Pradhan Mantri Suraksha Bima Yojana
06 June 2025Insurance is one of the simplest ways to protect yourself and your loved ones from financial difficulties caused by unexpected accidents. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government initiative designed to provide affordable accident insurance to everyone, especially those who may find traditional insurance expensive.
For just ?20 a year, PMSBY offers essential financial support and gives families security and peace of mind during difficult times. It offers peace of mind and financial support during unforeseen accidents, helping families cope with tough times.
What is Pradhan Mantri Suraksha Bima Yojana
PMSBY is an insurance programme started by the government of India to provide financial help to the insured's family in their absence. This is an accidental coverage plan that offers financial security at the time of death and disability.
Initiated by the government, this insurance scheme is trusted and affordable for most people, including people with lower incomes. It does not offer any maturity benefit or surrender benefit to the policyholder.
Key Features of Pradhan Mantri Suraksha Bima Yojana
Some of the features of Pradhan Mantri Suraksha Bima Yojana (PMSBY) are as follows:
- Accident Insurance Cover: It provides financial protection against accidental death and disability caused by an accident.
- Affordable Premium: The premium is just Rs. 20 per year for each member. It is automatically deducted from the member’s bank or post office account through auto-debit before 1st June each year.
- Coverage Duration: The insurance coverage is valid for one year, starting from 1st June to 31st May.
- Age Limit: Coverage of this policy ends when the insured member reaches the age of 70 (nearest birthday).
- Account Requirements: The scheme requires an active bank account with a sufficient balance. Coverage will end if the account is closed or there are insufficient funds.
- Multiple Account Rule: If a member holds multiple accounts and premiums are paid from more than one, the maximum coverage will be limited to Rs. 2 lakh.
Also Know - Pradhan Mantri Jeevan Jyoti Bima Yojana
Benefits of Pradhan Mantri Suraksha Bima Yojana
Here are some of the benefits of Pradhan Mantri Suraksha Bima Yojana:
- Provides ?2 lakh in case of accidental death to the insured.
- Offers ?2 lakh for permanent total disability, such as loss of both eyes or both limbs.
- Offers ?1 lakh for permanent partial disability, such as loss of one eye or one limb.
- Helps ensure financial support for families during unexpected accidents.
| Coverage for | Compensation Amount |
|---|---|
| Death | 2 Lakh |
| Loss of both eyes and limbs | 2 lakh |
| Loss of one eye and limbs | 1 lakh |
Pradhan Mantri Suraksha Bima Yojana Eligibility
The eligibility criteria for PMSBY are as follows:
- The scheme is open to individuals aged between 18 and 70 years.
- Applicants must have their own savings account.
- Consent for auto-debit of the premium for annual renewal must be given.
How to Apply for Pradhan Mantri Suraksha Bima Yojana Online
Applying for Pradhan Mantri Suraksha Bima Yojana online is a simple and easy process. You can apply for PMSBY online through your bank’s net banking portal by selecting the scheme and allowing the auto-debit of the premium.
How to Apply for Pradhan Mantri Suraksha Bima Yojana Offline
To apply for Pradhan Mantri Suraksha Bima Yojana (PMSBY) offline, you can follow the given steps:
- Step 1: Visit your bank branch where you have a savings account. Or Go to the official website: https://jansuraksha.gov.in/Forms-PMSBY.aspx to download the Pradhan Mantri Suraksha Bima Yojana form.
- Step 2: Fill out the form with your details to apply for the Pradhan Mantri Suraksha Bima Yojana.
- Step 3: Submit the completed form to the bank along with the required documents (like ID proof and address proof).
- Step 4: After submission, you will receive an Acknowledgement Slip and a Certificate of Insurance.
Things to Remember About PMSBY
Here are some important points to remember before buying this affordable accident plan:
1. Renewal
The scheme provides coverage for one year and is renewable annually.
2. Implementation
Participating banks and post offices can collaborate with any general insurance company to get the scheme for their customers.
3. Eligibility with Multiple Accounts
If an individual holds multiple bank or post office accounts, they can enroll in the scheme through only one account.
4. KYC Requirement
Aadhaar serves as the primary Know Your Customer (KYC) document for enrollment in the scheme.
5. Purpose
PMSBY aims to provide financial protection against accidental death and disability at an affordable premium.
6. Eligible Account Holders
All individual bank or post office account holders, including those with single or joint accounts, are eligible to enroll in PMSBY.
7. Exclusion of Institutional Accounts
Institutional account holders are not eligible for the PMSBY scheme.
Conclusion
Pradhan Mantri Suraksha Bima Yojana is a simple, affordable, and effective accident insurance scheme aimed at providing financial protection to individuals, especially from economically weaker sections. With a minimal premium of just ?20 per year, it offers substantial coverage for accidental death and disability.
This government-backed scheme ensures that every eligible citizen can access basic insurance support and safeguard their family's future against unexpected events.
To know more about the plan, feel free to contact our customer support service. We will love to help you with this affordable insurance plan.
You just have to pay a premium of ₹ 20 per annum per member to get the benefit of the PMSBY scheme.
If the insured person is disabled, the claim amount will be sent to their bank account. In case of death, the money will be given to the nominee or legal heir through their bank account.
In cases like road, rail, or other vehicle accidents, drowning, or deaths involving a crime, the incident must be reported to the police. For incidents like snake bites or falling from a tree, hospital records should be provided as proof of the cause.
All bank accounts other than institutional accounts are eligible for Pradhan Mantri Suraksha Bima Yojana.
