Pradhan Mantri Suraksha Bima Yojana (PMSBY) Scheme: Eligibility & benefits

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6 min read

Updated on Jan 19, 2023

The Pradhan Mantri Suraksha Bima Yojana has been launched by the government as a social security scheme to cover accidental deaths and disabilities. Let us dig deep into the PMSBY scheme to know its age limit, benefits, and features, in this post.

PMSBY is one among the three schemes of social security being launched by the Indian Government. Let’s understand what the scheme is all about.

What’s Inside?

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PMSBY Full Form?

PMSBY full form is Pradhan Mantri Suraksha Bima Yojana.

What does PMSBY Means? About Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The plan allows coverage against accidental deaths and disabilities with an annual PMSBY renewal facility. The scheme aims at offering social security to the economically weaker section of the society. Hence, the insured is required to pay PMSBY premium of mere INR 12 per annum to the insurer to avail this insurance scheme.

The death benefit offered under the Pradhan Mantri Suraksha Bima Yojana is INR 2 lakh that is offered to the nominee of the insured in the event of death or permanent total disability of the person. In the case of permanent partial disability, the coverage amount offered to the insured is INR 1 lakh.

Eligibility Criteria of Pradhan Mantri Suraksha Bima Yojana and PMSBY Age Limit

The eligibility PMSBY age limit is between 18 to 70 years. To avail the scheme, the individual is required to have an active savings bank account linked to an Aadhaar card.  People with more than one savings account can link one of their accounts  to the scheme to subscribe to the policy. Also, if the Aadhaar card details of the policy seeker is not linked to a bank account, he/she must provide a copy of the Aadhaar card along with the application.

Things covered under Pradhan Mantri Suraksha Bima Yojana

The PMSBY scheme allows a policyholder to avail a compensation of INR 2 lakh in case of permanent total disability of the insured, such as paralysis, complete loss of both eyes, hands, feet etc. On the other hand, in case of permanent partial disability the amount paid as compensation is INR 1 lakh. However, if the insured succumbs to death in an accident, the nominee of the insured is offered a death benefit of INR 2 lakh. The PMSBY is a pure life insurance policy and doesn’t cover any medical or health requirement of the insured.

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Features of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Here are some features of PMSBY scheme:

  • PMSBY scheme is available at a low premium of INR 12
  • If the insured dies in an accident, the nominee receives the death benefit of INR 2 lakh
  • The premium amount under PMSBY is auto-debited from the bank account of the policyholder
  • The policy offers easy exit as well as re-entry
  • It is a flexible plan that can be continued or discontinued anytime by the policyholder
  • Also, the policyholder can renew the policy yearly for long-term coverage

Inclusions of Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojna is targeted to cover the economically weak section of the society against unforeseen events like accidental death and disability etc.

Among the things covered under the scheme include:

  • In the event of death of the policyholder, a death benefit of INR 2 lakh is offered to the beneficiary of the insured
  • In case of permanent total disability, the insured can receive INR 2 lakh as permanent total disability benefit
  • If the disability is permanent partial, a sum of INR 1 lakh is offered as benefit

However, the insured must keep in mind that it depends on the insurer to decide the kind of disability (permanent or partial) that would fall under the category of PMSBY as per the terms and conditions of the plan.

Read More: Pradhan Mantri Ayushman Bharat Yojana

Exclusions of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

There are certain limitations applied in terms of the cause of death and the nature of the disability under the PMSBY scheme. The plan exclusions include – death by suicide and partial disability without any unrecoverable loss. Hence, suicide is not covered under the plan. Similarly, partial disabilities that can get recovered are also not covered under the plan.

Which banks are Offering the Pradhan Mantri Suraksha Bima Yojana

Below are some of the banks who are offering the PNSBY scheme:

Axis Bank Canara Bank HDFC Bank Oriental Bank of Commerce
Allahabad Bank Central Bank ICICI Bank Punjab National Bank
Bank of India Corporation Bank IDBI Bank Union Bank of India
Bank of Maharashtra Federal Bank IndusInd Bank State Bank of India
UCO Bank United bank of India Punjab and Sind Bank South Indian Bank

What Documents are Required to Avail Pradhan Mantri Suraksha Bima Yojana

Following documents are required to be submitted to subscribe to PMSBY:

Form

The applicant must provide a duly filled application form to apply for the PMSBY policy. The form should contain all required details such as name of the applicant, contact number and address, Aadhaar number, and nominee details. The form is available in English and Hindi, along with several regional languages.

Aadhaar Card

In case the Aadhaar card of the applicant is not linked to the savings bank account that the person is using for the scheme, he/she is required to submit a copy of the Aadhaar card together with the application form.

Read More: What is Pradhan Mantri Atmanirbhar Swasth Bharat Yojana (PMASBY) Scheme?

How to Claim for Pradhan Mantri Suraksha Bima Yojana

The PMSBY pays for accidental death or disability that is proved through documented evidence. So, if the insured dies due to an accident, the family of the insured should report the incident at the nearest police station and get a copy of the FIR. Also, they must procure the hospital reports for record purposes.

The claim of the PMSBY policy can be made by the beneficiary of the insured as mentioned in the application form submitted at the time of applying for the scheme. The sum assured in this case will be paid to the nominee. Similarly, in case of disability, the sum assured is paid to the policyholder at his bank account.

To Sum Up

Loaded with several benefits and features, the PM Suraksha Bima Yojana is one of the best social security schemes offered by the government. The plan covers the people in the low economic group without hurting their pockets or budget. It intends to secure the weaker section of the society who have lesser means of financial security.

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FAQs on Pradhan Mantri Suraksha Bima Yojana

What are the PMSBY benefits available under the plan?

Very low premium to avail accident insurance
Nominee receives death benefit in case of demise of insured
Flexibility to continue or stop continuing the plan as per convenience

What is the PMSBY age limit to subscribe to the PMSBY scheme?

An individual between the age group of 18 to 70 years can subscribe to the PMSBY scheme.

Who can apply for Pradhan Mantri Suraksha Bima Yojana?

The criteria of eligibility for PMSBY is that the interested individual must have a savings bank account (single or joint account). At the same time, the person must be between the age group of 18 to 70 years.

How to download the Certificate of Pradhan Mantri Suraksha Bima Yojana?

To download the certificate of PMSBY, the policyholder must contact the particular bank through which they have subscribed to the account. They can download the certificate from the official website of the bank.

How to track the status of a PMSBY account? 

You can track the status of a PMSBY account by visiting the website of the bank where you have opened the account. Go to the particular page of PMSBY scheme details and submit your application number in the required field to track your application/account.  

What is PMSBY full form?

PMSBY means Pradhan Mantri Suraksha Bima Yojana.

What is Pradhan Mantri Suraksha Bima Yojana apply online procedure?

Here are the steps to apply for the plan online:

Login to the internet banking account
Go to the PMSBY Insurance section
Identify the bank account to be used for paying the premium amount
Check details and confirm

 

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Dec 23, 2022
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