How to Buy Suraksha Bima: PMSBY Banks List for Enrollment

Accidental deaths are on rise in India and over 1000 accidents take place in India every day. Although rich/middle class people can afford accidental insurance but it is nearly impossible for poor people with one earning member to buy such insurance due to high premium. This results in financial turmoil for the family members who are totally dependant on the earning member be it a major or minor accident. In such a scenario, apart from the rising medical expenses, their savings will continue to dip. Considering this Pradhan Mantri Suraksha Bima Yojana which was announced in the union budget 2015-2016 which is a part of social security scheme. The objective is to provide compensation to the family members of the deceased or with an partial disability.

Suraksha bima yojana carries annual premium of Rs. 12 only and is the cheapest insurance in India. Individuals within the age group of 18-50 years can enroll and receive Rs. 2 Lakh cover in case of accidental death and full/permanent disability. For individuals with partial disability, Rs. 1 Lakh cover would be provided. And the premium would be auto-debited from the policy holder’s bank account. Read in detail about the features of PMSBY.

How to Enroll/Buy Suraksha Bima Yojana:

Savings account holders can approach following banks starting from 01st June2015. Banks have tied up with public and private insurance companies to implement accidental insurance policy.

  1. Union bank of India
  2. IDBI bank
  3. Bank of Maharashtra
  4. Dena bank
  5. Karnataka bank
  6. State bank of India
  7. Canara Bank
  8. Punjab National Bank
  9. ICICI Bank
  10. Kotak Mahindra Bank
  11. Axis Bank
  12. Vijaya Bank
  13. State Bank of Travancore
  14. Punjab and Sind Bank
  15. Punjab Gramin Bank
  16. Syndicate bank
  17. State Bank of Hyderabad
  18. Jammu and Kashmir Bank
  19. HDFC Bank
  20. State Bank of Mysore
  21. Corporation Bank
  22. Maharashtra Gramin Bank
  23. Bank of Baroda
  24. UCO Bank
  25. Central Bank

More banks will participate in implementing PMSBY and the list would be updated as and when they declare their participation. Claim process will also be announced very soon by each of these banks.

Benefits of PMSBY Accident Insurance:

  1. Lowest annual premium
  2. Premium remains the same irrespective of the age. This is the most important benefit compared to other insurance companies wherein premium amount rises as age increases.
  3. Cover for accidental death and full or partial disability
  4. Security to the family member as cover can be used for medical and other personal expenses
  5. Minimum documentation required
  6. Hassle free renewal
  7. Minimum entry age

Listed below are few of the insurance companies offering accidental insurance in India. Premiums are very high and depends on the cover required.

  1. New India Assurance
  2. United India Assurance
  3. Bharti AXA
  4. Royal Sundaram

Have you opened Sukanya Samriddhi Account for securing your girl child’s future? Check out the benefits offered by the scheme and maturity value calculation. If you invest Rs. 10,000 for 14 years, then on maturity you will get Rs. 5,26,051.

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