Pradhan Mantri Suraksha Bima Yojana (PMSBY): Features, Benefits, Eligibility And How To Claim
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an insurance scheme provided by the Indian Government for financial protection against accidental death or disability. It was launched in 2015 to provide accidental insurance cover to the Country’s uninsured population.
Anyone under the age limit of 18 to 70 years with a savings bank account is eligible for this scheme. With a nominal premium of just Rs. 12 per year, this low-priced policy is meant to cover the weaker sections of society financially. Check the benefits, cost, eligibility and other PMSBY scheme details. Read on!
Features of Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The following are the features and benefits of PMSBY:
- PMSBY offers accidental death as well as disability coverage with a nominal premium payment of Rs. 12 per year per family member
- The beneficiary’s dependants will receive the compensation after death of the primary policy holder
- There are options to choose from long-term policy or annually renewable plan as per convenience
- The premium is auto-debited from the bank account. So, there is no need to worry about paying the premium on time
- It has multiple tax benefits under Section 80C of Income Tax as per old regime and also the amount of up to Rs. 1 lakh received by the beneficiary is tax-free under Section 10(10D) of the Income TaxAct.
- Insurers can continue or discontinue their plan as per their wish
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Benefits of the Pradhan Mantri Suraksha Bima Yojana (PMSBY)
1. Affordable scheme for India’s economically weaker section
This social security scheme is made to provide insurance schemes for economically weaker portions of our society. With a premium as low as Rs. 12, anyone can afford to keep their families financially secured.
2. Benefit for death and total disability
While no amount of money can make up for the loss of life, PMSBY can provide funds necessary for mental and emotional wounds. It provides a sum of Rs. 2 lakh for the accidental loss of both hands, feet and eyes and Rs. 2 lakh to one’s immediate family for death by accident.
3. Benefit for partial disability (permanent)
An insured person can claim Rs. 1 lakh under PMSBY for the loss of eyesight in one eye or loss of a limb.
4. Nominees allowed
One can safeguard a family member’s future by appointing a nominee. Claim settlement will be made directly to the bank account of the nominee in the unfortunate event of the policyholder’s death.
Premium under PMSBY (Pradhan Mantri Suraksha Bima Yojana)
Premium amount of Rs. 12 per family member will be deducted from the bank account of the insured person via ‘auto-deduct’ facility in a single instalment.
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How to Sign-Up for PMSBY Online?
Several Public Sector General Insurance Companies (PSGICs) and other general insurance companies provide the Pradhan Mantri Suraksha Bima Yojana with the help of participating banks. Individuals can directly register at one of the participating banks or apply through net banking or SMS.
To directly apply for the scheme, one can download the PMSBY form from the official website.
To apply through net banking, applicants should follow the given steps:
- Log in to the internet banking account
- Click on ‘Insurance’ and select the savings account that will pay the premium
- Verify all details and click ‘Confirm’
- Download the confirmation slip for future reference.
Some banks allow SMS enrolment through the following process:
- Submit the PMSBY form and Aadhaar card to the bank
- After receiving the activating SMS, reply to it with ‘PMSBY<space>Y’
Next, the bank will send the confirmation message and process the request.You can also download the enrolment form from the Jansuraksha website. The forms are available in English and regional languages. Contact an affiliate bank and fill out the form. You may send an SMS to the bank or go to the branch and get the registration process completed.
PMSBY Participating Banks List
Following banks provide facilities under PMSBY:
- Axis Bank
- Bank of India
- Bank of Maharashtra
- Allahabad Bank
- Bharatiya Mahila Bank
- Central Bank
- Canara Bank
- Dena Bank
- Corporation Bank
- HDFC Bank
- Federal Bank
- ICICI Bank
- IndusInd Bank
- IDBI Bank
- Kotak Bank
- Kerala Gramin Bank
- Punjab and Sind Bank
- Oriental Bank of Commerce
- South Indian Bank
- Punjab National Bank
- State Bank of India
- State Bank of Hyderabad
- State Bank of Travancore
- UCO Bank
- Syndicate Bank
- United Bank of India
- Union Bank of India
- Vijaya Bank
Documents Required for PMSBY Registration
The following are the documents required for PMSBY:
- ID proof
- Contact details
- Aadhaar ID
- Application form
- Nominee details
Eligibility Criteria for PMSBY
- Individuals opting for the policy must be within an age limit of 18 to 70 years.
- Applicants must also have a savings bank account which can be individually or jointly owned.
- People with multiple bank accounts in different banks can join PMSBY through one account only.
- The insured person’s bank account must be linked with his/her Aadhaar card. Otherwise, he/she will have to furnish a copy of the Aadhaar along with the application form.
- To activate auto-renewal, one will need to have an active mobile number with the bank.
- One will also need to have a sufficient bank balance to continue the PMSBY renewal facility.
- All information furnished has to be correct, else the insurer may terminate the policy without repaying any previously paid premium.
How to Check Application Status for PMSBY
You need to follow the given steps to check the application status for PMSBY:
- Step 1: Log in to internet banking of your bank’s website
- Step 2: Click on the PMSBY section
- Step 3: Provide bank account number and PMSBY application number
- Step 4: Click on ‘Submit’ and you will be able to see the status of your application
What Situations Can Lead to Termination of PMSBY?
The following situations can result in termination of your PMSBY scheme with no benefits available thereafter:
- When the policyholder reaches 70 years of age.
- In case a member is covered through more than one account, insurance cover will be applicable for only one account.
- Auto debit will stop if there is an insufficient balance in one’s savings account.
- When someone closes his/her account, which pays the insurance premium.
- One can restart his/her PMSBY account by paying the annual premium in full after it has stopped due to technical reasons. However, the insurer will suspend the risk cover in this interim period.
- Some financial institutions can terminate the policy in case of death by suicide.
Customer Care Number for PMSBY
1800-180-1111/1800-110-001 is the toll free customer care number for PMSBY.
Exclusions under PMSBY
Benefits under PMSBY will not be available for the following cases:
- Suicide
- Hospital expenses following an accident resulting in disability or death
- If the insurer is missing, compensation will be paid after confirmation of death or expiry of the period as prescribed by law to presume dead which is seven years
Difference between PMSBY and PMJJBY
The following are the differences between PMSBY and PMJJBY:
| Basis of Comparison | PMSBY | PMJJBY |
| Premium | Rs. 12 per individual annually | Rs. 330 per individual annually |
| Scheme type | Accidental insurance scheme | Life insurance scheme |
| Coverage | Provides personal accident coverage to the insured | Offers life insurance coverage to the insured |
| Compensation | Rs. 2 lakh to the beneficiary if the insured dies in an accident Rs. 2 lakh if the insured suffers from permanent and full disability due to an accident Rs. 1 lakh if the insured suffers partial disability because of an accident | Rs. 2 lakh to the beneficiary if the insured dies |
| Age limit | 18 to 70 years | 18 to 50 years |
How to Make a Claim for PMSBY?
- In the event of unfortunate accidental death, one needs to report the incident to the police. In other cases, one must obtain hospital records as evidence.
- Next, one needs to get the PMSBY claim form from a participating bank or insurance company. One can also download and print claim forms from the official website.
- The insured person has to submit this form to his/her bank branch within 30 days of the accident.
- Make sure to carry the original death certificate, FIR (First Information Report), post mortem report in case of death. If the insured is disabled, carry the original disability certificate and discharge certificate.
- The bank will take around 30 days to verify all details and send them to one’s insurer.
- The insurance agency will take around 30 days from receiving the documents to process a claim.
- After this, one will receive the claim amount in his/her bank account. For a death claim, legal heirs have to produce their succession certificate.
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Final Word
With a rise in industrial and road accidents in recent years, there is a growing need for insurance coverage in India. PMSBY, also known as the Rs. 12 insurance scheme, has been providing coverage for accidental death and disabilities since 2015. If you are eligible for PMSBY, prepare your documents, talk to an affiliate bank and apply for PMSBY health insurance.
FAQs
Ans: Yes. NRIs that meet the eligibility criteria and have a bank account in India can get the PMSBY scheme.
Ans: PM Suraksha Bima Yojana is a yearly scheme with a period of enrolment starting from June 1 to May 31 every year.
Ans: To apply for the scheme, one will need only the Aadhaar card and PMSBY form, provided that one’s bank has the necessary contact information and nominee details.
Ans: Police FIRs are necessary in case the insured person dies due to an accident. For accidents causing disability, hospital records will suffice.
Ans: No, reimbursement of hospitalisation expenses following accidents resulting in disability or death does not take place under this scheme.
Ans: Yes , you can claim benefits of PMSBY under an existing cover.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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