What you get
- On Death- the Nominee shall get Rs. 2 Lakhs. | - Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot- Subscriber shall get Rs. 2 Lakhs. | - Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot –subscriber shall get Rs. 1 Lakh.
Who can apply
Required Paperwork
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Proof (Domicile)
Common Questions
Which Bank Accounts Are Eligible For Subscribing To PMSBY?
All bank/post office account holders other than institutional account holders are eligible for subscribing to PMSBY scheme.
Is There Any Provision For Reimbursement of Hospitalization expenses following accident Resulting In Death Or Disablement?
No.
Who Can Claim Insurance Benefit In Case Of Death Of The Bank Account Holder Who Gave The Enrolment Form?
In case of death of the Account holder who enrolled in the scheme, claim can be filed by the nominee/appointee as per the enrolment form or by the legal heir/s in case there is no nomination made by the subscriber bank account holder.
What Is The Mode Of Payment Of The Claim Amount?
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).
Will The Family Get Insurance Benefit If The Account Holder Commits Suicide?
No.
Is It Necessary To Report Accidents To Police And Obtain FIR For Claiming Benefits Under The Policy?
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 snake bite, fall from tree etc., the cause should be supported by immediate hospital record.
If The Insured Is Missing And Death Is Not Confirmed, Will The Legal Heirs Get Benefit Of Insurance?
PMSBY covers deaths confirmed by documentary evidence to have been caused by accident.
What Benefit Will Be Payable if A Person Suffers Partial Disability Without Irrecoverable Loss Of Sight Of One Eye Or Loss Of Use Of One Hand Or Foot?
No benefit will be payable.
Can An Account Holder Get Claim From More Than One Bank Where He Has Enrolled And Premium Has Been Debited?
No. The insured/ Nominee shall be eligible for one claim only.
Can A Individual Join PMSBY From Multiple Bank Accounts?
No. In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank/post office account only.
What Is The Minimum And Maximum Age Limit For Entry Into This Scheme?
Individuals aged between 18 years (completed) and 70 years (age nearer birthday) are eligible for this scheme.
How Will The Premium Be Paid?
The premium will be deducted from the account holder's bank / Post office account through 'auto debit' as per the consent given on enrolment.
Can Eligible Individuals Who Fail To Join The Scheme In The Initial Year Join In Subsequent Years?
Yes, on payment of premium through auto-debit. New eligible entrants in future years can also join accordingly.
Can Individuals Who Leave The Scheme Rejoin?
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions that may be laid down.
Will This Cover Be In Addition To Cover Under Any Other Insurance Scheme The Subscriber May Be Covered Under?
Yes.
Does The PMSBY Cover Death / Disability Resulting From Natural Calamities Such As Earthquake, Flood And Other Convulsions Of Nature? What about coverage of suicide / murder?
Natural calamities being in the nature of accidents, any death / disability (as defined under PMSBY) resulting from such natural calamities is also covered under PMSBY. While death due to suicide is not covered, that from murder is covered
Can All Holders Of A Joint Bank Account Join The Scheme Through The Said Account?
In case of a joint account, all holders of the said account can join the scheme provided they satisfy its eligibility criteria and pay the premium at the rate of Rs.20 per person, per annum through auto-debit.
Are NRIs Eligible For Coverage Under PMSBY?
Any NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMSBY cover through this account subject to fulfilment of the terms and conditions relating to the scheme. However, in cases of a claim , the claim benefit will be paid to the beneficiary/ nominee only in Indian currency.