The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored accident insurance scheme introduced by Prime Minister Narendra Modi. It provides financial protection against accidental death and disabilities to individuals aged 18 to 70. The scheme requires an annual premium of Rs 20 per individual and offers a payout of Rs 2 lakh for accidental death or total disability, and Rs 1 lakh for partial permanent disability.
As of February, the Centre has processed and settled 96.55% of claims filed under PMSBY, disbursing a total of Rs 2,610 crore. The scheme has settled approximately 173,000 claims since its launch in May 2015 and currently covers 432.9 million people.
Individuals can register for PMSBY through participating banks or insurance companies. Registration can also be done by sending a text message from a registered mobile number to the toll-free numbers provided. The scheme is open to individuals aged 18 to 70 with a savings account. The Aadhaar card is the primary document required for KYC purposes.
To claim benefits, the insured or nominee must inform the bank immediately after an accident. Required documents, including the claim form, FIR, and death or disability certificates, must be submitted within 30 days. The bank then forwards the case to the insurance company for verification and processing, aiming to complete the process within 30 days.