Pradhan Mantri Suraksha Bima Yojana (PMSBY) - Eligibility
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Introduction

The Government of India launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY), a government-backed accident insurance scheme. This low-cost insurance scheme aims to provide financial security to individuals in case of accidental death or disability.

PMSBY Scheme Details and Features

  • PMSBY offers accidental insurance coverage at an affordable premium of Rs. 20 per annum.
  • The coverage includes death, total disability, and partial disability due to an accident.
  • The policy is valid for one year and is renewable annually.
  • Available to individuals aged 18 to 70 years with a bank account.
  • Public and private sector insurance companies manage the scheme in collaboration with banks.
  • The premium is auto-debited from the subscriber’s bank account.

Coverage Under Pradhan Mantri Suraksha Bima Yojana

  • Accidental Death: Rs. 2 lakh payout to the nominee.
  • Total and Irreversible Disability: Rs. 2 lakh payout.
  • Partial and Irreversible Disability: Rs. 1 lakh payout.

You may also want to know HDFC Bank Atal Pension Yojana

Non-Coverage under Pradhan Mantri Suraksha Bima Yojana

  • Natural death is not covered under PMSBY.
  • Suicide or self-inflicted injuries are not included.
  • Accidents due to intoxication (alcohol or drugs).
  • Participation in hazardous activities.

Where Can You Get the Scheme From?

PMSBY can be availed through:

  • Public sector and private sector banks
  • Post offices
  • Insurance companies are tied up with banks

List of Participating Banks in PMSBY

  • State Bank of India (SBI)
  • Punjab National Bank (PNB)
  • ICICI Bank
  • HDFC Bank
  • Axis Bank
  • Bank of Baroda
  • Union Bank of India
  • Canara Bank
  • Kotak Mahindra Bank

Enrollment Process for Pradhan Mantri Suraksha Bima Yojana

Activating through SMS

  1. The bank will send an SMS to eligible customers.
  2. Reply with ‘PMSBY Y’ to enroll.
  3. The premium amount will be auto-debited from the bank account.

Activating through Internet Banking (PMSBY Online Apply)

  1. Log in to your bank’s internet banking portal.
  2. Navigate to the Insurance section.
  3. Select PMSBY enrollment.
  4. Verify and submit details.
  5. Premium is auto-debited, and confirmation is sent.

PM Suraksha Bima Yojana Eligibility

  • Indian citizens between 18-70 years.
  • Individuals must have an active savings bank account.
  • Consent for auto-debit of premium.

You may also want to know the Axis Bank Atal Pension Yojana

Documents Required to Enroll for PMSBY Scheme

  • Aadhaar Card (for identity verification)
  • Bank account details (passbook or statement)
  • Duly filled PMSBY form

Termination Conditions of the Scheme

  • Age exceeds 70 years.
  • Closure of the bank account linked to the policy.
  • Insufficient funds in the account to pay the premium.
  • Multiple enrollments in different banks.

The Process to Claim PMSBY

  1. Inform the bank or insurance provider immediately after an accident.
  2. Submit a filled claim form with the necessary documents:
    • Death Certificate (in case of death)
    • FIR and medical certificate (in case of disability)
    • Bank details of the nominee
  3. The insurance company will verify and settle the claim.

Pradhan Mantri Suraksha Bima Yojana Benefits

  • Affordable premium of Rs. 20 per year.
  • Financial security for the family in case of an accident.
  • Easy enrollment process via bank or internet banking.
  • Instant claim settlement.

Pradhan Mantri Suraksha Bima Yojana Form

The PMSBY application form is available at:

  • Bank branches
  • Official websites of participating banks
  • Insurance company websites
  • Common Service Centers (CSCs)

Conclusion

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a crucial step towards financial security for the common man. This scheme is designed to help individuals and families cope with unexpected accidents. With a low premium and high coverage, PMSBY ensures that even economically weaker sections have access to affordable accident insurance. Enrolling in PMSBY is quick and hassle-free, making it an excellent option for anyone looking for financial protection.

Frequently Asked Questions

The annual premium for PMSBY is Rs. 20 per year.

Any Indian citizen aged 18-70 years with a savings bank account can apply.

You can activate PMSBY via internet banking or SMS registration through your bank.

If your bank account does not have enough funds, the policy will automatically terminate.

No, you can only enroll through one bank account.

No, PMSBY only covers accidental death and disability.

In case of an accident, submit a claim form, FIR, medical reports, and nominee details to the bank or insurance provider.

No, PMSBY does not offer tax deductions under Section 80C.

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