Pradhan Mantri Suraksha Bima Yojana | PMSBY

Pradhan Mantri Suraksha Bima Yojana (PMSBY). A Simple Guide for Indians

 

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a social security scheme launched by the Central Government of India. It was introduced by Prime Minister Narendra Modi on 9th May 2015. The scheme aims to provide affordable accident insurance to people between the ages of 18 and 70, especially those who are poor or from disadvantaged backgrounds. The annual insurance premium is only Rs. 20/-.

Key Benefits of this scheme

• Accidental Death Cover: ₹2 lakh
• Permanent Total Disability Cover: ₹2 lakh
• Partial Disability Cover: ₹1 lakh

This is a standard policy for the year and can be renewed every year.

Why PMSBY Is Important

Medical insurance can cost thousands of rupees, making it unaffordable for many, especially those from low-income groups. PMSBY offers both accident and life insurance at a minimal cost, providing a safety net for families in case of an unfortunate incident.

What is PMSBY?

PMSBY is an accident insurance scheme that offers financial support in case of accidental death or disability of a policy holder. It provides insurance coverage to the policyholder and their family members at a very low annual premium. The scheme is run by public as well as private insurance companies.

Features of PMSBY

1. Accidental Death: ₹2 lakh to the nominee.
2. Permanent Disability: ₹2 lakh to the policyholder.
3. Partial Disability: ₹1 lakh to the policyholder.

PMSBY Enrollment

To be eligible for PMSBY:

• Age should be between 18 and 70 years.
• Since the premium is deducted from the Bank, a Bank Account is mandatory with the mobile number linked to it.
• Aadhaar is linked to your bank account.
• It is available to enrol in any one bank account, even if you have more than one bank account.
• NRIs can apply, but the benefits will be paid in Indian currency to the nominee.
• Deaths due to natural calamities, murder, or disability are covered. Suicide is not covered.
• Insurance is valid from 1st June of the current year to 31st May of the next year.

PMSBY insurance Apply online

1. Visit your bank branch where you have a savings account or download the form from https://jansuraksha.gov.in/Forms-PMSBY.aspx.
2. Fill in the details and submit the required documents to the bank.
3. You will receive an insurance certificate once your application is approved.

How to Pay the Premium?

• The premium of ₹20 is auto-debited from your bank account every year.
• You must ensure your account has enough balance before 31st May.
• If you exit the scheme, you can rejoin in future years by following the same process.

Claim Process

1. Download the claim form from the official website or collect it from your bank.
2. Fill in the form and attach documents like death/disability certificate, FIR, postmortem report, and nominee ID proof.
3. Submit the form to the bank. The insurance company will process the claim and credit the amount to the nominee’s bank account.

Documents Required

• Aadhaar Card
• Contact information
• Nominee details
• Completed application form (available in various Indian languages)

Difference Between PMSBY and PMJJBY

Though both provide coverage of ₹2 lakh, they serve different purposes:

• PMSBY: Covers accidental death and disability.
• PMJJBY: Covers death due to any reason but does not cover disability.

When Does PMSBY Coverage End?

• When the person turns 70 years old.
• If the bank account is closed.
• If the account does not have enough balance to pay the amount of premium.

Scheme Overview

Feature	Details
Scheme Name	Pradhan Mantri Suraksha Bima Yojana
Insurance Coverage	Accidental death and disability
Sum Assured	Up to ₹2 lakh
Annual Premium	₹20
Age Limit	18 to 70 years
Policy Renewal	Every year
Claim Process	Submit certificate to bank

FAQ’s

1. How to enroll in PMSBY?
   • Visit your bank or insurance provider and fill out the form. The premium is auto-debited from your account.
2. What is the annual premium?
   • Just ₹20, deducted automatically from your bank account.
3. What are the benefits?
   • ₹2 lakh in case of death or permanent disability, ₹1 lakh for partial disability.
4. Who can claim the benefit in case of death?
   • The nominee or legal heir.
5. How is the claim paid?
   • Benefit is credited to the bank account.

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