*Please note that the quotes shown will be from our partners

Pradhan Mantri Suraksha Bima Yojana (PMBSY) Scheme

Pradhan Mantri Suraksha Bima Yojana has been announced by the government of India as one of the three social security schemes. PMSBY is an accidental insurance scheme that provides accidental death and disability coverage for one year, with an annual renewal.

With the minimum premium rate of Rs. 12/- per annum this policy is most beneficial to the poor and low-income section of the society. Pradhan Mantri Suraksha Bima Yojana provides life coverage of Rs. 2 lakh for the accidental demise and permanent total disability and Rs. 1 lakh for permanent partial disability.

Individuals within the age group of 18-70 years having a participating savings bank account can subscribe to this scheme. In case you have more than one saving bank account you can subscribe to the scheme by using only one saving bank account. To help you know more about the Pradhan Mantri Suraksha Bima Yojana, further in this article we have briefly discussed the various aspects of the policy.

Get-Started

What is Covered Under PMSBY Policy and for How Much?

 Under Pradhan Mantri Suraksha Bima Yojana a death benefit of Rs. 2 lakh is available to the beneficiary of the policy in case of accidental demise of the insured person. Moreover, coverage of Rs. 2 lakh is provided in case of total disability like irrecoverable or total loss of both the eyes, or loss of use of both the hands and feet, paralysis, etc. In case of partial disability, a life coverage of Rs1lakh is provided to the insured person.

 The coverage provided by PMSBY is in addition to any other insurance plan the subscriber has. 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.

Best term Insurance Plans in India

Inclusion and Exclusion in Pradhan Mantri Suraksha Bima Yojana?

As defined under Pradhan Mantri Suraksha Bima Yojana any death, accidents, and disability caused due to natural calamities is covered by the policy. However, the plan does not provide any coverage against suicide but death due to murder is covered under the policy. The plan also does not provide any coverage in case of irrecoverable loss of eyesight loss of one hand or foot.

You may like to Read: Pradhan Mantri Jeevan Jyoti Bima Yojana

Process to Subscribe Pradhan Mantri Suraksha Bima Yojana through SMS

  • The eligible subscriber is sent an SMS asking them to respond with ‘PMSBY<space>Y’.
  • In order to enroll the scheme, the subscribers need to reply to the SMS ‘PMSBY<space>Y’.
  • In response the customer to the SMS an acknowledgment message is sent to the customer.
  • For further processing, the application must have details of the subscriber’s name, marital status, date of birth etc.
  • The details are taken directly from the participating bank account of the subscriber.
  • In case the required details of the subscriber are not available in the banking records, the confirmation process will not be taken forward and the subscribers will have to apply physically from the nearest branch.
  • If auto debit of the premium fails as a result of insufficient balance the coverage of the policy will cease but the policy will still be in force.
Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
Premium 479/month
Age 25
Age 50
Buy Today & Save Big
View Plans

Process to Subscribe Pradhan Mantri Suraksha Bima Yojana through Net-Banking

  • Log in to the official website of the policy and click on the insurance tab.
  • Choose from both the schemes available on the page.
  • Select an account via which you want to pay the premium.
  • According to the selected account the policy cover amount, nominee details and premium amount will be displayed on the screen. You can either choose the saving account nominee or add a new nominee.
  • Once you are done with provide the name of your policy nominee click on the following details: -
    • Good health declaration.
    • Scheme details, terms, and conditions
    • “I do not hold any other policy for the same”
    1. Once you click the continue button the detailed policy will be displayed on the screen.
    2. Verify the details filled in the application form and click on confirm.
    3. You will be provided with an acknowledgment slip which has a unique identification number.
    4. For any further reference don’t forget to save the acknowledgment number.

List of Participating Banks Offering Pradhan Mantri Suraksha Bima Yojana

The following are the banks that offer Pradhan Mantri Suraksha Bima Yojana:

  • Allahabad Bank
  • Axis Bank
  • Bank of India
  • Bank of Maharashtra
  • Bharatiya Mahila Bank
  • Canara Bank
  • Central Bank
  • Corporation Bank
  • Dena Bank
  • Federal Bank
  • HDFC Bank
  • ICICI Bank
  • IDBI Bank
  • IndusInd Bank
  • Kerala Gramin Bank
  • Kotak Bank
  • Oriental Bank of Commerce
  • Punjab and Sind Bank
  • Punjab National Bank
  • South Indian Bank
  • State Bank of Hyderabad
  • State Bank of India
  • State Bank of Travancore
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • Vijaya Bank

Documents Required for PMSBY Scheme

To be a part of the Pradhan Mantri Suraksha Bima Yojana listed below are the documents that will be required:

Form: The duly filled application form of the Pradhan Mantri Suraksha Bima Yojana scheme, which contains details such as the name, contact number, Aadhar number and nominee details. The PMSBY form is available in nine regional languages including Hindi and English, which makes it easy to understand for the people.

Aadhar Card: In case the details of the Aadhar card of the applicant is not linked to the savings bank account, a copy of the Aadhar card needs to be submitted. The equivalent needs to be accompanied along with the PMSBY application form.

    Eligibility Criteria for PMSBY

    Individuals between the age group of 18-70 years are eligible to buy PMSBY. Moreover, NRI’s too can join the policy, provided that any claims will be paid to the beneficiary of the policy in should be in the Indian currency.

    What to do in Case of Claim

    The Pradhan Mantri Suraksha Bima Yojana provides accidental death and disability coverage which is confirmed by documentary evidence. In case of accidental demise of the insured person, the accident should be reported to the police station and should be clarified by immediate hospital records. The claim can be filed by the beneficiary of the policy mentioned in the enrolment form by the insured. In case of the disability claim, the sum assured amount will be credited to the bank account of the policyholder and in case of death, the death benefit will be paid to the beneficiary of the policy. 

    Final Thoughts

    With all these benefits and features offered by this policy and with its minimal premium rates, Pradhan Mantri Suraksha Bima Yojana is one of the best social security schemes. It provides life protection to those of lesser means without hurting their savings significantly.

    You may like to Read: saral jeevan bima yojana guidelines

    FAQs

    • What are the benefits of the PMSBY scheme?

      Ans:The following are the benefits of the PMSBY scheme:
      • Avail an accident insurance cover without spending much when compared to the other policies.
      • Money will be given to the nominee in case of the demise of the policyholder.
      • Flexibility to either 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.
    • What is the maximum age requirement to subscribe to Pradhan Mantri Suraksha Bima Yojana?

      Ans:The Pradhan Mantri Suraksha Bima Yojana 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.
    • What is the enrolment period?

      Ans:Initially, upon the introduction for the cover term from June 01 to May 31 2016 the subscribers were mostly expected to enrol and give their consent for the auto-debit by May 31, 2015. This has been extended up to August 31, 2015. Any enrolment after this date will be possible only after the complete yearly payment subject to the conditions. Any subscriber that wishes to continue beyond the initial year is expected to give consent for the auto-debit before every successive 31 May for the successive years. The delayed renewal after this date will be possible upon the payments of the complete yearly premium subject to various conditions.
    • Who can apply for Pradhan Mantri Suraksha Bima Yojana?

      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 are 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.
    • How to download the 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 Pradhan Mantri Suraksha Bima Yojana scheme and download the PMSBY certificate.
    • How can I track the status of my Pradhan Mantri Suraksha Bima Yojana account?

      Ans:Anyone who wishes to track the status of the PMSBY account should visit the website of the bank 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.

    Written By: PolicyBazaar - Updated: 14 April 2021
    Search
    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
    Newsletter
    Sign up for newsletter
    Sign up our newsletter and get email about term plans.
    SUBSCRIBE
    You May Also Want to Know About
    Best Term Insurance Plans in India 2021
    Best Term Insurance Plans Finding the best term insurance plan is an impertinent necessity for an individual who has dependents or a family. It is a proven fact that the best term insurance offers the most ‘value for money’s proposition. I...
    1 Crore Term Insurance Plan
    1 Crore Term Insurance Plan Amid the rising inflation, the expenses have also increased and so is the standard of living. If you are the only breadwinner in your family and do not want your loved ones to suffer due to the uncertainties that li...
    Best Term Insurance Plans in 2020
    Best Term Insurance Plans in 2020 The primary motive of buying a term insurance is to offer financial cover to your dependents in your absence. There are innumerable term insurance plans available in the market. You simply need to select a parti...
    Pradhan Mantri Jeevan Jyoti Bima Yojana
    Pradhan Mantri Jeevan Jyoti Bima Yojana Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the central government of India for the growth of the poor and low-income section of society. As a pure...
    Types of Deaths Covered and Not Covered by Term Insurance
    Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or doing a proper financial planning, term insurance is one of the most popular options for the insurance seekers. With affordable ...
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL