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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. Let’s understand more about PMSBY in this article. 

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What is the PMSBY Scheme?

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.

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What is Covered Under PMSBY Policy and for How Much?

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.

What Are The PMSBY Scheme Details?

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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What Is The Scope Of PMSBY Scheme?

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.

How To Subscribe To PMSBY Scheme?

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.

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


  • 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: 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.

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