Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme is a one-year accidental insurance plan launched by Prime Minister Shri Narendra Modi on May 9, 2015. This scheme aims at catering to people's financial needs during unforeseen events, such as accidents. It is available to bank and post offices account holders aged 18 to 70 and offers coverage against death and disability. The premium is automatically debited from the account annually on or before 1st June.

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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.

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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:

Criteria	Minimum	Maximum
Age	18 years	70 years
Premium	Rs. 12/- per annum deducted through auto-debit
Flexibility	Exit and rejoin with annual premium payment, subject to conditions
Coverage	Death due to accident, Permanent disability because of accident
Policy Tenure	1 Year, Renewal Every Year
Sum Assured	Max: Rs. 2 Lakhs

Claim Process for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

PMSBY covers accidental death, permanent total disability, and partial disability. The steps remain similar, but the documents vary depending on the type of claim.

Step 1: Notify the Bank Immediately

In case of an accident, inform the bank where the PMSBY policy is active. If the insured person has passed away, the nominee must report the incident as early as possible.

Step 2: Get the PMSBY Claim Form

The form can be collected from the bank, the associated insurance company, or downloaded online. This form must be filled accurately.

Step 3: Submit the Claim Within 30 Days

PMSBY requires the claim form to be submitted within 30 days of the accident. Any delay can lead to complications or rejection.

Step 4: Submit Required Documents

For Accidental Death

FIR
Post-mortem report
Death certificate

For Disability Claims

Disability certificate issued by a Civil Surgeon
Hospital discharge summary
Bank account details
Succession certificate (only if no nominee is registered)

Make sure each document is genuine and clearly readable.

Step 5: Bank Verification

After receiving the form and documents, the bank verifies the policyholder’s details and confirms the nominee or claimant’s information. The bank then forwards the verified claim to the insurer within 30 days.

Step 6: Final Review and Settlement

The insurance company checks whether the insured person was covered under the master policy at the time of the accident. Once verified, the insurer processes the claim and transfers the payout to the nominee or the insured person in case of disability.

Who can claim under Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The legal heir or nominee in case of death or the life assured themselves in case of a permanent disability.

When to claim under Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

Within 30 days of the accident that led to claim

Required documents to file a claim under Pradhan Mantri Suraksha Bima Yojana:

Proof of accidental death or permanent disability.
Claim-cum-discharge form
Aadhaar and PAN numbers of the deceased and claimant (optional).
KYC document for the nominee/appointee/claimant.
Proof of being a legal heir if the claimant is not the nominee

First two pages of the passbook or a bank statement showing account details. Key Points to Remember while Filing for a Claim

The nominee's role is crucial: They should keep all documents organised and act quickly, especially in the case of accidental deaths where additional reports are required.
Don’t miss the deadlines: Both schemes expect the claim form to be submitted within 30 days. Delays can slow down or even block the claim.
Documentation decides the speed: Incomplete papers are the most common reason for queries and rejections. Ensure that certificates, ID proofs, and medical or police reports are accurate, legible, and complete.
Processing usually takes a month or two: Once the bank and insurer receive everything in order, claims are typically cleared within 30 to 60 days.

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FAQs

Q: What is PMSBY full form?

Ans: PMSBY full form is Pradhan Mantri Suraksha Bima Yojana.
Q: What is the PMSBY age limit?

Ans: The PMSBY age limit is 18 to 70 years.
Q: What are the benefits of the PMSBY scheme?

Ans: The benefits of the PMSBY scheme include:
Avail an accident insurance cover without spending much when compared to other policies.
Money will be given to the nominee in case of the demise of the policyholder.
Flexibility to either continue or discontinue as per convenience.
Tax deduction as per Section 80C, and the sum insured of Rs. 1.5 lakh remains non-taxable as per Section 10(10D) of the IT Act.
Q: What is the maximum age requirement to subscribe to the PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana)?

Ans: The PMSBY scheme is easily accessible to people aged between 18 years and 70 years. The individual should hold the savings bank account and give consent to enable the facility of auto-debit either on or before May 31 for the coverage term June 01 to May 31 on a yearly renewal basis.
Q: What is PMSBY 20 Rs policy?

It’s the Pradhan Mantri Suraksha Bima Yojana, a government-backed accident insurance scheme. For an annual premium of ₹20, you get accident coverage of ₹2 lakh for accidental death or full disability, and ₹1 lakh for partial disability. The cover runs from 1 June to 31 May every year and renews automatically if your bank account has enough balance.
Q: Why are 20 Rupees deducted from a bank account?

Banks debit ₹20 once a year to renew your PMSBY cover. The deduction usually happens between May and June. If you enrolled earlier, even through SMS or online banking, the premium gets auto-debited every year unless you opt out. If you don’t want the scheme anymore, you can visit your bank or disable auto-debit through net banking or your bank’s branch.
Q: Who can apply for the PMSBY Scheme?

Ans: Any individual who has either a single or joint bank account and falls between the age of 18 years and 70 years in any of the participating banks is eligible to join the PMSBY scheme. In the case of multiple bank accounts in one or different banks, the individual is entitled to join the PMSBY scheme via one bank account only.
Q: How to download the PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana) certificate?

Ans: The individual needs to get in touch with the bank that has the savings account and through which they registered for the PMSBY scheme and download the PMSBY certificate.
Q: How can I track the status of my PMSBY account?

Ans: Anyone who wishes to track the PMSBY account's status should visit the bank's website with which they have the savings bank account and likewise have applied for the scheme. Enter the account and application number and then click on the ‘submit’ tab to track the PMSBY application status.
Q: What is PMSBY premium?

Ans: PMSBY Premium is Rs. 12/- per annum, which is deducted through auto-debit.
Q: Does the PMSBY cover death and disability due to natural calamities such as earthquake, flood, and other convulsions of nature?

Ans: Natural calamities being in the nature of accidents, any death/disability (as defined under PMSBY) resulting from such natural calamities is also covered under PMSBY.
Q: Does PMSBY cover suicide and murder?

Ans: Death due to suicide is not covered in PMSBY. However, death due to murder is covered.
Q: How will the premium be paid for the PMSBY Scheme?

Ans: The premium will be deducted from the account holder’s bank/Post office account through the ‘auto-debit’ mode in one installment, as per the consent given by the subscriber at the time of enrollment.
Q: Who offers/administers the PMSBY scheme?

Ans: The PMSBY scheme is provided/administered through the Public Sector General Insurance Companies (PSGICs) and other general insurance companies willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. Participating banks are free to involve any such general insurance company for implementing the scheme for their account holders/subscribers.
Q: Can people who fail to join the PMSBY scheme in the initial year join in later years?

Ans: Yes, new eligible entrants can also enroll in future years by paying the premium through auto-debit. However, the risk cover would commence from the date of auto-debit of the premium from the subscriber’s account.
Q: Can people who leave the scheme rejoin the PMSBY Scheme?

Ans: People who exit the PMSBY scheme at any point can rejoin the scheme in the future by paying the annual premium (subject to terms and conditions). However, the risk cover will begin from the date of auto debit of premium from the subscriber’s account.
Q: Who will be the Master policy holder for the PMSBY scheme?

Ans: The participating Banks/Post office serve as the Master policyholders for the scheme. A straightforward and subscriber-friendly administration & claim settlement process has been established by PSGICs/other insurance companies in consultation with the participating banks/Post office.
Q: When can the accident cover assurance terminate in the PMSBY Scheme?

Ans: The accident cover for a member will terminate or be restricted based on the following events:
Upon reaching 70 years of age (nearest birthday).
Closure of the account with the Bank or insufficient balance to maintain the insurance.
If a member is covered through multiple accounts and the insurance company inadvertently receives the premium, the insurance cover will be restricted to one account, and the premium may be forfeited.
Q: Are NRIs eligible for coverage under PMSBY?

Yes. An NRI with an eligible savings account in any bank branch in India can enroll in PMSBY as long as they meet the scheme’s terms and conditions. If a claim is filed, the payout is made only in Indian currency to the nominee or beneficiary.

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

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We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

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