The Ministry of Finance started the Pradhan Mantri Suraksha Bima Yojana (PMSBY), an accident insurance plan that is endorsed by the government. It is meant to protect people’s money in case they die or become disabled by accident.
The relatively inexpensive annual premium is one of the best things about this plan. A bank account holder can acquire accident insurance coverage of up to ₹2 lakh for just ₹20 a year.
This article will clearly explain who is eligible for the PM Suraksha Bima Yojana and what insurance benefits they can get. It will also cover the premium, coverage period, application process, and common questions.
PM Suraksha Bima Yojana
Overall, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a very useful and affordable accident insurance scheme for people from all income groups. Because the premium is only ₹20 per year, almost every bank account holder can easily take advantage of this government-backed protection. The scheme provides financial security to families in difficult situations such as accidental death or permanent disability, helping them manage unexpected expenses. By enrolling in PMSBY, individuals can ensure that their loved ones receive financial support when they need it most. Therefore, eligible persons should consider joining the scheme and keeping their bank account active to continue enjoying the benefits every year.
PM Suraksha Bima Yojana
| Scheme Name | Pradhan Mantri Suraksha Bima Yojana (PMSBY) |
| Scheme Type | Accident Insurance Scheme |
| Launched By | Ministry of Finance, Government of India |
| Premium | ₹20 per year |
| Maximum Insurance Cover | ₹200,000 |
| Coverage Period | 1 June to 31 May (One Year) |
| Enrollment Mode | Through Bank or Post Office Account |
| Eligible Age | 18 to 70 years |
This scheme mainly helps families financially if the insured person dies or becomes disabled due to an accident.
Premium and Coverage Duration
The premium for PMSBY is very affordable, so that most people can easily enroll in the scheme.
Key Premium Details
- Annual Premium: ₹20 per member
- The premium is automatically deducted from the bank or post office account.
- Deduction happens through auto-debit before 1 June every year.
- The insurance coverage lasts for one year, from 1 June to 31 May.
Coverage Period Table
| Coverage Start Date | Coverage End Date |
|---|---|
| 1 June | 31 May (next year) |
To continue the insurance, the subscriber must ensure that there is enough balance in the bank account for the premium deduction.
PM Suraksha Bima Yojana Eligibility
Understanding PM Suraksha Bima Yojana eligibility and insurance benefits is important before applying for the scheme.
Eligibility Criteria
To join PMSBY, a person must meet the following conditions:
- Must be a bank account holder in a participating bank or post office
- Age must be between 18 years and 70 years
- Must provide consent for auto-debit of premium from the bank account
Eligibility Summary
| Requirement | Details |
|---|---|
| Minimum Age | 18 years |
| Maximum Age | 70 years |
| Bank Account | Required |
| Auto Debit Permission | Mandatory |
Once these conditions are met, the person can enrol in the scheme easily.
PM Suraksha Bima Yojana Insurance Benefits
The main purpose of this scheme is to provide financial help in case of accidental death or disability.
Insurance Benefits Table
| Situation | Benefit Amount |
|---|---|
| Accidental Death | ₹200,000 paid to the nominee |
| Total loss of both eyes | ₹200,000 |
| Loss of both hands or feet | ₹200,000 |
| Loss of sight in one eye and loss of one hand or foot | ₹200,000 |
| Loss of sight in one eye | ₹100,000 |
| Loss of use of one hand or foot | ₹100,000 |
Key Benefit Points
- Maximum insurance coverage is ₹2 lakh.
- The amount is paid for death or permanent disability caused by an accident.
- In case of death, the nominee receives the claim amount.
Termination of Insurance Coverage
The accident insurance coverage under PMSBY may stop under certain conditions.
When the Insurance Cover Ends
- When the subscriber reaches the age of 70 years,
- If the bank account is closed
- If there is insufficient balance for the premium deduction
If a person enrols in the scheme through multiple bank accounts, the total insurance cover will still be limited to ₹2 lakh only.
Application Process for PMSBY
Enrolment in PMSBY is simple and can be done through a bank branch.
Offline Application Steps
- Step 1: Visit the bank branch where you have a savings account.
- Step 2: Download the application form from the official website:
https://jansuraksha.gov.in/Forms-PMSBY.aspx - Step 3: Fill in the required details in the form.
- Step 4: Submit the form to the bank along with the necessary documents.
- Step 5: After submission, you will receive an acknowledgement slip and certificate of insurance.
Application Process
| Step | Action |
|---|---|
| Step 1 | Visit the bank or download the PMSBY form |
| Step 2 | Fill the form |
| Step 3 | Submit the form to the bank |
| Step 4 | Receive acknowledgement and insurance certificate |
Contact and Support
If you need help related to the scheme, you can contact the official support numbers.
| Contact Type | Details |
|---|---|
| National Toll-Free Number | 1800-180-1111 |
| Alternate Toll-Free Number | 1800-110-001 |
| State-wise Helpline | Available on the official website |
Frequently Asked Questions (FAQs)
1. Is hospitalisation cost covered under PMSBY?
No. The scheme does not provide reimbursement for hospital expenses after an accident.
2. Who can claim the insurance benefit if the account holder dies?
If the insured person dies, the nominee mentioned in the enrolment form can file the claim. If there is no nominee, the legal heir can claim the benefit.
3. How is the claim amount paid?
- Disability claims: Credited directly to the insured person’s bank account.
- Death claims are paid to the nominee’s or the legal heir’s bank account.
4. Will the family receive insurance benefits in case of suicide?
No. If the insured person commits suicide, the family will not receive any insurance benefit under the scheme.
5. Is an FIR required to claim insurance after an accident?
In certain cases, such as road accidents, rail accidents, drowning, or crime-related deaths, reporting the accident to the police and obtaining an FIR is necessary.
For other incidents, like a snake bite or falling from a tree, hospital records confirming the cause of the accident may be required.
