Pradhan Mantri Suraksha Bima Yojana: A Complete Guide for Indians

No one likes to think about accidents, death, and disabilities. But life is uncertain, and being financially prepared can make a huge difference during difficult times. This is where the Pradhan Mantri Suraksha Bima Yojana (PMSBY) plays an important role by providing financial protection to families under difficult situations.

Launched in 2015, the Pradhan Mantri Suraksha Bima Yojana is a government-backed accidental insurance scheme providing financial aid at a very low annual cost or premium. Given its attractive features and benefits, you may be wondering how to avail the Pradhan Mantri Suraksha Bima Yojana benefits. Don’t worry, in this article, we have covered what Pradhan Mantri Suraksha Bima Yojana is, its benefits, and more.

What is Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme that provides financial protection to individuals and their families in the event of accidental death or disability. Individuals are required to pay an annual premium of ₹20. PMSBY comes with a one-year cover, renewable from year to year. The scheme provides the following insurance benefits:

• A sum assured of ₹2 lakh in case of death
• A sum assured of ₹2 lakh in case of total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of a hand or foot.
• A sum assured of ₹1 lakh in case of total and irrecoverable loss of sight of one eye or loss of use of one hand or foot.

Pradhan Mantri Suraksha Bima Yojana is managed by Public Sector General Insurance Companies (PSGICs) and other General Insurance Companies (GICs), subject to necessary approvals and tie-ups with banks. The participating banks are free to partner with any eligible insurance companies to implement the scheme in order to provide coverage to their subscribers, subject to applicable guidelines and regulatory requirements.

The master policy is held by the participating bank on behalf of the subscribers. The general insurance company, in consultation with the participating bank, develops a simple, transparent, and subscriber-friendly process for administration and claim settlement.

PMSBY Eligibility Criteria

To apply for Pradhan Mantri Suraksha Bima Yojana, individuals are required to follow the conditions mentioned below:

• Individuals must be between the ages of 18 and 70 years.
• Must have an active savings account.
• Must have a valid Aadhaar card.

In case of multiple bank accounts, individuals can apply to Pradhan Mantri Suraksha Bima Yojana through one bank only.

Also Read: Complete Guide to Pradhan Mantri Ujjwala Yojana

Pradhan Mantri Suraksha Bima Yojana Benefits

Individuals can make an informed decision by understanding the Pradhan Mantri Suraksha Bima Yojana benefits mentioned below:

• Financial Protection Against Accidents: PMSBY aims to provide financial support in case of an accident. The nominee receives ₹2 lakh as a sum insured in case the insured person dies.
• Coverage for Permanent Disability: The scheme provides a sum assured of ₹2 lakh in case of permanent disability due to an accident.
• Affordable Premium: One of the biggest benefits of PMSBY is the low premium of ₹20 for a year, allowing individuals from different economic backgrounds to access insurance schemes.
• Easy Enrollment: Individuals can apply to Pradhan Mantri Suraksha Bima Yojana through their bank branches, internet banking or mobile banking applications, or digital channels provided by participating banks.
• Nationwide Accessibility: PMSBY is available across the country, making it accessible in rural and semi-urban areas.

How to Apply for Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

Individuals can follow the steps mentioned below to apply for PMSBY:

Step 1: Visit your nearest bank branch or access internet or mobile banking.

Step 2: Click on the PMSBY enrollment option.

Step 3: Fill in the required details along with the beneficiary information.

Step 4: Provide consent for premium deduction through auto debit.

Step 5: Submit application.

After approval and deduction of the premium, the policy will be active as per the scheme guidelines.

PMSBY Status Check Online: Key Methods

To confirm and verify your PMSBY policy, you may conduct a PMSBY status check through the online facilities provided by your bank.

Some common ways are as follows:

• Online banking.
• Mobile banking applications.
• Telephone support services.
• Bank branches.

PMSBY Certificate Download Process

Many individuals have a query regarding the process to download a PMSBY certificate after enrollment. The PMSBY certificate is proof that you are covered under the scheme. Depending on your bank, you can:

• Download the PMSBY certificate through the internet or mobile banking.
• Request a certificate copy from the branch.
• Receive it through your email after enrollment.

How to Cancel Pradhan Mantri Suraksha Bima Yojana?

Some individuals may wish to cancel their Pradhan Mantri Suraksha Bima Yojana due to personal reasons. In such cases, they can follow the steps mentioned below:

Step 1: Visit your nearest bank branch.

Step 2: Submit a request to cancel PMSBY.

Step 3: Confirm the cancellation with the bank.

There are some banks that may allow cancellation using internet banking facilities as well. It is important to verify the cancellation process with the bank before proceeding.

PMSBY: Termination of Sum Assured

The accident cover of the individual may terminate/be restricted accordingly in any of the following events:

• Insurance benefits in the case of PMSBY would terminate if the beneficiary reaches the age of 70. However, according to the Ministry of Finance, as clarified on August 11, 2023, claims may still be made until the expiration of the policy period, even if the insured reaches the age of 70 within the coverage period.
• Insurance coverage will terminate if the bank account is closed or when there is an insufficiency of the required funds to maintain insurance coverage.
• If a subscriber holds more than one bank account, he/she shall have insurance coverage under only one of the accounts, and any extra premium paid for coverage through multiple accounts may be forfeited.

FAQs

What is Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme that provides financial protection against accidental death and disability.

Who can apply for PMSBY?

Any Indian citizen between 18 and 70 years with an active savings bank account can enrol in the scheme.

What are the Pradhan Mantri Suraksha Bima Yojana benefits?

The scheme offers financial support for accidental death, permanent disability, and partial disability at an affordable premium.

How to claim Pradhan Mantri Suraksha Bima Yojana benefits?

The nominee or insured person needs to submit the claim form along with the required documents to the bank or insurance provider.

How can I check my PMSBY status online?

You can perform a PMSBY status check online through your bank’s internet banking, mobile app, or customer service.

How can I download the PMSBY certificate?

PMSBY certificate download options are available through some bank portals, mobile banking apps, or by contacting your bank branch.

How to cancel Pradhan Mantri Suraksha Bima Yojana?

You can cancel PMSBY by contacting your bank and submitting a request to stop the scheme and auto-debit facility.

Is PMSBY renewable every year?

Yes, PMSBY coverage is renewed annually, provided the premium is successfully deducted from the linked bank account.