Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme Details | Apply Online

Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana (PMSBY)Pradhan Mantri Suraksha Bima Yojana Scheme is a Accident Insurance Scheme that offers accidental death and disability cover for death or disability on account of an accident. The scheme will be a one year cover and renewable from year to year. As per sources a large proportion of the population has no accidental insurance cover. To overcome this Government of India launched Pradhan Mantri Suraksha Bima Yojana scheme. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at an highly affordable premium of just Rs.12 per year. The Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.

Pradhan Mantri Suraksha Bima Yojana

Under Pradhan Mantri Suraksha Bima Yojana scheme, risk coverage available will be Rs. 2 lakh for accidental death & permanent total disability and Rs. 1 lakh for permanent partial disability, for a one year period stretching from 1st June to 31st May. It is offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. Participating Bank will be the Master policy holder on behalf of the participating subscribers. It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through auto debit process and transfer the amount due to the insurance company.


As per the following table

Table of Benefits Sum Insured
a Death Rs. 2 Lakh
b 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
Rs. 2 Lakh
c Total and irrecoverable loss of sight of one eye or loss of use
of one hand or foot
Rs. 1 Lakh

Individuals who exit the scheme at any point may rejoin the Pradhan Mantri Suraksha Bima Yojana scheme in future years by paying the annual premium, subject to conditions. Further, in order to assure a hassle free claim settlement experience for the claimants a simple and subscriber friendly administration & claim settlement process has been put in place. To ensure that the benefits of Pradhan Mantri Suraksha Bima Yojana scheme is brought to every uninsured individual, who holds a bank account, wide publicity was given for this social security measure through electronic media, radio, posters, newspapers advertisements etc. Enrollment forms were widely distributed. Highly publicized Enrollment camps were conducted by Banks, and Insurance Companies, mobilizing the entire net work of SLBC coordinators, state and district level nodal officers, agents and banking correspondents, thereby fully utilizing the reach of these channels, for attracting large scale enrollment in the Pradhan Mantri Suraksha Bima Yojana scheme.

Highlights of the Pradhan Mantri Suraksha Bima Yojana 

Highlights of the PMSBY Scheme for Accidental Death Insurance are
Eligibility: Savings Bank (SB) Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme.
Policy period: The cover shall be for one year starting from June 1 to May 31 of next year. For the Saving Account holder joining on or after June 1, the cover shall commence from the date of premium debit and end on May 31 of next year.
Premium: Rs. 12 per annum.
Payment Mode: The premium will be directly auto-debited by the Bank from the subscribers savings account held with the Bank. This is the only mode available. For renewal of the policy, it will be auto debited between May 25 and May 31, unless the customer has given a cancellation request to the Bank for the policy.
Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.

How To Apply For PMSBY Scheme

Individuals who are interested to apply for the Pradhan Mantri Suraksha Bima Yojana Scheme can follow these simple steps to apply easily.
  • Log in to NetBanking Click on the ‘Insurance’ tab.
  • You will be shown multiple Social Security Schemes to choose from.
  • Select the Account through which you wish to pay your premium.
  • Now Policy Cover amount, Premium amount and Nominee details will be displayed. 
  • You can choose to replicate the Savings Account nominee or add a new nominee.
  • Further enter required details in specified fields.
  • Click on Next Button.
  • You will then be shown the complete details of the social security scheme you have registered for.
  • If you are okay with the scheme registration details displayed, click on ‘Confirm’
  • Download the Acknowledgement, which carries a unique reference number.
  • Do save the Acknowledgement document for future reference.