Tuesday, 26 May 2020

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme. PMSBY is a one-year personal accident insurance scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme covers both permanent and partial disabilities. In this post, let us take a look at Pradhan Mantri Suraksha Bima Yojana (PMSBY).



The Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme is renewable from year to year. It is available to all the savings bank account holders in the participant banks who give their consent to join and enable auto-debit. The scheme has an annual premium of Rs.12. PMSBY scheme is the most beneficial policy for the low-income section of society.



Eligibility Pradhan Mantri Suraksha Bima Yojana (PMSBY)

All individual bank account holders in the age of 18 to 70 years in participating banks are eligible to join. If you have multiple savings bank accounts then you would be eligible to join the scheme through one account only.

In case of a joint account, all holders can join the scheme provided they satisfy its eligibility criteria and pay the premium at the rate of Rs.12/- annum per person.

NRI having an eligible bank account with a bank branch located in India is eligible for this scheme. However, if a claim arises, the claim benefit will be paid to the nominee only in Indian currency.



Policy Term for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Under PMSBY scheme will have the cover for a one-year period, starting June 1 to May 31 of the subsequent year. The scheme renewable from year to year.

Premium Amount for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The premium payable is Rs. 12/- per annum per member. The premium for the scheme will be deducted from your savings bank account through “auto debit” facility in one installment on or before 31st May of each annual coverage period under this scheme.

Benefits under Pradhan Mantri Suraksha Bima Yojana (PMSBY)

1. In case of Death: An amount of Rs. 2 lakhs is paid to the nominee, in case the policy holder loses his/her life in an accident.
2. Permanent Total Disability: An amount of Rs. 2 lakhs is paid in case of full disablement due to an accident. Permanent total disability is defined as 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.
3. Permanent Partial Disability: An amount of Rs. 1 lakh is paid in case of partial disablement due to an accident. Permanent partial disability is defined as total and irrecoverable loss of sight of one eye or loss of use of one hand or foot.

Note that the total amount that can be claimed under the policy is Rs. 2 lakh only.

Master Policy Holder

Participating Banks will be Master policy holders. A simple and subscriber-friendly administration & claim settlement process has been finalized by PSGICs / chosen insurance company in consultation with the participating bank.

Auto Debit Facility

The premium of Rs. 12 will be deducted from the account your savings bank account through ‘auto debit’ facility in one installment, as per the consent was given at the time of enrollment. You have to give one-time mandate for auto-debit every year till the scheme is in force.


Termination of Cover

The accident cover of the member shall terminate on any of the following events:
1. On attaining age 70 years (age nearer birth day).
2. Closure of account with the Bank or insufficiency of balance in the account to keep the insurance in force.
3. If a member is covered through more than one saving accounts and the premium is received by the insurance company inadvertently, insurance cover under the scheme will be restricted to one account. The premium shall be liable to be forfeited.


Toll-Free Numbers for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Toll-Free Numbers for Pradhan Mantri Suraksha Bima Yojana (PMSBY)
National Toll-Free Numbers for this scheme are 1800110001 / 18001801111. You can also check the state-wise toll-free number list here - State-wise Toll-Free Numbers.




Also read: What is NPS?

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