Know about Pradhan Mantri Surkasha Bima Yojana (PMSBY) eligibility, enrollment period, premium, insurance cover benefits and other important features of the scheme. Pradhan Mantri Suraksha Bima Yojana (PMSBY) – is an accidental insurance scheme that offers accidental death and disability cover for death or disability on account of an accident. The scheme was introduced by Central Government in 2015 Budget to help and support poor and under privileged section of society. Under the scheme, risk coverage available will be Rs. 2 Lakh for accidental death and permanent total disability and Rs. 1 Lakh for permanent partial disability, for a one year period stretching from 1st June to 31st May.
In our last article, we read about important features of other social security schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana.
Eligibility for Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Any Individual in the age 18 to 70 years having saving bank account is eligible to join under Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Note : In case of multiple saving bank account held by individual in one or different bank , the person can join only through one saving bank account.
Enrolment Period for Pradhan Mantri Suraksha Bima Yojana
1st June – 31st May.
₹ 12/- per annum per member. The premium will be deducted from the account holder’s saving bank account through ‘Auto-Debit’ facility in one installment on or before 1st June of each annual coverage period. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit.
Who offer the Pradhan Mantri Suraksha Bima Yojana (PMSBY) ?
The policy is offered by PSGIC (Public Sector General Insurance Companies) or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. Participating Bank will be the Master policy holder on behalf of the participating subscribers.
Benefits / Risk Cover under Pradhan Mantri Suraksha Bima Yojana (PMSBY)
|Table of Benefits||Sum Insured|
|A||Death||₹ 2 Lac|
|B||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||₹ 2 Lac|
|C||Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||₹ 1 Lac|
Note : You will get Benefits under PMSBY in addition to existing accidental insurance cover.
Termination of Accident Cover Assurance
The accident cover of the member shall terminate / be restricted accordingly on any of the following events :-
- On attaining age 70 years (age near birthday)
- Closure of account with the bank or insufficiency of balance to keep the insurance in force
- In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.
Appropriation of Premium
- Insurance premium payable to PSGIC / other insurance company – ₹ 10/- per annum per member
- Reimbursement of Expenses to BC/Micro/Corporate/ Agent by insurer – ₹ 1/- per annum per member
- Reimubursement of Administrative expenses to participating bank by the insurer – ₹ 1/- per annum per member
Documents Required to Enroll for Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- PMSBY Application Form
- Aadhaar Card
You can download PMSBY Application form in different languages – Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil, Telugu from here.
How to enroll or subscribe for Pradhan Mantri Suraksha Bima Yojana ?
To subscribe for Pradhan Mantri Suraksha Bima Yojana, one must have a saving bank account with any of the participating banks.
- Approach the bank branch where you are having saving bank account.
- Download Pradhan Mantri Suraksha Bima Yojana – Application Form from here. You can also get it from bank branch.
- Fill up the details – Name, Age, Aadhaar Number, Bank Account Detail, Nominee Name etc.
- Submit the duly filled in Application Form along with KYC documents such as Aadhaar Card to your Bank Branch.
- Some Banks also have facility of enrollment for the policy through Internet Banking. The subscriber will have to login to internet banking account and enroll for the scheme.
So Pradhan Mantri Suraksha Bima Yojana is very good accidental insurance policy for rich, poor and middle income groups at a very affordable premium.