Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a Government of India accident insurance scheme designed to provide financial protection against accidental death and disability. The scheme is available to eligible bank and post office account holders at a very low annual premium.
Key Features of PMSBY
- Accident insurance coverage for death and disability
- Low annual premium of ₹20 per year
- Coverage available through bank or post office accounts
- Auto-debit facility for hassle-free renewal
- One-year renewable policy
PMSBY Premium Details
- Annual Premium: ₹20 per member
- The premium is auto-debited from the bank or post office account
- Deduction is done on or before 1st June every year
Coverage Period
- Insurance coverage is valid for one year
- Coverage period: 1st June to 31st May of the following year
- Renewal is required every year
Insurance Benefits Under PMSBY
Accident Death Benefit
- ₹2,00,000 paid to the nominee in case of accidental death
Total Permanent Disability
- Loss of both eyes
- Loss of both hands or both feet
- Loss of sight in one eye and loss of one hand or foot
- Benefit Amount: ₹2,00,000
Partial Permanent Disability
- Loss of sight of one eye
- Loss of use of one hand or one foot
- Benefit Amount: ₹1,00,000
If a person is enrolled through multiple bank accounts, the maximum insurance cover will be limited to ₹2 lakh only.
Eligibility Criteria for PMSBY
- Must be a bank or post office account holder
- Age should be between 18 to 70 years
- Consent for auto-debit is mandatory
- Must have sufficient balance in the account
When Does the Insurance Cover Terminate?
Insurance coverage will end in the following cases:
- On attaining 70 years of age
- Closure of the linked bank or post office account
- Insufficient account balance for premium deduction
How to Apply for PMSBY
Offline Application Process
- Visit your bank branch or post office where you have an account
- Download the PMSBY application form from the official website
- Fill in the required details
- Submit the form along with necessary documents
- Receive an Acknowledgement Slip cum Insurance Certificate
Online Application Process
- Download the application form from the official portal
- Submit it to your bank after filling the details
👉 Official Form Link:
https://jansuraksha.gov.in/Forms-PMSBY.aspx
Documents Required
- Bank or post office account details
- Aadhaar card (recommended)
- Consent form for auto-debit
Claim Settlement Process
- Claims are paid directly to the nominee or beneficiary
- Payment is made through bank transfer
- FIR and accident-related documents may be required
Important Contact Details
- National Toll-Free Numbers:
- 1800-180-1111
- 1800-110-001
- State-wise Toll-Free Numbers:
Available on the official Jan Suraksha portal
PMSBY – Frequently Asked Questions (FAQs)
- Who can claim insurance in case of death?
- Is hospitalization reimbursement covered?
- Can a person enroll from multiple bank accounts?
- Are NRIs eligible for PMSBY?
- Is suicide or murder covered under PMSBY?
- Does the scheme cover natural calamities like floods and earthquakes?
- Can members rejoin the scheme after exiting?
Conclusion
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the most affordable accident insurance schemes in India. With a nominal premium of just ₹20 per year, it offers significant financial security to individuals and their families in case of unforeseen accidents. Every eligible bank account holder is encouraged to enroll and secure their future.