The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an insurance scheme launched by the Government of India to provide accidental death and disability insurance coverage to individuals at an affordable premium.
PMSBY provides insurance coverage in the event of accidental death or disability. It offers financial support to the insured person or their nominee in case of unfortunate accidents.
Any individual between the ages of 18 and 70 years with a savings bank account is eligible to enroll in PMSBY. The scheme is available through participating banks.
The premium for the scheme is relatively low, making it affordable for a wide range of people. The premium amount is typically auto-debited from the policyholder’s bank account.
In case of accidental death, the nominee receives a sum assured of Rs. 2 lakhs. In case of total and irreversible disability, the policyholder receives the same amount.
Individuals can enroll in the scheme by filling out a simple application form available at participating banks. The scheme is typically renewable on an annual basis.
pradhan mantri suraksha bima yojana details
PMSBY
Details
Scheme Name
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Type
Accident Insurance Scheme
Aim
To provide affordable accidental death and disability insurance coverage to individuals.
Launched Date
May 9, 2015
Premium
Rs. 12 per annum per member
Coverage Duration
June 1st to May 31st (Annual Coverage Period)
Eligibility
Individuals aged 18 to 70 years with a savings bank account in participating banks.
Premium Payment
Auto-debited from the bank account on or before June 1st of each year.
Benefits
– Rs. 2 lakh in case of accidental death.
– Rs. 2 lakh for total and irrecoverable loss of both eyes or both hands or feet, or loss of one eye and use of one hand or foot.
– Rs. 1 lakh for total and irrecoverable loss of one eye or one hand or foot.
Application Process
– Online: Through net banking or bank’s website.
– Offline: Visiting a bank branch with the required documents.
Required Documents
– Proof of Identity (e.g., Aadhaar card).
– Aadhaar-linked active bank savings account details.
Termination of Cover
– On attaining age 70 years.
– Closure of the bank account or insufficient balance.
– If covered through multiple accounts, coverage limited to one account.
– Can be reinstated upon receipt of the full annual premium under certain conditions.
Accidental Death Benefit: In the unfortunate event of the policyholder’s death due to an accident, the nominee designated by the policyholder will receive a benefit of Rs. 2 lakh. This sum provides financial support to the family in case of the policyholder’s untimely demise.
Total and Irrecoverable Disability Benefit: If the policyholder suffers a total and irrecoverable loss of both eyes, both hands, both feet, or any combination thereof (such as loss of one eye and one hand or one foot), they will receive a benefit of Rs. 2 lakh. This benefit is aimed at helping the policyholder adapt to life after a debilitating accident.
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Partial Disability Benefit: In case of partial disability resulting from an accident, such as the loss of one eye or the use of one hand or foot, the policyholder is eligible for a benefit of Rs. 1 lakh. This benefit assists in covering medical expenses or lifestyle adjustments due to the disability.
Affordable Premium: PMSBY is known for its affordability. The annual premium for this insurance scheme is just Rs. 12 per member, making it accessible to a wide range of people.
Ease of Enrollment: Enrolling in PMSBY is straightforward, and individuals can do it through their participating banks. The premium is auto-debited from the policyholder’s bank account, simplifying the payment process.
Renewable Coverage: The coverage under PMSBY is renewable annually. Policyholders can continue to avail of the benefits by paying the premium for each successive year.
Nominee Support: The scheme allows policyholders to designate a nominee who will receive the benefits in the event of the policyholder’s accidental death or disability. This ensures that the financial support reaches the intended recipient.
Reinstatement Option: If the insurance cover is ceased due to technical reasons like insufficient balance or administrative issues, it can be reinstated upon receipt of the full annual premium, subject to certain conditions.
Health Insurance Companies Providing PMSBY Scheme
The Pradhan Mantri Suraksha Bima Yojana is a government-sponsored health insurance initiative designed to provide coverage in case of accidents, including accidental death, total and partial disability, and permanent disability. To be eligible for this program, individuals must be between the ages of 18 and 70. Anyone within this age range can participate, provided they have an active bank account.
The annual premium for the scheme, excluding service tax, is Rs. 20, making it an affordable option for a wide range of individuals. Premium payments are conveniently deducted automatically from the policyholder’s bank account.
In the unfortunate event of total incapacitation or death due to an accident, the nominee designated by the policyholder receives a payout of Rs. 2 lakh. In cases of partial permanent disability resulting from an accident, the policyholder is entitled to receive Rs. 1 lakh as a benefit.
Health Insurance Company
Bajaj Allianz
Cholamandalam MS
ICICI Lombard
National Insurance
New India Assurance
Reliance General Insurance
United India Insurance
Universal Sompo
pradhan mantri suraksha bima yojana premium
The premium for the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is Rs. 12 per annum per member. This means that individuals who enroll in the scheme are required to pay an annual premium of Rs. 12 to avail of the insurance coverage provided by PMSBY.
The premium is quite affordable, which is one of the key features of the scheme, making it accessible to a wide range of people, especially those with lower incomes.
The premium is typically auto-debited from the policyholder’s bank account through the ‘auto-debit’ facility in one installment on or before June 1st of each annual coverage period under the scheme.
How to apply for Pradhan Mantri Suraksha Bima Yojana online?
Visit the Bank’s Official Website: Start by visiting the official website of the bank where you have your savings account. PMSBY is typically offered through participating banks, so you’ll need to apply through your bank’s online portal.
Log In to Your Internet Banking Account: Log in to your internet banking account using your credentials.
PMSBY Application: Once you are logged in, look for the option to apply for PMSBY. This option may be labeled as “Insurance” or “Schemes” or something similar.
Fill Out the Application Form: Click on the PMSBY application link and fill out the required application form. You will need to provide details such as your name, address, Aadhaar number, nominee details, and consent for auto-debit of the premium from your bank account.
PMSBY Participating Banks
Bank Name
Bank Name
Bank Name
Allahabad Bank
Axis Bank
Bank of India
Bank of Maharashtra
Bharatiya Mahila Bank
Canara Bank
Central Bank
Corporation Bank
Dena Bank
Federal Bank
HDFC Bank
ICICI Bank
IDBI Bank
IndusInd Bank
Kerala Gramin Bank
Kotak Bank
Oriental Bank of Commerce
Punjab and Sind Bank
Punjab National Bank
South Indian Bank
State Bank of Hyderabad
State Bank of India
State Bank of Travancore
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
Carefully review all the information you have entered in the application form to ensure accuracy. Make any necessary corrections. After reviewing the form, submit it electronically.
Once you have successfully submitted the form, you should receive an acknowledgment or confirmation of your enrollment in PMSBY. This may include an Acknowledgement Slip Cum Certificate of Insurance.
The premium of Rs. 12 will be auto-debited from your bank account. Ensure that your account has sufficient balance to cover the premium.
It’s important to inform your nominee about their role and provide them with the necessary details in case they need to make a claim in the event of an accident.
Keep a copy of the acknowledgment or certificate of insurance for your records.
Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana
Minimum Age: 18 years
Maximum Age: 70 years
Must have a savings bank account
Bank account must be linked with Aadhaar card
If not linked, attach a copy of the Aadhaar card with the application
Only one savings account can be used for enrollment
Annual premium: Rs. 12
Premium is auto-debited from the bank account
Scheme is valid for one year, renewable annually
Primary KYC document required: Aadhaar card
Documents Required for PMSBY
The Pradhan Mantri Suraksha Bima Yojana application form should be completed with the following details:
Proof of Identity
Aadhaar card
Contact information
Nominee details
Application form (available in multiple languages)
If your Aadhaar card is not linked to your savings bank account, include a copy of your Aadhaar card with the application form.
Activating PMSBY SMS Facility
Visit your bank’s website.
Navigate to the PMSBY section.
Enter your account number and Captcha code.
Request a One Time Password (OTP).
Provide the required details.
Submit the information.
Activating PMSBY Internet Banking
Log in to your internet banking account.
Click on “Insurance.”
Select the account you wish to use for premium payment.
Verify the details.
Confirm your selection.
Download the policy receipt.
PMSBY FAQs
What is PMSBY?
PMSBY is a government-backed insurance scheme in India that provides coverage for accidental death and disability at an affordable premium.
Who is eligible for PMSBY?
Individuals aged 18 to 70 years who have a savings bank account with a participating bank can enroll in PMSBY.
How can I enroll in PMSBY?
You can enroll online through your bank’s website or by visiting your bank’s branch and filling out the application form.
What is the premium for PMSBY?
The annual premium for PMSBY is Rs. 12 per member.
When does the coverage period start and end?
The coverage period is from June 1st to May 31st of the following year.
What benefits does PMSBY provide?
PMSBY provides a benefit of Rs. 2 lakh in case of accidental death and Rs. 2 lakh for total and irrecoverable loss of both eyes or both hands or feet, or loss of one eye and one hand or foot. It also offers Rs. 1 lakh for total and irrecoverable loss of one eye or one hand or foot.
How is the premium paid?
The premium is auto-debited from the policyholder’s bank account through the ‘auto-debit’ facility.
Can I enroll in PMSBY through multiple bank accounts?
No, if you are covered through more than one account and premiums are received inadvertently, the insurance cover will be restricted to one account, and the premium for the duplicate account(s) will be forfeited.
Can I renew PMSBY after the first year?
Yes, you can renew the coverage each year by paying the annual premium.
How do I make a claim under PMSBY?
In the event of an accident, inform your bank and provide the necessary documents and information to initiate the claim process. The bank will assist you in filing a claim.
Is there a waiting period before the coverage starts?
The coverage typically starts immediately upon enrollment, provided the premium is paid.
Can I opt out of PMSBY if I change my mind?
Yes, you can choose to opt out of the scheme at any time. You should contact your bank for the opt-out procedure.
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