Pradhan Mantri Suraksha Bima Yojana

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Pradhan Mantry Suraksha Bima Yojana or PMSBY is aimed at ensuring the financial security to the family in case of any unfortunate accident. It is an accident insurance scheme and offers one-year accidental death and disability cover. It is renewed on annual basis.

 Age Eligibility for PMSBY
Age should be between 18 years to 70 years

 Period of Insurance
Ist June to 31st May
The annual premium is auto-debited from your bank account. The customers need to ensure that they maintain sufficient balance in their accounts on 31st May to avoid discontinuation of insurance coverage.

 Risk Coverage
The risk coverage under PMSBY is Rs. 2lakh for accident death and full disability. The amount is Rs. 1lakh for partial disability.
Risk coverage
Sum insured
Death
Rs. 2lakh
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 one hand or one foot
Rs. 2lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot
Rs. 1lakh

The exclusions to above include intentional self injury, suicide or attempted suicide under influence of liquor or drugs.

PMSBY
What is Premium Amount?
The amount of premium is Rs. 12 per annum and is debited from account holder’s bank account through auto-debit facility. Considering the fact the large proportion of people have no accidental insurance cover, PMSBY aims to cover those people at a highly affordable premium.

 Can I get multiple PMSBY policies?
No. Even if you have multiple saving accounts with the bank, only one PMSBY policy will be issued. If one gets enrolled with more than one bank, the claim will be paid by only one bank.

 Where to Buy the Scheme?
The scheme is offered via Public Sector General Insurance Companies and other general insurance companies in collaboration with participating banks.

How to Claim the Amount?
PMSBY covers deaths caused by accident and confirmed by documentary evidence. The claim can be filed by nominee/appointee as per enrolment form. Death claims are remitted to the bank accounts of nominee. The disability claim is credited in the bank account of the insured bank account holder.

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