Pradhan Mantri Suraksha Bima Yojana (PMSBY)

1 year ago Sarkari user 0

Pradhan Mantri Suraksha Bima Yojana important points:

  • Eligibility: to people in age group 18 to 70 years with bank account.
  • Premium: Rs.12 per annum.
  • Payment Mode: The premium will be directly auto-debited by the bank from the registered account i.e. the only mode available.

What is Pradhan Mantri Suraksha Bima Yojana?

An accident insurance scheme, PMSBY offers a one-year accidental death and disability cover, which can be renewed annually.

Eligibility: 

All individual (single or joint) bank account holders in the 18-70 year age group are eligible to join PMSBY. In the case of a joint account, all holders of the account can join the scheme. Even NRIs are eligible, but if a claim arises, the claim benefit will be paid to the beneficiary/nominee only in Indian currency.

How much is the premium and how to pay


The premium payable is Rs 12 per annum per member and will be deducted from his bank account through an ‘auto debit’ facility in one installment on or before June 1 every year. However, in cases where auto debit takes place after June 1, the cover shall commence from the date of auto debit of premium by the bank.

The annual renewal dates shall be June 1 in subsequent years. Even if one gets enrolled with more than one bank, the claim, if applicable, will be paid by only one bank and the other premium may get forfeited. The premium will be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes, efforts would be made to ensure that there is no upward revision of the premium in the first three years. Also, there won’t be any policy certificate issued to individual subscribers as the participating banks will be the master policyholders.

What to do in case of a claim:
PMSBY covers deaths caused by an accident and confirmed by documentary evidence. In case of incidents like road, rail and similar vehicular accidents, drowning, death involving any crime, etc., the accident should be reported to police. In case of incidents like snake bite, fall from tree, etc, the cause should be supported by immediate hospital record.

In case of death of the account holder, the claim can be filed by the nominee/appointee as per the enrollment form or by his legal heir/s in case there is no nomination made by him. The disability claim will be credited in the bank account of the insured bank account holder. Death claims will be remitted to the bank account of the nominee/legal heir(s).

Axis Bank: https://www.axisbank.com/retail/insurance/pradhan-mantri-suraksha-bima-yojana/features-benefits

HDFC Bank: http://www.hdfcbank.com/htdocs/common/PMSBY/index.htm

SBI Bank: http://www.sbilife.co.in/sbilife/content/10_8843

If you require any further information, let me know in the comment box.