Pradhan Mantri Suraksha Bima Yojana 2022- 2023 (Details, SBI, Certificate Download, Premium Last date)

The idea of getting yourself financially Insured is not a recently introduced concept in India. On the other hand, its reach is still quite restricted. Despite a number of insurance organizations working in the nation with their particular products & services, there are a huge count of individuals in rural parts, who are far away even from the idea of any sort of insurance plan. Suraksha Bima Yojana is particularly initiated for this category of individuals.

These kind of people are the ones who are generally below the poverty line. The insurance is obviously too expensive service for them.  The major intend of this yojana is to get in touch with such people and convince them to go with its highly beneficial insurance plans after the victorious performance of Pradhan Mantri Jan Dhan Yojana.

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana beneficiaries

  • The fatality remunerations of this yojana is equal to 2 lakh.
  • If a situations takes place that both the legs, hands, sight are not in a condition to be regained then, the victim will get an insurance coverage of up to two lakh.
  • In case the bima policy holder loses one foot, hand, leg, sight or eye, a sum of one lakh rupees will be presented to him or her

Pradhan Mantri Suraksha Bima Yojana Premium

PM Suraksha Bima Yojana falls under a criterian that the individuals who are below poverty line are free to get registered to the policy and that too on affordable terms and conditions. The premium fee for this Suraksha Bima plan initiated by the government of India is not more than the amount of twelve rupees and that too on yearly basis for all the every member of this scheme. This sum of rupees 12 will be deducted from the savings bank account of the policy holder and that too with an auto-debit facilitation in the month of June on yearly basis.

If by some means, the required payment could not be automatically debited from the savings account of the policy holder on or before 01st of June, the processing for this government scheme will get started only after the auto-debit procedure has been completed on the account.  As anticipated, the premium amounts would stay equally low for a minimum of few upcoming years.

Pradhan Mantri Suraksha Bima Yojana Eligibility criteria

Given below are a few facts linked to the must-haves for getting the benefits of a policy under Pradhan Mantri Suraksha Bima Yojana:

  • The minimum required age limit to get yourself enrolled to the PM Suraksha Bima yojana is eighteen to seventy years. The candidate should have crossed the age of eighteen years. Adding more to this point, he or she should not be more than seventy years of age.
  • The candidate should own a saving bank account in any of the banks located in India.
  • The candidate should give a written approval for the facility of auto-debit to pay premiums of the scheme.

Pradhan Mantri Suraksha Bima Yojana Facts and Features

Listed below are a few of the aspects of the beneficial Suraksha Bima Yojana:

  • The government scheme has to be renewed on a yearly basis with a one year cover once.
  • These organizations should be enthusiastic about putting forward a scheme that is exactly same as the one, which is declared under the Pradham Mantri Suraksha Bima yojana. The organizations should have satisfactory number of approvals and link-ups for this plan.
  • The concerned Banks will have a free hand in appointing any insurance organization that is interested to put forward the scheme.

Pradhan Mantri Suraksha Bima Yojana Coverage

  • If the concerned person owns more than one saving account then, he/she would be permitted to register just for one insurance scheme, which will be linked to one of his/her saving account.
  • The ‘Aadhar Card’ will be taken as the most important client document needed for getting linked with the scheme.
  • The amount of premium for this bima yojana will be debited automatically from the saving account of the subscriber.
  • For the first year, that is 2015, the candidates who are interested in getting themselves enrolled this yojana can get it done before 30th of November this year (2015).
  • In case a policy holder drops down the scheme during some year, he/she is free to rejoin the scheme in upcoming years with the exactly same terms and conditions.

Pradhan Mantri Suraksha Bima Yojana Cancellation

In case of the below mentioned conditions, the accident cover of the Bima policy holder will be right away terminated and no benefits will be paid from then on:

  • In case the policy holder reaches 70 years of age.
  • In case the candidate shuts his/her saving account or is not capable of going on with the payment of premium timely or unable to maintain the minimum required balance in his/her saving account.
  • In case the policy holder wants to go for multiple policies under the scheme, the other policy apart from the oldest will be concluded.
  • In case the required premium amount was not paid because of inadequate cash balance in his/her saving account, the Bima policy will be stopped till a period when the candidate pays the required amount of policy premium.

The Pradhan Mantri Suraksha Bima Yojana is a beneficial scheme that is particularly initiated to get the uninsured people into the normal insurance services facilities. The Bima yojana by Pradhan Mantri is much in line with the celebrated PM Jan Dhan Yojana and is in fact a prolongation of the last government scheme. If the scheme goes well, at least the people who are living below the poverty line in remote areas will have a sigh of reprieve in case some accident takes place.

The Experts Verdict

The Financial experts have said that this Bima yojana is a much needed option for the people who are not insured because they can’t afford to. The experts also said that this Bima Scheme by the government will not work out to be enough for the people who belong to middle class.

PM Suraksha Bima yojana will be offered by?

The pradhan Mantri Suraksha Bima yojana will be offered by the Public sector general insurance organizations through their link ups with the various banks. A few to name are National Insurance Company, New India Assurance Company, The Oriental Insurance Company, and The United India Insurance Company. The Indian Government is on the way to link up more insurers for the same.

Other Details

  1. Last date to pay PMSBY is 31st May of each year.
  2. You have to contact your bank for PMSBY Certificate Download.
  3. You can enroll in PMSBY in any Banks including SBI, ICICI, PNB, HDFC etc.



Progress Report on Pradhan Mantri Suraksha Bima Yojana

In 2015, the central government announced and implemented a new scheme that was aimed at increasing people’s awareness towards life insurance. The Pradhan Mantri Suraksha Bima Yojana was mainly initiated for people with limited financial means. In a recent report, central authority announced that around 13.74 crore individuals have already registered under this project. Central government and insurance companies organized awareness campaigns to send the message to target clients. Even traditional media was used to promote the scheme. Even a new site was launched that offered information to interested people. The insurance companies also played an important role as they settled claims promptly. Even special camps were organized in 50 identified spots, by the central government to create buzz about this project.

PM Surksha Bima Yojana Update 2022

Recently the government has announced an increase in the insurance premium rates for PM Jeevan Jyoti Bima Yojana (PMJJBY) and PM Suraksha Bima Yojna (PMSBY). The revised premium rates are effective from 1 June 2022. It is noteworthy to mention, that this is the first time of rate hike for both the schemes.  PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojna came into being seven years ago. Both of these schemes have benefited the masses. Talking about the revised rate for PMJJBY, it has been increased from Rs 330 to Rs 436. For PMSBY, the rate has been hiked from Rs 12 to Rs 20.

PMJJBY is a life insurance scheme that is renewable in nature. It includes death coverage as one of its benefits. On the other hand, PMSBY is meant for personal accident insurance. It furnishes an insured sum of 2 Lakhs.

As per the release of PIB, 6.4 crore active members are enrolled in PMJJBY while 22 crore active members are there in PMSBY. The DBT method has been implemented in order to deposit claims under the respective schemes. These two schemes have played crucial roles in benefitting the people during the pandemic adversities as well. The government keeps monitoring the procedures to optimize the claims.

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