Pradhan Mantri Suraksha Bima Yojana (PMSBY)
ActiveLaunched by
Government of India
Launched Date
Launched On May 9, 2015
Available in
Scheme Description
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government initiative launched in May 2015 to offer accidental insurance coverage to individuals, particularly targeting the economically weaker sections of society. The scheme provides affordable and accessible insurance to people between the ages of 18 and 70 years. It is available to anyone who has a bank account or a post office savings account, making it widely accessible across India. The primary aim of the scheme is to provide financial security to individuals and their families in the unfortunate event of an accident leading to death or disability.
Under the PMSBY, the beneficiaries are provided with Rs. 2 lakh in case of accidental death or total disability, and Rs. 1 lakh for partial disability. The scheme is extremely affordable, with a very low annual premium of just Rs. 20. This minimal cost ensures that individuals from all socioeconomic backgrounds can benefit from it. The premium is auto-debited from the individual's bank account every year through a one-time mandate, making the process hassle-free for the beneficiaries.
Benefits
- •On Death: The nominee will receive Rs. 2 Lakhs.
- •Total and irrecoverable loss of both eyes, both hands or feet, or loss of sight in one eye and loss of use of one hand or foot: The subscriber will receive Rs. 2 Lakhs.
- •Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot: The subscriber will receive Rs. 1 Lakh.
Eligibility
- •Individual bank account holders of participating banks aged between 18 years (completed) and 70 years (age nearer birthday).
- •The subscriber must give consent to join the scheme and enable auto-debit from their bank account.
Documents Needed
- •Aadhaar card (or any government-recognized ID).
- •Bank account details (for auto-debit setup).
- •Passport size photograph (if required by the bank).
Application Process
- •Visit the bank branch (for offline application) where you have a savings account or visit the official site: PMSBY Form Download to download the form.
- •Fill in the required details in the application form and submit it to the bank along with the necessary documents.
- •After submission, you will receive an Acknowledgement Slip Cum Certificate of Insurance.