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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. Let’s understand more about PMSBY in this article.
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PMSBY full form is Pradhan Mantri Suraksha Bima Yojana (PMSBY). The PMSBY scheme is 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.
Term Plans
Under the PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana), the following key points outline the benefits and coverage provided:
Death Benefit: In the unfortunate event of the life assured's accidental demise, a substantial death benefit of Rs. 2 Lakhs is made available to the policy beneficiary. This sum provides financial support during a challenging time.
Total Disability Coverage: The scheme offers a comprehensive coverage of Rs. 2 Lakhs in the case of total disability. Total disability encompasses various scenarios, including:
Irrecoverable or complete loss of both eyes.
Loss of use of both hands, rendering them immobile.
Loss of use of both feet, resulting in their immobility.
Total paralysis, which can significantly impact an individual's mobility and quality of life.
Other instances of total and permanent disability as defined by the policy.
Partial Disability Coverage: The PMSBY Scheme also extends coverage in case of partial disability. In such situations, the life assured is eligible for a life coverage of Rs. 1 Lakh.
As this is a pure life insurance plan, the scheme does not offer any mediclaim, i.e. it does not offer any reimbursement of hospitalization expenses caused due to an accident.
Here is the list of all PMSBY scheme details:
Range of Life Covers: The customers receive a wide range of life covers for different life uncertainties:
Death Benefit: Rs. 2 Lakh
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: Rs. 2 Lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot: Rs. 1 Lakh
Affordable Premium: The premium for the scheme is Rs. 20 per annum and it will be deducted from the account holder's bank/post office account through auto-debit mode. The low premium enables individuals with a weaker economic status to enroll in this scheme.
Coverage Scope:The scheme is offered/administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to provide the product on comparable terms, subject to necessary approvals and collaboration with Banks/Post Office. Participating Banks/Post Offices can freely involve any such insurance company to implement the scheme for their subscribers.
Enrolment Modality/Period: The coverage is for one year, i.e. from June 1 to May 31. To join or pay via auto-debit from the designated bank/Post office account, submit the prescribed forms by May 31 each year. Later enrollment with the full annual premium is possible. Applicants can opt for an indefinite/extended enrolment/auto-debit, depending on the scheme's continued terms based on past experience. Those leaving the scheme may rejoin through the same process in subsequent years. New or previously eligible individuals can enroll in future years while the scheme is ongoing.
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Individuals aged 18 to 70 with accounts in participating banks or post offices can enroll in the PMSBY Scheme. If a person holds multiple accounts in one or more banks or post offices, eligibility is through a single bank or post office account. Aadhar remains the primary KYC for the bank or post office account.
Here are the steps to subscribe to PMSBY Scheme via SMS:
Step 1: Firstly, get the activation SMS.
Step 2: Respond with 'PMSBY Y' to activate.
Step 3: Receive an acknowledgment message.
Step 4: The bank handles processing from the savings account's back-end.
Here are the steps to subscribe to PMSBY Scheme via internet banking facility:
Step 1: Log in to your respective bank's internet banking account.
Step 2: Access the insurance section.
Step 3: Choose the account for premium payment.
Step 4: Review details and confirm.
Step 5: Download the confirmation receipt and note the reference number provided.
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 | |
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+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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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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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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