The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed personal accident insurance scheme that provides coverage at an annual premium of just ₹20. The scheme offers financial protection in case of accidental death or certain forms of permanent disability.
Under PMSBY, an insured person can receive up to ₹2 lakh in case of accidental death or permanent total disability. A benefit of ₹1 lakh is available for specified permanent partial disabilities. The scheme is designed to provide affordable accident insurance to eligible bank and post office account holders.
What Is PM Suraksha Bima Yojana?
PMSBY was launched in 2015 as a low-cost personal accident insurance scheme. It is available to eligible individuals between 18 and 70 years of age who have a participating bank or post office account and provide consent for the premium to be deducted through auto-debit.
The insurance cover runs for one year, from June 1 to May 31, and can be renewed annually. The ₹20 premium is generally collected through a single auto-debit from the subscriber’s bank or post office account.
How Much Insurance Cover Is Available?
The amount payable depends on the nature of the accident-related death or disability. Accidental death is covered for ₹2 lakh. The same amount is payable for specified permanent total disabilities, such as the complete and irreversible loss of both eyes or the loss of use of both hands or both feet.
For specified permanent partial disability, such as the complete and irreversible loss of sight in one eye or loss of use of one hand or one foot, the benefit is ₹1 lakh.
PMSBY is an accident insurance scheme, not a medical insurance policy. The official scheme information states that hospitalisation expenses following an accident are not reimbursed under this cover.
Who Can Apply for PMSBY?
Individuals aged 18 to 70 years with an eligible bank or post office account can enrol in the scheme, subject to the applicable conditions. The subscriber must provide consent for the auto-debit of the annual premium.
If a person has accounts with multiple banks or post offices, PMSBY coverage can be taken through only one account. In the case of a joint account, each eligible account holder can enrol separately by paying the applicable ₹20 annual premium.
The required enrolment process includes providing the necessary details and authorising the participating bank or post office to deduct the premium automatically.
How to Apply for PM Suraksha Bima Yojana?
Eligible customers can enrol through a participating bank or post office. The scheme can be joined using the prescribed consent-cum-declaration process and by authorising the auto-debit facility for the annual premium.
Applicants should provide accurate details, including nominee information, and complete the required documentation. The official PMSBY application form provides for authorisation of the ₹20 premium deduction and specifies the accident-related coverage available under the scheme.
After enrolment, the insurance cover remains subject to the scheme’s terms and the successful payment of the applicable premium. Claims are paid to the insured account holder in eligible disability cases, while death claims are paid to the nominee or eligible legal heir according to the scheme rules.
Disclaimer
This article is provided for general awareness and should not be treated as insurance or financial advice. PMSBY benefits, eligibility, exclusions and claim procedures are governed by the official scheme rules and applicable terms. Readers should verify the latest information with their participating bank, post office or the official government sources before enrolling or making a claim.