledgement slip cum certificate of insurance.
- Expense of scheme is monitored on yearly basis.
Appropriation of Premium of PMSBY
The collection of total premium is Rs.12/-. The appropriation of Rs.12/- is as under.
|Serial number||Detail of the appropriation of premium||Amount (In Rs.) per annum per member|
|1||Insurance premium to LIC / other insurance company||10/-|
|2||Reimbursement of expenses to BC / Micro / Corporate / Agent||1/-|
|3||Reimbursement of administrative expenses to participating bank / post office||1/-|
On the death of the subscriber, the nominee has to submit the following documents to the concerned bank / post office. The bank / post office will do the further process.
- Claim form duly completed
- Death certificate of subscriber
- Discharge receipt
- Photocopy of the cancelled cheque of Nominee (If available)
PMSBY incentive structure for Department of Post
This scheme is also available in India Post. This scheme has reached at root level due to India Post. The information of this scheme is also available on India post official website. Please click on official website. The direct link of India Post of this scheme is also available. Please click on India Post.
The Department of post gives incentive to their employee for PMSBY. He is eligible for incentive on successful registration (collection and registration of PMSBY form POSB customer).
|Serial Number||Employee Designation / Work place||Amount (In Rs.)|
|1||GDS / Postman / Counter PA||0.40/-|
|2||GDS BPM (For additional work as BPM)||0.10/-|
|3||Counter PA (For additional work in Finacle)||0.10/-|
|4||Counter Supervisor / SPM (For verification)||0.05/-|
|5||Head Post Office special monitoring cell official||0.10/-|
|6||Account branch of Head Post Office||0.05/-|
|7||Divisional office monitoring cell official||0.04/-|
|8||Region Office / Circle Office monitoring cell official||0.02/-|
|9||Sansad Marg Head Post Office (Nodal Office)||0.10/-|
|10||Directorate monitoring cell||0.02/-|
|11||Directorate of Accounts Postal monitoring cell||0.01/-|
|12||Directorate monitoring cell (PAF)||0.01/-|
Here we learn about the PMSBY scheme. To know more about it or any query, please write to us.