Compare & Buy Car, Bike and Health Insurance Online - InsuranceDekho
Claim, renew, manage & moreLogin

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY) covers people aged between 18 years and 70 years with a bank account for accidental death and full disability benefits of up to Rs. 2 Lakh and for partial disability for Rs. 1 Lakh. The premium for this scheme is Rs. 12 per annum that is deducted from the bank account through the ‘auto-debit’ facility.

must dot
5 Lac coverage starting from only ₹257/Month*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the three social security schemes that the government of India introduced in the 2015 budget speech. Launched 2 months later in May 2015, it is an accident insurance scheme that covers people aged between 18 years and 70 years against death, total disability, and partial disability. Also known as PM Rs. 12 Insurance Scheme, a premium of Rs. 12 is charged from the policyholder that will be deducted from their registered bank account. Therefore, only those who have a bank account and who give their consent to join or enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on a yearly renewal basis can avail of benefits under the scheme.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is offered by Public Sector General Insurance Companies or any other General Insurance company willing to provide the scheme on similar terms. Listed below are some features of the scheme:

  • It is a low-priced insurance policy that can be purchased for Rs. 12
  • In case of death, the nominee is provided the money
  • The premium is auto-debited from the bank account of the policyholder
  • Easy measures for exit and re-entry
  • The scheme offers flexibility to continue or discontinue as per the wish of the policyholder
  • Easy processing of continuous cover offered
  • Policyholders can opt for a long-term policy or yearly renewability
  • The policyholders can avail of tax deductions as per Section 80C and the sum insured of Rs. 1 lakh is non-taxable according to Section 10(10D) of the Income Tax Act.

Inclusions Under Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana covers the policyholders against the following healthcare expenses:

  • The benefit of Rs. 2 lakh given to the nominee in case of an accident leading to the death of the policyholder
  • A benefit of Rs. 2 lakh is provided in case of permanent total disability
  • A benefit of Rs. 1 lakh is provided in case of permanent partial disability
  • Note that the definitions of permanent total disability and permanent partial disability will be according to the policy terms and conditions

Exclusions Under Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana covers the policyholders in case of death and disability. But there are some restrictions applied when it comes to the cause of death and the nature of the disability. The scheme does not cover the following:

  • Death by suicide
  • Non-permanent disabilities i.e. partial disabilities without an irrecoverable loss are not covered mentioned otherwise

Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana

To be able to avail of benefits under Pradhan Mantri Suraksha Bima Yojana, the policy buyer will be required to meet the following requirements:

  • Should be aged at least 18 years
  • Should not be aged more than 7 years
  • Should have an active savings bank account
  • The policy buyers must have the bank accounts linked with their Aadhar cards
  • A copy of aadhaar card should be provided along with an application in case the aadhaar card details are not linked to the bank account
  • Premium ofRs. 12 is required to be paid.

Documents Required to Enrol Under Pradhan Mantri Suraksha Bima Yojana

To be a part of Pradhan Mantri Suraksha Bima Yojana, the policy buyer must provide the following documents:

a. Form: A duly filled PMSBY application form containing details like contact information, name, aadhaar number, and details of the selected nominee. Apart from English and Hindi, the form is also available in various regional languages such as Tamil, Oriya, Marathi, etc.

b. Aadhaar Card: If the aadhaar card details are not linked to the stated savings bank account, then the policy buyer will be required to submit the aadhaar card along with the application form.

Banks Participating in Pradhan Mantri Suraksha Bima Yojana

Tabulated below are the banks that are a part of Pradhan Mantri Suraksha Bima Yojana:

Allahabad Bank

Axis Bank

Bank of India

Bank of Maharashtra

Bharatiya Mahila Bank

Canara Bank

Central Bank

Corporation Bank

Dena Bank

Federal Bank

HDFC Bank

ICICI Bank

IDBI Bank

IndusInd Bank

Kerala Gramin Bank

Kotak Bank

Oriental Bank of Commerce

Punjab and Sind Bank

Punjab National Bank

South Indian Bank

State Bank of Hyderabad

State Bank of India

State Bank of Travancore

Syndicate Bank

UCO Bank

Union Bank of India

United bank of India

Vijaya Bank

Enrolment Process For Pradhan Mantri Suraksha Bima Yojana

To enrol under the Pradhan Mantri Suraksha Bima Yojana, The policyholder is required to reach an affiliated bank or a health insurance company. They can also download the Pradhan Mantri Suraksha Bima Yojana form online from the government's Jansuraksha website wherein they will find the form in various languages. These are Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil, and Telugu.

Health Insurance Calculator

Whom do you want the insurance for ?

You
Couple
Family
Father
Mother

Select the age of all members

  • You

Where do you live ?

Choose required Coverage for yourself?

2 Lac
3 Lac
5 Lac
10 Lac
25 Lac
Disclaimer : Actual Premium might vary basis your location, age and number of members

Insurance Dekho Contact Details

Reach us for help anytime

Health Insurance Companies User Reviews

What users are saying
  • Superb Health Policy

    Great insurance company with affordable health insurance policies. It’s my pleasure to buy a Care Health...

    Read More
    N
    Care
    By Nishant Chikkara
    On: November 24, 2022
  • Great Insurance Company

    Nice place to buy a health insurance policy. Thanks to everyone in the company for helping me throughout the p...

    Read More
    K
    Care
    By Kiran Khan
    On: November 17, 2022
  • Easy Process

    Glad to buy a health insurance policy from InsuranceDekho. I am happy to buy the Star Health Insurance Cash Pl...

    Read More
    S
    Star
    By Shreya Mehra
    On: November 17, 2022
  • Online Calculator

    Kudos to the InsuranceDekho team. Their services are superb. My purchase of the Aditya Birla Global Health Sec...

    Read More
    G
    Aditya Birla
    By Gagan Gupta
    On: November 17, 2022
  • Superb Services

    Loved my purchase of the IFFCO Tokio Individual Medisure Plan. The services were awesome, and I loved their po...

    Read More
    R
    IFFCO Tokio
    By Rohit Talwar
    On: November 17, 2022
Must BuyMust Buy

Why to Buy Health Insurance Policy Online from InsuranceDekho

  • Tax benefit upto 75,000*
  • Claim support everyday 10AM-7PM
  • 45 Lacs+ happy customers

Health Insurance Articles

  • Latest Articles
  • Popular Articles

FAQ About Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • Can I opt for Pradhan Mantri Suraksha Bima Yojana online apply facility?

    Yes. You can opt for the Pradhan Mantri Suraksha Bima Yojana (PMSBY) using the internet banking facility. 

  • What forms the core of Pradhan Mantri Suraksha Bima Yojana risk coverage?

    The core of Pradhan Mantri Suraksha Bima Yojana is to offer cover to the insured against accidental death and disability. 

  • Is there a possibility that the Rs. 12 premium can increase in the future for Pradhan Mantri Suraksha Bima Yojana?

    Yes. There is a possibility of a rise in premium for Pradhan Mantri Suraksha Bima Yojana in the future. 

  • Is it possible for a Non-Resident Indian to be covered under Pradhan Mantri Suraksha Bima Yojana?

    Yes. Even a Non-Resident Indian can be a part of Pradhan Mantri Suraksha Bima Yojana. But note that the claim amount shall be paid in Indian currency only. 

  • Does Pradhan Mantri Suraksha Bima Yojana follow the financial year pattern for the policy period?

    No. The Pradhan Mantri Suraksha Bima Yojana does not follow the financial year pattern. The period under the scheme is usually from June 1 to May 31.