Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Let’s understand more about PMSBY in this article. 

What is the PMSBY Scheme?

Pradhan Mantri Suraksha Bima Yojana, PMSBY is a government scheme offered by Public Sector General Insurance Companies (PSGICs) and other general insurance companies. It was launched on 1st June 2015 and it is an Accident Insurance Scheme that provides one-year cover and is renewable from year to year.

The PMSBY Scheme offers coverage for accidental death, total and partial disability, and permanent disability, like a term life insurance plan. The PMSBY age limit is 18 years to 70 years and for those who hold a bank account. The yearly premium, excluding service tax, is Rs. 20, automatically deducted from the scheme holder's bank account. In case of total incapacitation or accident-related death, the nominee receives Rs. 2 lakh. For partial permanent disability due to an accident, the subscriber receives Rs. 1 lakh.

Features of the Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Understanding the key features of PMSBY helps you make the most of the scheme. Here are the essentials:

• Annual Premium of ₹2
  The scheme charges a yearly premium of ₹20, which is auto-debited from the subscriber’s savings account.

• Accident-Only Coverage
  The plan offers financial support in case of accidental death or disability. Natural death is not covered.

  Benefit Amount

  • ₹2 lakh for accidental death

  • ₹2 lakh for total and permanent disability

  • ₹1 lakh for partial and permanent disability (loss of one hand, foot or sight of one eye)

• Simple Enrollment
  Individuals aged 18 to 70 with a savings bank or post office account can join by submitting the consent form for auto-debit.

• Automatic Renewal
  Once enrolled, the policy renews every year (1 June–31 May) through auto-debit unless the subscriber opts out or the account lacks sufficient balance.

• Easy Rejoining
  If a subscriber exits the scheme or the cover lapses due to non-payment of premium, they can rejoin by paying the premium again, provided they meet the eligibility criteria.

• Nationwide Availability
  The scheme is offered through all major banks and participating insurance companies, making it easily accessible across India.

What Is The Eligibility Criteria For Subscribing To Pradhan Mantri Suraksha Bima Yojana?

Here is the eligibility criteria for subscribing to Pradhan Mantri Suraksha Bima Yojana:

What is Covered Under PMSBY Policy and for How Much?

Under the PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana), the following key points outline the benefits and coverage provided:

• Death Benefit: In the unfortunate event of the life assured's accidental demise, a substantial death benefit of Rs. 2 Lakhs is made available to the policy beneficiary. This sum provides financial support during a challenging time.

• Total Disability Coverage: The scheme offers a comprehensive coverage of Rs. 2 Lakhs in the case of total disability. Total disability encompasses various scenarios, including:

  • Irrecoverable or complete loss of both eyes.

  • Loss of use of both hands, rendering them immobile.

  • Loss of use of both feet, resulting in their immobility.

  • Total paralysis, which can significantly impact an individual's mobility and quality of life.

  • Other instances of total and permanent disability as defined by the policy.

• Partial Disability Coverage: The PMSBY Scheme also extends coverage in case of partial disability. In such situations, the life assured is eligible for a life coverage of Rs. 1 Lakh.

As this is a pure life insurance plan, the scheme does not offer any mediclaim, i.e. it does not offer any reimbursement of hospitalization expenses caused due to an accident.

What Are The PMSBY Scheme Details?

Here is the list of all PMSBY scheme details:

• Range of Life Covers: The customers receive a wide range of life covers for different life uncertainties:

  • Death Benefit: Rs. 2 Lakh

  • 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: Rs. 2 Lakh

  • Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot: Rs. 1 Lakh

• Affordable Premium: The premium for the scheme is Rs. 20 per annum and it will be deducted from the account holder's bank/post office account through auto-debit mode. The low premium enables individuals with a weaker economic status to enroll in this scheme.

• Coverage Scope: The scheme is offered/administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to provide the product on comparable terms, subject to necessary approvals and collaboration with Banks/Post Office. Participating Banks/Post Offices can freely involve any such insurance company to implement the scheme for their subscribers.

• Enrolment Modality/Period: The coverage is for one year, i.e. from June 1 to May 31. To join or pay via auto-debit from the designated bank/Post office account, submit the prescribed forms by May 31 each year. Later enrollment with the full annual premium is possible. Applicants can opt for an indefinite/extended enrolment/auto-debit, depending on the scheme's continued terms based on past experience. Those leaving the scheme may rejoin through the same process in subsequent years. New or previously eligible individuals can enroll in future years while the scheme is ongoing.

What Is The Scope Of PMSBY Scheme?

Individuals aged 18 to 70 with accounts in participating banks or post offices can enroll in the PMSBY Scheme. If a person holds multiple accounts in one or more banks or post offices, eligibility is through a single bank or post office account. Aadhar remains the primary KYC for the bank or post office account.

List of Banks Offering PMSBY Benefits 

Here is a list of banks that provide the PMSBY scheme benefits at their branches: 

How To Subscribe To PMSBY Scheme?

Here are the steps to subscribe to PMSBY Scheme via SMS:

• Step 1: Firstly, get the activation SMS.

• Step 2: Respond with 'PMSBY Y' to activate.

• Step 3: Receive an acknowledgment message.

• Step 4: The bank handles processing from the savings account's back-end.

Here are the steps to subscribe to PMSBY Scheme via internet banking facility:

• Step 1: Log in to your respective bank's internet banking account.

• Step 2: Access the insurance section.

• Step 3: Choose the account for premium payment.

• Step 4: Review details and confirm.

• Step 5: Download the confirmation receipt and note the reference number provided.

Claim Settlement Benefit Steps of Pradhan Mantri Suraksha Bima Yojana 

If an accident occurs, the insured person (in case of disability) or the nominee (in case of death) must follow these steps to claim the benefit:

Step 1: Notify the Bank Immediately
Inform the bank branch where the PMSBY policy is linked as soon as the accident occurs.

Step 2: Get the Claim Form
The claim form is available at the bank, from the participating insurer, or on the Jan Suraksha website. Fill it out completely with correct details.

Step 3: Submit the Claim Form and Required Documents
Submit the completed form to the bank—preferably within 30 days of the accident—along with the necessary documents such as:

• FIR or police report (where applicable)

• Death certificate (for death claims)

• Disability certificate issued by a Civil Surgeon (for disability claims)

• Post-mortem report (for accidental death)

• Hospital admission/discharge records

Step 4: Bank Verification
The bank verifies the information and forwards the claim to the insurance company within 30 days of receiving the documents.

Step 5: Insurer’s Validation
The insurer checks whether the person is covered under the master policy and validates the documents submitted.

Step 6: Claim Processing
The insurance company processes the claim within 30 days after receiving the complete set of documents from the bank.

Step 7: Claim Payout
Once approved, the claim amount is credited directly to:

• The nominee’s bank account (for death claims), or

• The insured person’s bank account (for disability claims)

Step 8: If No Nominee Is Assigned
In the absence of a nominee, the payout goes to the legal heir. A succession certificate or legal proof is required.

Step 9: Overall Timelines
The entire process typically takes around 30 days once the bank forwards the claim to the insurer.

Documents Required for PMSBY Claim

To process the claim smoothly, the following details and documents are generally required:

• Name and address of the insured

• Bank name and savings account number

• Contact details of the insured or nominee

• Details of the accident (date, time, location, nature of accident)

• Cause of death or nature of disability

• FIR / police report (where applicable)

• Death certificate or disability certificate

• Post-mortem report (for accidental death)

• Hospital or medical records

• Name and contact details of the attending doctor or hospital

• Preferred date and time for medical officer’s visit (for disability verification)

FAQs