PMSBY full form is Pradhan Mantri Suraksha Bima Yojana, a government accident insurance scheme for individuals holding bank accounts between the ages of 18 and 70 years. The insurance scheme covers accidental death, and permanent or partial disability, and comes with an annual premium obligation of just ₹20 automatically debited from the registered bank account of beneficiary.
Here are the coverage details:
Accident causing subscriber’s total incapacitation or death
₹2 lakh paid to nominee
Accident causing permanent total disability
Accident causing permanent partial disability
Features of PMSBY
Accidental insurance coverage of up to ₹2 lakh at an extremely nominal annual premium of ₹20
Tax deduction benefit under Section 80C of the I-T Act on premiums paid
Extremely cost-effective accidental insurance coverage of up to ₹2 lakh, backed by the government
Financially helpful for dependents in the unfortunate event of the subscriber’s death in an accident
Auto-debit for premiums aids convenient premium payments minimising the possibility of policy lapse due to late payment
Flexibility for subscribers to discontinue their PMSBY policy as per their wish
Large network of banks and insurers offering the insurance policy
Multiple tax benefits
PMSBY Eligibility Criteria
Any individual between 18 years and 70 years with a valid Aadhaar
The subscriber must have a savings bank account linked to his/her Aadhaar
If bank account is not linked with Aadhaar, the copy of the same needs to be attached with the PMSBY application form
Subscribers must join the PMSBY scheme with a single bank account
All account holders of a joint account can join the scheme
The Pradhan Mantri Suraksha Bima Yojana or PMSBY is a valuable social security scheme that aims to provide affordable insurance coverage against accidental death or injury to all sections of society. By enrolling in this scheme, individuals can protect themselves and their families from the financial burden of unexpected events.
That said, if you’re looking for a higher coverage against hospitalisation expenses, you may choose Navi Health Insurance for sum insured up to ₹1 crore with premiums starting at just ₹235 per month. Just download the Navi app, and start your policy in a few minutes in a 100% paperless manner!
We are a diverse group of writers, editors and Subject Matter Experts striving to bring the most accurate, authentic and trustworthy finance and finance-related information to our readers. Our mission is to simplify jargon and industry lingo. We believe sharing knowledge through relatable content is a powerful medium to empower, guide and shape the mindset of a billion people of this country.