Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Know the coverage, benefits, eligibility, and application process for (PMSBY) Pradhan Mantri Suraksha Bima Yojana.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
3 min
30-July-2023

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. Given below are the key scheme details of PMSBY:

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. 12 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.

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:

  • Accidental death: In the occurrence of accidental death, the nominee will receive a sum assured of Rs. 2 lakh.
  • Permanent total disability: In case of permanent total disability due to an accident, the policyholder will receive a sum assured of Rs. 2 lakh.
  • 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.

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.
  • 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 Pradhan Mantri Suraksha Bima Yojana?

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.

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 participating banks will deduct the premium amount in the same month when auto debit is given and transmit the amount to the insurance company.

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.

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.

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