Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme that offers cover for accidental death and disability. Under the scheme, individual bank account holders of participating banks are automatically enrolled if they opt in through an auto-debit facility. The scheme is designed to provide financial security by paying a fixed sum assured in case of accidental death or specified disabilities arising from an accident.
Premium and Coverage Duration
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Premium:
The premium is set at Rs. 20 per annum per member. This amount is auto-debited from the account holder’s bank or post office account on or before 1st June every year. -
Coverage Duration:
The insurance coverage is valid for one year, from 1st June to 31st May, contingent upon the payment of the annual premium.
Termination of Accident Cover
The insurance cover under PMSBY will terminate or be restricted in the following scenarios:
- On attaining the age of 70 years (calculated as the age nearest to the birthday).
- On closure of the bank account or if there is insufficient balance to maintain the insurance.
- If a member is covered through more than one account and premium is inadvertently received by the insurer, the total cover will be restricted to Rs. 2 lakhs.
Benefits
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Accidental Death:
The nominee receives a sum of Rs. 2 lakhs. -
Total and Irrecoverable Loss:
- In the event of total and irrecoverable loss of both eyes, or both hands or both feet, or loss of sight of one eye along with loss of use of one hand or foot, the subscriber receives Rs. 2 lakhs.
- If there is a total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot, the benefit is Rs. 1 lakh.
Eligibility
- Who Can Enroll:
Individual bank account holders of participating banks aged between 18 years (completed) and 70 years (as per the age nearest to the birthday) who provide their consent for auto-debit are eligible to be enrolled in PMSBY.
Application Process
PMSBY enrollment can be done both offline and online:
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Offline:
Visit the branch of your bank where you hold a savings account or download the application form from the official site (jansuraksha.gov.in/Forms-PMSBY.aspx). Fill in the form with the required details and submit it along with the necessary documents at your bank branch. -
Online:
Access the official website, download the application form, complete it, and submit it online. Upon successful submission, the subscriber will receive an Acknowledgement Slip cum Certificate of Insurance.
Contact Information
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State-wise Tollfree Numbers:
State-wise Tollfree Numbers -
National Toll Free Numbers:
1800-180-1111 / 1800-110-001
Frequently Asked Questions
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Is there any provision for reimbursement of hospitalization expenses following an accident?
(Refer to scheme guidelines for detailed conditions regarding hospitalization claims.) -
Who can claim the insurance benefit in case of death of the bank account holder?
The nominee designated by the account holder is eligible to claim the benefit. -
What is the mode of payment for the claim amount?
The claim amount is typically paid directly to the nominee through the bank. -
Will the family receive an insurance benefit if the account holder commits suicide?
PMSBY does not cover suicide or self-inflicted injuries. -
Is it necessary to report accidents to the police and obtain an FIR for claiming benefits?
Yes, reporting the accident and obtaining an FIR is required as per the claim procedure. -
If the insured is missing and death is not confirmed, will the legal heirs receive the benefit?
In such cases, the claim process requires additional documentation and verification to establish death before benefits are disbursed. -
What benefit is payable if a person suffers partial disability without irrecoverable loss as specified?
Partial disability benefits are not covered under PMSBY; the benefits are fixed as per the specified conditions. -
Can an account holder get claims from more than one bank where they are enrolled?
An individual cannot claim multiple benefits if enrolled with more than one bank; the cover is restricted to a total of Rs. 2 lakhs. -
Can an individual join PMSBY from multiple bank accounts?
No, PMSBY allows enrollment from a single bank account only. -
What are the minimum and maximum age limits for entry into this scheme?
The scheme is available for individuals aged between 18 and 70 years. -
How is the premium paid?
The premium is auto-debited annually from the bank or post office account. -
Can eligible individuals who fail to join in the initial year join in subsequent years?
Yes, individuals can join in subsequent years if they were not enrolled in the previous cycle. -
Can individuals who leave the scheme rejoin later?
Yes, rejoining is permitted subject to the terms and conditions of the scheme. -
Is this cover additional to any other insurance the subscriber may have?
PMSBY is designed as an independent cover and does not affect other existing insurance policies. -
Does PMSBY cover death or disability resulting from natural calamities such as earthquakes, floods, or other acts of nature? What about coverage of suicide or murder?
PMSBY specifically covers accidental death and disability. It does not cover events due to natural calamities, suicide, or murder. -
Can all holders of a joint bank account join the scheme through that account?
Joint account holders are eligible under certain conditions; refer to the official guidelines for joint account enrollment details. -
Which bank accounts are eligible for subscribing to PMSBY?
Only bank accounts of participating banks and post offices are eligible. -
Are NRIs eligible for coverage under PMSBY?
NRIs are not eligible for coverage under PMSBY.