Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Know the coverage, benefits, eligibility, and application process for (PMSBY) Pradhan Mantri Suraksha Bima Yojana.
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3 min
14-September-2024

PMSBY is an Accident Insurance Scheme providing coverage for accidental death and disability due to an accident. The policy offers one-year coverage, which can be renewed annually. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-led insurance scheme aiming to provide death and disability insurance to individuals at an affordable premium. In this article, we will take a closer look at the benefits, scope of coverage, eligibility criteria, and other important aspects of the scheme.

What is PMSBY full form and nature of the scheme?

PMSBY full form is Pradhan Mantri Suraksha Bima Yojana. Launched by the Indian government, this scheme provides affordable accident insurance coverage. PMSBY means financial security in the event of accidental death or disability. It offers coverage for death or permanent disability caused by accidents, making it a crucial safety net for policyholders and their families at a minimal annual premium.

PMSBY (Pradhan Mantri Suraksha Bima Yojana): Overview

PMSBY scheme details include accident insurance coverage for death or disability, with a minimal annual premium. The PMSBY age limit is 18 to 70 years, making it accessible to a broad range of individuals. Given below are the key scheme details of Pradhan Mantri Suraksha Bima Yojana:

Scheme details

Description
PMSBY full form Pradhan Mantri Suraksha Bima Yojana

Insurance component

Accidental death and disability insurance

Sum insured

Up to Rs. 2 lakh

Premium

Rs. 20 per annum

Age limit

18 to 70 years

Renewal

Annual renewal of policy

Claim process

The beneficiary needs to submit a death or disability certificate to the bank


What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

Pradhan Mantri Suraksha Bima Yojana, launched by the Indian government in May 2015, aims to provide affordable personal accident insurance to individuals. This scheme covers accidental death and disability that occurs due to an accident. The insurance component of the scheme is underwritten by public-sector general insurance companies and other private-sector insurance providers.

The scheme is available to individuals between the ages of 18 to 70 years who have a savings account with any bank or financial institution supported by the government.

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Benefits of Pradhan Mantri Suraksha Bima Yojana

Given below are the benefits of Pradhan Mantri Suraksha Bima Yojana:

  • It offers personal accident insurance coverage at a meagre premium.
  • The PMSBY premium is Rs. 12 for a year, making it one of the most affordable personal accident insurance policies in India.
  • The scheme provides coverage for accidental death and disability. In case of accidental death, the nominee of the policyholder will receive a sum assured of Rs. 2 lakh. In case of disability, the policyholder will receive an amount of up to Rs. 2 lakh, depending on the extent of the disability.
  • PMSBY's coverage is worldwide, meaning anyone under the scheme is insured for an accident that occurs anywhere in the world. This benefit is advantageous for those who regularly travel for work or pleasure.

PMSBY scope of coverage

PM Suraksha Bima Yojana covers the below mentioned three aspects:

1. Accidental death:

In the occurrence of accidental death, the nominee will receive a sum assured of Rs. 2 lakh.

2. Permanent total disability:

In case of permanent total disability due to an accident, the policyholder will receive a sum assured of Rs. 2 lakh.

3. Permanent partial disability:

In case of permanent partial disability due to an accident, the policyholder will get a sum assured of up to Rs. 2 lakh, depending on the extent of the disability.

PMSBY does not cover natural death, death due to illness, or death due to causes other than an accident.

Documents required for Pradhan Mantri Suraksha Bima Yojana

Given below is the list of key documents required for Pradhan Mantri Suraksha Bima Yojana (PMSBY):

1. Proof of identity:

You must provide valid proof of identity, typically your Aadhaar card, which is widely accepted and recognised in India as an identification document.

2. Aadhaar card:

Your Aadhaar card is essential for this application, serving as a key document for verification to confirm your identity during the enrollment process.

3. Contact information:

Accurate contact details, including your current address and phone number, are required. This information is crucial for communication and ensuring you receive updates related to the insurance scheme.

4. Nominee details:

Providing accurate details of your chosen nominee is important, as this person will receive the insurance benefits in case of an unfortunate event. Ensure that these details are correctly filled out to avoid future complications.

5. Application form:

The PMSBY application form is available in multiple languages, including English, Hindi, Bengali, Marathi, Oriya, Telugu, Tamil, and Gujarati. It is important to fill out this form with all necessary details accurately.

Also, read: How to Apply for Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana premium

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers an affordable insurance solution with a premium of just Rs. 20 per annum. This low-cost premium makes it accessible to a large segment of the population, ensuring widespread coverage. Under the PMSBY scheme details, the premium is auto-debited from the policyholder’s bank account, making the renewal process hassle-free. This nominal PMBSY premium provides significant financial security, offering coverage against accidental death and disability, making it an essential part of your financial planning.

Eligibility criteria for Pradhan Mantri Suraksha Bima Yojana

To be eligible for this health insurance scheme, one needs to fulfil the following eligibility criteria:

  • The policyholder must be between 18 to 70 years of age.
  • Annual premium of Rs. 20. The plan can be renewed annually.
  • The policyholder needs to maintain savings account with a bank or financial institution supported by the government. The premium for PMSBY will be deducted from this savings account.
  • Individuals need to enroll for the scheme through the bank associated with the savings account.

What is the claim process of PMSBY?

Here are the steps to get claim benefits for the Pradhan Mantri Suraksha Bima scheme:

  • Download the claim form from the official website or obtain it from the bank where the policy was purchased.
  • Fill in the required details in the claim form.
  • Submit the duly filled claim form along with the necessary documents such as original death certificate, disability certificate, post-mortem report, FIR or police report, and identity proof of the nominee.
  • The insurance company will process the claim and disburse the benefit amount to the nominee's bank account within the stipulated time.
  • It is important to ensure that all the necessary documents are submitted accurately and on time to avoid any delay in claim settlement.

The claim process for PMSBY is simple and easy to follow, and the scheme provides much-needed financial assistance to the nominee in case of an unfortunate event.

Also check: PMJAY

Participating banks in PMSBY

Both, private and public sector banks have been listed to participate under PMSBY:

  • Axis Bank
  • Bank of India
  • Bank of Maharashtra
  • Bharatiya Mahila Bank
  • Canara Bank
  • Central Bank
  • Federal Bank
  • HDFC Bank
  • ICICI Bank
  • IDBI Bank
  • IndusInd Bank
  • Kerala Gramin Bank
  • Kotak Bank
  • Punjab and Sind Bank
  • Punjab National Bank
  • South Indian Bank
  • State Bank of India
  • UCO Bank
  • Union Bank of India
  • United Bank of India

What is covered under PMSBY?

Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme:

  • Accidental death coverage provides financial support to the nominee in the event of the insured's death due to an accident.
  • Permanent total disability coverage offers financial assistance if the insured suffers total disability due to an accident.

What is not covered under PMSBY?

Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme, the following are not covered:

  • Death or disability resulting from natural causes or illnesses.
  • Disabilities arising from pre-existing conditions.
  • Any intentional self-inflicted injuries or suicide.
  • Injuries sustained while under the influence of alcohol or drugs.

Also, read: Ayushman Card Download

How to renew Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

For PMSBY renewal, the process is straightforward. The policy automatically renews each year by auto-debiting the premium from the linked bank account. Ensure that your account maintains sufficient balance for a successful PMSBY renewal, ensuring continued coverage under this affordable accident insurance scheme. For more comprehensive information, you can refer to the complete PMSBY details, which outline all the necessary steps and requirements.

Pradhan Mantri Suraksha Bima Yojana application process

Here’s how you can check the status of your PMSBY account:

Step 1: Visit your bank’s website.

Step 2: Log in using your internet banking credentials.

Step 3: Navigate to the relevant PMSBY section.

Step 4: Enter your bank account number and the PMSBY application number.

Step 5: Click Submit.

Step 6: Review the status displayed on the screen.

Also read: ABHA card registration

Termination of cover

The accident insurance cover provided under the scheme will end:

  • If the member turns 70 years of ages
  • If the member’s bank account is closed.
  • If there is insufficient balance in the bank account to maintain the cover.

If a member is covered through more than one account, they will only be insured through one account, and any extra payments will be lost.

If the insurance is cancelled due to any technical or administrative issues, it can be reinstated by paying the full annual premium subject to certain conditions. The PMSBY participating banks will deduct the premium amount in the same month when auto debit is given and transmit the amount to the insurance company.

Difference between Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme that provides coverage for accidental death and disability. On the other hand, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme that covers death due to any cause. Given below are the key points of difference between the two schemes:

Feature

PMSBY

PMJJBY

Type of insurance

Accidental death and disability cover

Life insurance coverage

Coverage amount

Up to Rs. 2 lakh for accidental death or disability

Rs. 2 lakh for life insurance (death due to any cause)

Annual premium

Rs. 20 per annum

Rs. 436 per annum

Eligibility age

18-70 years

18-50 years

Renewal

Annually renewable

Annually renewable

Coverage type

Accident only

Life insurance (death due to any reason)


Also, read: CoWin certificate

PMSBY toll-free number

The national toll-free numbers for PMSBY are 1800-180-1111 and 1800-110-001. You can call on either of the two numbers for any queries related to the scheme.

Taking this small step will ensure security to the future, making it worthwhile for every individual to enroll and reap the benefits under this scheme.

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Frequently asked questions

What should be the age of the policyholder for Pradhan Mantri Suraksha Bima Yojana?

The applicant must be between the ages of 18 and 70 to apply for Pradhan Mantri Suraksha Bima Yojana.

How to get Prime Minister's security insurance?

To get enrolled in Pradhan Mantri Suraksha Bima Yojana, individuals can visit their bank or insurance company and fill out the necessary forms. The premium amount will then be deducted automatically from the applicant's bank account.

When was the Pradhan Mantri Suraksha Bima Yojana started?

The Pradhan Mantri Suraksha Bima Yojana was launched on May 9, 2015, by the government of India.

What is the premium amount in Pradhan Mantri Suraksha Bima Yojana?

The premium amount for Pradhan Mantri Suraksha Bima Yojana is very affordable, costing only Rs. 12 per year. This premium is auto debited from the individual's bank account.

What is the benefit of Pradhan Mantri Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana provides an accidental death and disability insurance cover of Rs. 2 lakh to the policyholder's nominee in case of death. In case the policyholder becomes totally and permanently disabled, he or she will get Rs. 2 lakh as well.

How long does it take to claim PMSBY?

The duration for processing a claim under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) typically varies depending on the insurance provider and the complexity of the claim. However, insurers strive to settle claims promptly, usually within a few weeks of receiving all necessary documentation.

Who is eligible for PM Suraksha Bima Yojana?

Individuals aged 18 to 70 years with a savings bank account are eligible for the Pradhan Mantri Suraksha Bima Yojana (PMSBY). The account must be linked with Aadhaar for seamless enrollment and premium deduction.

How much money is given in Pradhan Mantri Suraksha Bima Yojana?

The Pradhan Mantri Suraksha Bima Yojana provides coverage of Rs. 2 lakh for accidental death or full disability, and Rs. 1 lakh for partial disability. This financial assistance offers crucial support in case of unforeseen accidents.

Can I claim PMSBY after 30 days?

Claims under PMSBY must be submitted within 30 days of the accident. Delayed claims might be considered on a case-to-case basis, but timely submission ensures quicker processing and disbursement of the insurance benefits.

Who can claim PMSBY?

Any individual aged 18 to 70 years with a savings bank account, who has enrolled in the scheme, can claim PMSBY benefits in case of accidental death or disability.

What is not covered in PMSBY?

PMSBY does not cover non-accidental deaths, natural causes of death, deaths due to suicide, or self-inflicted injuries. Pre-existing disabilities and deaths from activities like adventure sports may also be excluded.

Are NRIs eligible for coverage under PMSBY?

Yes, NRIs can subscribe to PMSBY if they have an eligible savings bank account in India. However, claims will only be paid in Indian currency to a nominee residing in India.

Which bank accounts are eligible for subscribing to PMSBY?

Savings bank accounts in any bank in India are eligible for subscribing to PMSBY. Individuals must provide consent and auto-debit instructions from their savings accounts to pay the annual premium.

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