Pradhan Mantri Suraksha Bima Yojana


Pradhan Mantri Suraksha Bima Yojana

PMSBY is an accident insurance scheme, PMSBY offers a one-year accidental death and disability cover, which can be renewed annually. The scheme was launched on 9th May, 2015 in the Budget Speech by the then Finance Minister, Shri Arun Jatley.

Enrollment Period

  1. The cover is for a one-year period, starting June 1 to May 31 of the subsequent year. 
  2. The option to join/pay by auto-debit has to be given by May 31 of every year. 
  3. Subscribers who wish to continue beyond the first year have to give their consent for auto-debit before May 31 for successive years.
  4. As on May 14, 2018, nearly 13.53 crore people had enrolled under PMSBY, with almost 1.5 lakh joining it on a weekly basis.

What is covered and for how much? 

  1. Financial coverage:- Under PMSBY, the risk coverage available is Rs 2 lakh for accidental death and permanent total disability, and Rs 1 lakh for permanent partial disability. 
  2. Permanent total disability is defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of eyesight and loss of use of a hand or a foot.
  3. Permanent partial disability is defined as total and irrecoverable loss of an eyesight or loss of use of a hand or foot.
  4. Addition to other medical policy:- The cover will be in addition to any other insurance plan the subscriber has. The scheme is not a Mediclaim, i.e., there is no provision for reimbursement of hospitalization expenses following an accident, resulting in death or disability.

Important Inclusions and Exclusions

  1. Natural calamities:- Accidents, any death or disability (as defined under PMSBY) resulting from natural calamities is covered under PMSBY. 
  2. Suicide & Murder:- While death due to suicide is not covered, that from murder is covered. Also, the family gets no insurance benefit if the subscriber commits suicide.
  3. Partial disability provisions:- Partial disability without irrecoverable loss of an eyesight or loss of use of one hand or foot is not covered. 


  1. Bank account holders:- All individual (single or joint) bank account holders in the 18-70 years of age group are eligible to join PMSBY.
  2. Multiple bank accounts: -In case you have multiple bank accounts in one or different banks, then you will be eligible to join the scheme through one bank account only.
  3. Joint account holders:- In the case of a joint account, all holders of the account can join the scheme. 
  4. NRIs:- Even NRIs are eligible, but if a claim arises, the claim benefit will be paid to the beneficiary/nominee only in Indian currency.

PM Suraksha Bima Yojana Benefits:- 

  1. 2 Lakh: - In the case of death of the insured, coverage: Rs. 2 Lakh.
  2. 2 Lakh: - In the 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 hand or foot, coverage: Rs. 2 Lakh.
  3. 1 Lakh:- In the case of total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, coverage: Rs. 1 Lakh.

PMSBY Premium

  1. The premium payable is Rs 12 per annum per member and will be deducted from his bank account through an 'auto-debit' the facility in one installment on or before June 1 every year. However, in cases where auto debit takes place after June 1, the cover shall commence from the date of the auto-debit of premium by the bank. The annual renewal dates shall be June 1 in subsequent years.
  2. Even if one gets enrolled with more than one bank, the claim, if applicable, will be paid by only one bank and the other premium may get forfeited. 
  3. The premium will be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes, efforts would be made to ensure that there is no upward revision of the premium in the first three years. 
  4. Also, there won't be any policy certificate issued to an individual subscriber.

Where to buy the scheme from?

  1. The scheme is offered/administered through Public Sector General Insurance Companies (PSGICs) and other general insurance companies, in collaboration with participating banks. 
  2. The banks are free to engage any general insurance company for implementing the scheme for their subscribers.
  3. To enroll, you can download the form from http://www.jansuraksha.gov.in/Forms-PMSBY.aspx, and submit it to your banker. Some banks have initiated an SMS-based enrollment process too. It can be done through net banking also.

What to do in case of a claim?

  1. Documentary evidence:- PM Suraksha Bima Yojana covers deaths caused by an accident and confirmed by documentary evidence. In case of incidents like road, rail and similar vehicular accidents, drowning, death involving any crime, etc., 
  2. Certificate from hospital:- The accident should be reported to the police. In case of incidents like a snake bite, fall from the tree, etc, the cause should be supported by immediate hospital records.
  3. Claim filed by nominee/appointee:- In case of death of the account holder, the claim can be filed by the nominee/appointee as per the enrollment form or by his legal heir/s in case there is no nomination made by him.
  4. Claim credited:-  The disability claim will be credited in the bank account of the insured bank account holder. Death claims will be remitted to the bank account of the nominee/legal heir(s).

You can also go through other Government Schemes launched in recent times by BJP Government which would be very helpful for the preparation for UPSC, State PCS and other Government Exams:-

  1. Swachh Bharat Abhiyan
  2. Pradhan Mantri Mudra Yojana
  3. Pradhan Mantri Jeevan Jyoti Bima Yojana
  4. Pradhan Mantri Jan Dhan Yojana (PMJDY)
  5. Pradhan Mantri Adarsh Gram Yojana
  6. Make in India
  7. Deen Dayal Upadhyaya Gram Jyoti Yojana
  8. Atal Pension Yojana
  9. Jal Shakti Abhiyan
  10. Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 
  11. Udaan Scheme 
  12. Digital India
  13. Skill India
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