Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an affordable insurance scheme in India with coverage in case of accidental death or disability.

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government initiative in India designed to provide accident insurance at an incredibly low annual premium of just ₹20. Eligibility for this scheme is open to individuals aged 18 to 70 who have a savings bank account, and it can be renewed on an annual basis.

PMSBY Scheme Details and Features 

Here are some of the features of PMSBY:

  • This policy is remarkably affordable, particularly for economically disadvantaged segments of the population, and can be acquired for a mere ₹20.
  • In the event of the policyholder’s demise, the nominated beneficiary receives a payout.
  • There is the convenient feature of automatic premium deduction from the bank account.
  • You have the flexibility to opt for either a long-term policy or annual renewals.
  • Additionally, it has the potential to offer tax savings.

Coverage Under Pradhan Mantri Suraksha Bima Yojana 

The PM Suraksha Bima Yojana has the following coverage options:

  • In the unfortunate event of the policyholder’s demise due to an accident, a sum of ₹2 lakh will be provided to the nominated beneficiary.
  • If the policyholder experiences permanent total disability as a result of an accident, an amount of ₹2 lakh will be awarded to the insured individual.
  • In the event of permanent partial disability caused by an accident, a sum of ₹1 lakh will be given to the insured individual.

Non — Coverage under Pradhan Mantri Suraksha Bima Yojana 

There are specific limitations tied to the causes of death and the types of disabilities under the PMSBY scheme. Notably, suicide-related deaths are excluded from coverage under this scheme, and claims for non-permanent disabilities, unless otherwise specified, are not valid, particularly in cases of partial disabilities that are not accompanied by irrecoverable losses.

Where can you get the scheme from? 

To enrol in this program, you have the option to obtain the application form from Jan Suraksha’s official government website and submit it to your bank. Additionally, some banks have introduced an SMS-based registration process, as well as an option for enrolment through internet banking.

Enrolment Process for Pradhan Mantri Suraksha Bima Yojana 

The registration process can be initiated in two ways: either through the internet banking facility of your respective bank or by sending an SMS to the provided toll-free number of the organisation handling the enrolment.

For SMS activation:

  1. You will receive an activation SMS.
  2. Respond to the activation SMS by typing ‘PMSBY Y.’
  3. You’ll receive a confirmation message.
  4. The bank will handle the processing details from the savings account backend.

For online activation through Internet banking (PMSBY Online Apply):

  1. Log in to your respective bank’s internet banking account.
  2. Navigate to the insurance section.
  3. Identify the account from which the premium amount will be deducted.
  4. Verify all the details and confirm.
  5. Download the confirmation receipt and make a note of the provided reference number.

PM Suraksha Bima Yojana Eligibility

Here are some of the ways to become eligible for the Pradhan Mantri Suraksha Bima Yojana scheme:

  • Individuals between the ages of 18 and 70 can apply for this scheme.
  • The annual premium of ₹20 will be automatically deducted from the savings account of the account holder.
  • Those who choose to discontinue the scheme at any time can rejoin in subsequent years by paying the yearly premium, provided they meet the specified conditions.

Documents Required to Enrol for the PMSBY Scheme

To enrol in the PMSBY scheme, you’ll need the following documentation:

  1. Application Form: Complete the PMSBY application form with your personal information.
  2. Aadhar Card: You’ll need to provide a copy of your Aadhar card along with the application form.

Termination Conditions of the Scheme 

Accidental coverage will cease, and no benefits will be provided if any of the following conditions are met:

  1. When the policyholder reaches the age of 70.
  2. If the savings bank account is closed due to failure to maintain the minimum required balance for insurance coverage.
  3. In cases where the policyholder is covered by multiple accounts, the insurance coverage will apply to only one account, and any extra premium paid will not be refunded.
  4. If an insurance policy is terminated due to technical problems or insufficient funds, it can be reinstated once the full premium is paid. During the period of suspension, risk coverage will not be active, and its resumption will be at the discretion of the insurance provider.
  5. When the auto-debit option is chosen, the participating banks must deduct the premium within the same month and transmit the amount to the insurance company.

The Process to Claim PMSBY 

Here is the procedure for claiming PMSBY scheme benefits:

  1. In case of an accident, the insured or the nominee (in the event of the insured’s death) should promptly inform the bank.
  2. The fully filled claim form must be submitted to the bank branch within 30 days of the accident.
  3. Along with the claim form, original documents such as the FIR (First Information Report), post-mortem report (if applicable), death certificate, or a disability certificate issued by a Civil Surgeon must be provided. Additionally, include a discharge certificate.
  4. The bank will verify the account details and then forward the case to the insurance company within 30 days of receiving the claim.
  5. The claim will be processed within 30 days after receiving the necessary documents from the bank.
  6. Once the claim is approved, the eligible amount will be credited to the nominee’s or insured individual’s account.
  7. If the insured has not designated a nominee, the death claim will be paid to the lawful heir of the insured, who must provide a succession certificate.

The bank is given a maximum of 30 days to complete the entire claim process.

Summing Up

In conclusion, the PMSBY scheme serves as a vital safety net, providing financial security to a broad spectrum of individuals at an exceptionally low cost, reinforcing the government’s commitment to inclusive insurance coverage.


Can I benefit from this scheme if I already possess another insurance policy?

Yes, the advantages of the PMSBY scheme will complement any pre-existing accidental insurance coverage you may have.

What happens if my savings account lacks funds and is closed?

Your accident coverage assurance will be terminated if your savings account has insufficient funds and is subsequently closed or if you fail to maintain a sufficient balance to uphold the policy.

What happens if I miss the 30-day deadline for submitting a claim after an accident occurs?

If you exceed the 30-day timeframe for submitting a claim following an accident, your claim may not be processed. It’s crucial to notify the bank and provide the required documents promptly to ensure a successful claim.

Is there any provision for changing the nominee for the PMSBY scheme?

Yes, you can update or change your nominee for the PMSBY scheme. You will need to contact your bank or the designated insurance provider to initiate the nominee change process and complete the necessary formalities.