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Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme

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 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. 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 thePMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana), a death benefit of Rs. 2 Lakhs is available to the policy beneficiary in case of the life assured's accidental demise. Moreover, coverage of Rs. 2 Lakhs is provided in case of total disability like an irrecoverable or complete 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 Rs. 1 Lakh is provided to the life assured.

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.

What Are The Inclusions and Exclusions in the PMSBY Scheme?

As defined under PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana), the policy covers the following risks:

  • Any death

  • Accidents

  • Disability caused by natural calamities

However, the plan does not provide the following coverages:

  • Coverage against suicide, but death due to murder is covered under the policy

  • Coverage in case of irrecoverable loss of eyesight, loss of one hand, or foot

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What Is The Process To Subscribe To PMSBY Scheme?

Here are the steps to subscribe to PMSBY 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 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.

List of Participating Banks Offering PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana)

The following are the banks that offer PMSBY Scheme:

Axis Bank Bank of India Bank of Maharashtra Bharatiya Mahila Bank Canara Bank Central Bank Federal Bank HDFC Bank ICICI Bank IDBI Bank IndusInd Bank Kerala Gramin Bank Kotak Bank Punjab and Sind Bank Punjab National Bank South Indian Bank State Bank of India UCO Bank Union Bank of India United Bank of India

What Are The Documents Required For Pradhan Mantri Suraksha Bima Yojana?

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 PMSBY scheme (Pradhan Mantri Suraksha Bima Yojana) is required, which contains details such as the name, contact number, Aadhar number, and nominee details. The PMSBY Scheme form is available in nine regional languages, including Hindi and English, making it easy to understand.

  • Aadhar Card
    In case the applicant's Aadhar card details are not linked to the savings bank account, a copy of the Aadhar card needs to be submitted. The equivalent needs to be accompanied by the PMSBY application form.

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

How To Claim The PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana)?

The PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana) provides accidental death and disability coverage which is confirmed by documentary evidence. In case of accidental demise of the life assured, 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 life assured. In case of a disability claim, the sum assured amount will be credited to the policyholder's bank account. Similarly like in term insurance plan, in case of death the death benefit will be paid to the beneficiary of the policy.


  • 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 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.
  • Q: What is the maximum age requirement to subscribe to the PMSBY Scheme (Pradhan Mantri Suraksha Bima Yojana)?/span>

    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.
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