The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme designed to provide financial protection against accidental death and disability. The scheme can be particularly useful for people from low-income sections who may find regular insurance policies expensive.
People between 18 and 70 years of age who have a savings bank account can enrol in the scheme. The insurance is provided for one year and can be renewed annually.
PMSBY Eligibility and Coverage
Individuals aged 18 to 70 years can become subscribers to PMSBY, subject to the scheme’s conditions. In the case of a joint savings account, each eligible account holder can enrol separately.
Foreign nationals can also participate in the scheme, although any claim amount payable under the policy is settled in Indian currency.
A person may have savings accounts with more than one bank, but the PMSBY coverage can be taken through only one bank account.
The scheme provides ₹2 lakh in case of accidental death or permanent total disability. For permanent partial disability, the coverage amount is ₹1 lakh.
PMSBY Premium and Policy Period
The annual premium for PMSBY is ₹20, including taxes. The amount is collected through the auto-debit facility from the subscriber’s bank account on or before June 1 each year.
The insurance cover operates for one year, from June 1 to May 31. Coverage can continue through annual renewal, subject to the applicable conditions.
Subscribers need to ensure that their bank account remains active and has sufficient funds for the premium to be deducted. The insurance coverage remains available until the policyholder reaches the age of 70, subject to the scheme rules.
How to Apply for PM Suraksha Bima Yojana
Eligible account holders can enrol through the bank where they maintain their savings account. Depending on the bank, the application can be completed through internet banking or SMS-based facilities.
Applicants can also download the PMSBY form from the relevant official website and submit the completed form to their bank.
The scheme is administered by Public Sector General Insurance Companies (PSGICs) along with other insurance providers. Since PMSBY can be obtained through participating banks and insurers, customers can check the available enrolment facility with their bank.
With an annual premium of ₹20, PMSBY provides accident-related financial protection of up to ₹2 lakh, subject to the terms and conditions of the scheme.