Pradhan Mantri Suraksha Bima Yojana - Securing You @ Rs. 12 p.a

One of the three social security schemes, Pradhan Mantri Suraksha Bima Yojana or PMSBY is an accidental insurance policy, sponsored by the Government of India. Offering coverage against accidents, leading to death or disability, the policy has been covering countless people since 2015. 100% secure and safe, Pradhan Mantri Suraksha Bima Yojana is a one-year cover, which is renewable on an annual basis. Of immense help in securing the lives and future of people in India, the accidental cover is nothing less than a boon. 

Eligibility Criteria

The policy is eligible for an Indian individual having a saving bank account aged between 18 years (completed) to 70 years (age nearer birthday). The bank account holders can posses a joint account as well. However, people having multiple bank accounts in one or different banks can apply for the policy through one bank account only. In case of a joint account, all holders can be a part of the PMSBY scheme. For primary KYC purpose, one has to provide their Aadhar number.


Pradhan Mantri Suraksha Bima Yojana provides cover for a period of 1 year, starting from June 1st up to May 31st of the following year. The enrolment form can be downloaded from

Premium & Payment 

The premium payable for PMSBY is Rs. 12. When you choose to invest in Pradhan Mantri Suraksha Bima Yojana, you allow an ‘auto-debit’ of Rs. 12 from your designated saving bank account by 31st May of every year. Subscribers willing to continue beyond the first year have to provide their consent for auto-debit before 31st May for successive years. 

Risks Covered

Pradhan Mantri Suraksha Bima Yojana or PMSBY covers you for : 

  • Accidental Death 
  • Permanent Total Disability - Total permanent loss of sight in both the eyes, loss of use of both the hands, loss of use of both feet, or loss of sight in one eye and loss of use of one hand or loss of use of one foot
  • Permanent Partial Disability - Total permanent loss of sight in one of the eyes or loss of use of one hand or one foot

Sum Assured 

Under Pradhan Mantri Suraksha Bima Yojana, a lump sum amount of Rs. 2 Lakh is paid to the nominee, in case the subscriber loses his or her life in an accident. The same amount is paid out in case of permanent total disability. The sum assured amount for permanent partial disability is Rs. 1 Lakh. 

It is important to note that the total amount claimed under the benefit cannot be more than Rs. 2 Lakh in any case. 

Major Inclusions 

Under PMSBY, you get covered for accidents, death or disability resulting from natural calamities. Death due to drowning or any crime (murder, etc.) is covered, however, an FIR is necessary to make a claim. 

Major Exclusions

Pradhan Mantri Suraksha Bima Yojana does not cover death due to suicide. Intentional self-injury or attempted suicide whilst under the influence of alcohol or drugs also comes under exclusions. Any loss arising from any act made in breach of law with or without criminal intent is not covered.

Coverage Termination

The accident cover for a subscriber calls for termination in case of any of the below mentioned events. No benefit is payable: 

  • On attaining the age of 70 years (age nearest birthday)
  • Closure of bank account or insufficiency of balance to keep the insurance in continuity
  • If a member covered through more than one account have their premium mistakenly received by the insurance company, the insurance cover becomes restricted to one only. Also, the premium is liable to be forfeited. 
  • If insurance cover ceases, owing to issues such as administrative issues or insufficient balance on due date, reinstatement on receipt of full annual premium is possible, provided that conditions are met. 

Participating Insurance Companies

Pradhan Mantri Suraksha Bima Yojana can be availed from Public Sector General Insurance Companies or any other General Insurance Company, offering the scheme on similar terms along with necessary approval and tie up with banks for same purpose. The list of insurance companies offering PMSBY include - 

Participating Banks 

Public Sector: The list includes Allahabad Bank, Bank of India, Bharatiya Mahila Bank, Bank of Maharashtra, Central Bank, Corporation Bank, Canara Bank, Dena Bank, Federal Bank, IDBI Bank, Kerala Gramin Bank, Oriental Bank of Commerce, Punjab National Bank, Punjab and Sind Bank, Syndicate Bank, State Bank of India, State Bank of Hyderabad, State Bank of Travancore, UCO Bank, United Bank of India, Union Bank of India, and Vijaya Bank. 

Private Sector: The list includes Axis Bank, HDFC Bank, IndusInd Bank, ICICI Bank, Kotak Bank, and South Indian Bank.

Claim Process

  • The insured or the nominee (in the event of death) must immediately inform their bank about the accident occurred.
  • Claim form must be obtained from the bank or designated insurance companies or via the website and duly filled. 
  • The duly filled claim form must be submitted to the bank branch within a period of 30 days from the day of occurrence of the accident.
  • The claim form must be supported by original FIR, death certificate, post mortem report. In the event of disability, disability certificate issued by a civil surgeon must be provided. Discharge certificate needs to be enclosed as well.
  • The bank, after the verification process, will forward the case to the insurance company within 30 days of the submission of the claim.
  • The insurance company will thereafter confirm that the insured is in the insured persons master policy list.
  • The claim will be processed within 30 days of receiving the documents from the bank.
  • The admissible claim will be, thereafter transferred to the insured’s or nominee’s account.
  • In case, a nominee has not been appointed by the insured, the death claim will pass on to the legal heir, provided that the legal heir produces the succession certificate.

Take note that a maximum time of 30 days is allowed for the bank to finish the claim procedure. Also, that the claims form can be downloaded from

Points to Remember 

  • The PMSBY scheme serves as an addition to any other insurance plan availed by the subscriber. 
  • PMSBY is not a mediclaim policy and therefore, does not reimburse hospitalisation expenses due to an accident, resulting in death or disability. 
  • You can leave the scheme and rejoin in the future by paying an annual premium.
  • NRIs can be covered under PMSBY, however, in case of a claim, the claim benefit is payable to the beneficiary/nominee in Indian currency only. 
  • Banks allow an SMS-based enrolment process as well. You can also enrol yourself through net banking also. 

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An excellent initiative by the Government of India, Pradhan Mantri Suraksha Bima Yojana is an exceptional accident insurance policy one can opt for. Wide coverage and minimal premium amount are the two prime reasons that make this policy worth investing in. In case, you didn’t know, as on 31st March, 2019, Cumulative Gross Enrolment according to the reports of Banks, subject to verification of eligibility, etc. is over 15.47 crore under Pradhan Mantri Suraksha Bima Yojana. A total of 40,749 claims were registered under the scheme, of which 32,176 have been disbursed. 

Please Note: 

InsuranceDekho does not offer Pradhan Mantri Suraksha Bima Yojana. However, if you are looking for health insurance options as per your specific requirements, kindly explore the site to gather details. You can also get in touch with our experts by calling at 18001205698 to know more about health insurers and their respective plans.

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