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The PMSBY scheme, Pradhan Mantri Suraksha Bima Yojana, is an accident insurance that pays 2 lakh rupees for accidental death or total permanent disability and 1 lakh rupees for partial permanent disability, for a yearly premium of only 20 rupees. Anyone from 18 to 70 with a savings account, whether at a bank branch or a post office, is eligible. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is also written as pradhanmantri suraksha bima yojana.
Each policy year starts on 1 June, ends on 31 May, and renews automatically when the premium is debited. It is run by the Department of Financial Services through public sector and other general insurers linked with your bank. Illness is not covered; this is for accidents only.
At a glance
Premium
20 rupees a year, auto debitAge
18 to 70Accidental death
2 lakh rupeesTotal permanent disability
2 lakh rupeesPartial permanent disability
1 lakh rupeesPolicy year
1 June to 31 May
Pradhan mantri suraksha bima yojana benefits
| Event after an accident | Amount paid |
|---|---|
| Death | 2 lakh rupees, paid to the person you named |
| Total and irrecoverable loss of both eyes, or both hands, or both feet | 2 lakh rupees |
| Loss of sight of one eye and loss of use of one hand or foot | 2 lakh rupees |
| Total and irrecoverable loss of sight of one eye, or loss of use of one hand or one foot | 1 lakh rupees |
Road accidents, falls, drowning, snake bite, electric shock and similar mishaps count as accidents. A death from disease is not an accident under this cover.
PMSBY scheme details: who can join
- Age 18 completed and not more than 70.
- A savings account, held with any bank or with India Post. Jan Dhan accounts qualify.
- Consent for auto debit of the premium.
- Only one policy per person, whatever the number of accounts.
There is no medical test and no waiting period. Cover starts once the premium is debited and the bank records your enrolment.
How to enrol
- Open your mobile banking or internet banking and look under insurance for PMSBY, or walk in to the bank branch or the post office counter.
- Fill the one page consent form with your account number, date of birth, Aadhaar and nominee.
- Confirm the auto debit of 20 rupees.
- Keep the receipt; it works as your certificate of insurance.
Business correspondent agents in villages can also enrol you on their device.
Claiming after an accident
For death: the nominee hands in a filled claim form, the death record, a copy of the police complaint or FIR, the autopsy report if one exists, and their own account details, at the office that holds the policy account.
For disability: the account holder gives the claim form, a disability certificate from a civil surgeon or government doctor, hospital papers and the police report if any.
The bank checks the cover was active on the date of the accident and sends the claim to the insurer, which credits the money to the bank account. Inform the bank soon after the accident so that papers can be collected while they are fresh.
When the cover stops
- On reaching 70.
- When the savings account is closed.
- When the balance is not enough to debit 20 rupees at renewal. Leave a little more than 20 rupees in the account as the May renewal date nears.
- If you are found covered through more than one account, the extra cover is cancelled and premium kept.
Once lapsed, you can join again by paying the premium and giving a fresh consent.
What the PMSBY yojana offers next to PMJJBY
| PMSBY | PMJJBY | |
|---|---|---|
| Covers | Accidental death and disability | Death from any cause |
| Premium a year | 20 rupees | 436 rupees |
| Join at | 18 to 70 | 18 to 50 |
| Waiting period | None | 30 days, except accident |
A family can hold both. Together they cost 456 rupees a year. Other social security options are on the pension schemes page and the Jan Dhan Yojana page, which explains the basic account.
Helpline and complaints
Start with the office that enrolled you. The Jan Suraksha portal at jansuraksha.gov.in gives state wise toll free numbers and the claim and consent forms in several languages. Bank complaints that are not solved can go to the bank's grievance cell and then to the RBI's complaint system.
Frequently asked questions
What is pmsby scheme in simple words?
It is a low cost accident policy. You pay 20 rupees yearly. If an accident kills you, the nominee receives 2 lakh rupees; if it disables you, you receive 1 lakh or 2 lakh rupees, depending on the injury.
Does suraksha bima yojana cover hospital bills?
No. It pays only for accidental death or permanent disability, not for treatment costs.
Is natural death covered under PMSBY?
No. Only death from an accident is covered. For death from any cause, see PMJJBY.
Can a 65 year old join pm suraksha bima yojana?
Yes. Entry is open until 70, and so is the cover, as long as the premium is paid each year.
How do I check if I have PMSBY?
Look for a 20 rupee debit marked PMSBY in your passbook around May or June, or ask your branch. The enrolment slip is also proof.
Official sources
- Jan Suraksha portal: PMSBYwww.jansuraksha.gov.in
- PIB: revised premium ratespib.gov.in
- Department of Financial Servicesfinancialservices.gov.in
Rules, amounts and portals can change. Check the official source before you apply or deposit.