Pradhan Mantri Suraksha Bima Yojana (PMSBY) was launched by Prime Minister Narendra Modi in the year 2015 to provide access to low cost accidental insurance cover to the common people especially poor and the Under-privileged Sections of the society.
PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident. Individuals between 18 years and 70 years are eligible to apply for this scheme. The annual premium of the scheme is Rs 20.
Under PMSBY, Rs.2 lakh is paid to the nominee if the subscriber dies in an accident or if he is fully disabled. If the subscriber meets with an accident and suffers partial permanent disability, then Rs.1 lakh is paid.
How to file a claim?
The insured or the nominee (in case of death) must immediately inform the bank, where the insured holds the underlying bank account, about the occurrence of the accident.
The PMSBY Claim form can be obtained from the bank or designated insurance companies or via website (https://jansuraksha.gov.in/files/PMSBY/ENGLISH/CLAIMFORM.pdf)
The claim form must be completed and submitted to the bank branch within 30 days from the day of occurrence of the accident.
The claim form should to be supported by original FIR, post mortem report, death certificate or in case of disability, disability certificate that is issued by a Civil surgeon. Discharge certificate should also be enclosed.
The bank will verify the account details. Then it will forward the case to the insurance company within 30 days of the submission of the claim.
The insurer will then confirm that the insured is in the list of the insured persons in the master policy.
The claim will be processed within 30 days of receiving the documents from the bank.
The admissible claim will be then remitted to the insured’s or nominee’s account.
If the insured has not appointed a nominee, then the death claim will be paid to the legal heir and he/she must produce the succession certificate.
The maximum time that is allowed for the bank to finish the claim procedure is 30 days.