PMSBY : Pradhan Mantri Suraksha Bima Yojana – Benefits & Eligibility

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PMSBY - Pradhan mantri suraksha bima yojana
PMSBY - Pradhan mantri suraksha bima yojana

Introduction

The PMSBY full form is Pradhan Mantri Suraksha Bima Yojana which is introduced by the Government of India in Union Budget 2015, for an individuals aged between 18 to 70 years old. PMSBY Insurance Policy covers accidental Death, Permanent or Temporary Disability and partial disablement like paralysis and similar. Pradhan Mantri Suraksha Bima Yojana benefits to Mechanics, Labourers, Truck drivers, Factory employees and Workers who work in High-risk areas and it is one of the cheapest insurance covers in India.

Banks supporting Pradhan Mantri Suraksha Bima Yojana

Many nationalized banks of India and several insurance companies are involved with the Pradhan Mantri Bima Yojana scheme. Some of them are listed below:

  1. Allahabad Bank
  2. Axis bank
  3. Bank of India
  4. Bank of Maharashtra
  5. BharatiyaMahila Bank
  6. Canara Bank
  7. Central Bank
  8. Corporation bank
  9. Dena bank
  10. Federal Bank
  11. HDFC Bank
  12. ICICI Bank
  13. IDBI Bank
  14. IndusInd Bank
  15. Kerala Gramin Bank
  16. Kotak Bank
  17. Oriental Bank of Commerce
  18. Punjab and Sind Bank
  19. Punjab National Bank
  20. South Indian Bank
  21. State Bank of Hyderabad
  22. State Bank of India
  23. State Bank of Travancore
  24. Syndicate Bank
  25. UCO Bank
  26. Union Bank of India
  27. United Bank of India
  28. Vijaya Bank

The insurance companies involved in PMSBY Scheme

  1. Bajaj Allianz
  2. Cholamandalam MS
  3. ICICI Lombard
  4. National Insurance
  5. New India Assurance
  6. Reliance General Insurance
  7. United India Insurance
  8. Universal Sompo

Features of Pradhan Mantri Suraksha Bima Yojana

  • The accidental insurance cover is renewable each year and the annual premium is Rs.12, excluding the service tax, charged at 14%
  • If an applicant dies in an accident or is permanently disabled because of one, then Rs.2 lakh is paid to the nominee in the former case and to the subscriber, in the latter case. Rs.1 lakh is given in cases of permanent partial disability
  • The premium is automatically debited from the bank account of the subscriber.
  • There are two options for renewal: long term option and renewal of scheme, each year.
  • The applicant can exit whenever he/she/they want(s) and can join again, in the future.

Benefits of Pradhan Mantri Suraksha Bima Yojana

  • 2 lakh paid to the nominee, in case subscriber dies from an accident. It should be noted, since this is a total insurance scheme, it doesn’t cover medical expenses.
  • 2 lakh is paid to the subscriber if he/she/they is/are involved in an accident and permanent disability of limb or limbs or loss of eyesight is caused.
  • 1 lakh is paid to the subscriber if an accident causes partial permanent disablement.
  • The deduction can be availed under Section 80C, for the premium given.

PMSBY Eligibility Criteria

Eligibility criteria of Pradhan Mantri Suraksha Bima Yojana (PMSBY) are as follows:

  1. The Minimum age is 18 years and the Maximum age for applying is 70 years.
  2. For Pradhan Mantri Suraksha Bima Yojana Online apply – the applicant must have a savings bank account, which must be linked to his/her Aadhar card.
  3. If the Savings Bank account is not linked to the Aadhar card, then a Xerox copy of the Aadhar card is to be submitted.
  4. Even if an applicant has many savings accounts, he is only eligible to join through One Account.
  5. The premium amount of Rs. 12/Year is deducted from the bank account of the subscriber.

How to Apply for Pradhan Mantri Suraksha Bima Yojana?

The subscriber can register for the scheme by visiting one of the banks or insurance companies involved. Many of the reputed banks ask the subscribers to enroll through internet banking. The process is given below:

  • In the official website of the policy, click on the insurance icon.
  • Choose the scheme you prefer and through a valid bank account, you can pay the premium.
  • Policy coverage amount, nominee details, and premium paid will be displayed on the screen. You can choose a saving account nominee or add a new one.
  • Under the details of the nominee, the following has to be filled
    1. Good health declaration
    2. Scheme details, terms and conditions
    3. Tick, “I do not hold any other policy for the same.”
  • The details of the policy will now be displayed on the screen
  • After confirmation, you will be provided with an acknowledgement slip that has a unique identification number. This code will help in Pradhan Mantri Suraksha Bima Yojana Certificate Download after verification.

“This is the process that has to be followed for PMSBY online apply.”

Prospective subscribers can also send messages to the banks or insurance companies registered under the Pradhan Mantri Suraksha Bima Yojana or PMSBY Scheme.

Toll Free number for different States and Union Territories with the names of convenor banks -

State / UT Bank Toll Free number
Andaman and Nicobar Island State Bank of India 1800-345-4545
Andhra Pradesh Andhra Bank 1800-425-8525
Arunachal Pradesh State Bank of India 1800-345-3616
Assam State Bank of India 1800-345-3756
Bihar State Bank of India 1800-345-6195
Chandigarh Punjab National Bank 1800-180-1111
Chhattisgarh State Bank of India 1800-233-4358
Dadra and Nagar Haveli Dena Bank 1800-225-885
Daman and Diu Dena Bank 1800-225-885
Delhi Oriental Bank of Commerce 1800-1800-124
Goa State Bank of India 1800-2333-202
Gujarat Dena Bank 1800-255-885
Haryana Punjab National Bank 1800-180-1111
Himachal Pradesh UCO Bank 1800-180-8053
Jharkhand Bank of India 1800-345-6576
Karnataka Syndicate Bank 1800-4259-7777
Kerala Canara Bank 1800-425-11222
Lakshadweep Syndicate Bank 1800-4259-7777
Madhya Pradesh Central Bank of India 1800-233-4035
Maharashtra Bank of Maharashtra 1800-102-2636
Manipur State Bank of India 1800-345-3858
Meghalaya State Bank of India 1800-345-3658
Mizoram State Bank of India 1800-345-3660
Nagaland State Bank of India 1800-345-3708
Odisha UCO Bank 1800-345-6551
Puducherry Indian Bank 1800-4250-0000
Punjab Punjab National Bank 1800-180-1111
Rajasthan Bank of Baroda 1800-180-6546
Sikkim State Bank of India 1800-345-3256
Tamil Nadu Indian Overseas Bank 1800-425-4415
Telangana State Bank of Hyderabad 1800-425-8933
Uttar Pradesh Bank of Baroda 1800-102-4455 or 1800-223-344
Uttarakhand State Bank of India 1800-180-4167
West Bengal and Tripura United Bank of India 1800-345-3343

What are the Documents required for Pradhan Mantri Suraksha Bima Yojana?

The most important KYC (Know your customer) document is the Aadhar Card. The other details that are to be filled:

  • Proof ID
  • Contact information
  • Details of the nominee
  • Filling up of application form (in various languages)

The proof that has to be submitted along with the Application Form is the Aadhar Card, if it is not linked to the savings bank account.

Conditions for termination of the PMSBY Scheme

  1. When the subscriber reaches 70 years of age.
  2. When the minimum balance in the savings account is not maintained.
  3. If insurance cover is stopped due to technical reasons or insufficient balance, it can be reinstated once the premium is paid in full. The risk cover will be reinstated, at the discretion of the insurance company.

The Pradhan Mantri Suraksha Bima Yojana certificate can be downloaded from the official website of the scheme or from the participant banks and insurance companies.

Download PMSBY Certificate

Pradhan Mantri Suraksha Bima Yojana Forms (PDF Download)

PMSBY Consent-Cum-Declaration Form

PMSBY Claim-Cum-Discharge Form

FAQ's on PMSBY Scheme

Total disability refers to the irrecoverable loss of limb or both limbs and/or loss of eyesight.

Yes, the subscriber will receive insurance of INR 1 Lakh in case of permanent partial disability.

The Pradhan Mantri Suraksha Bima Yojana is a government-backed scheme.

This scheme is targeted at the lower class and middle class.

This scheme is administered by many national banks and insurance companies.

If the injury is recoverable, no benefit will be paid.

No, unless the death of the subscriber is confirmed,the nominee will not get the amount. According to the law, a person is presumed dead after seven years of missing.

Yes, an FIR (First Information Report) is required for claiming benefits. 

No, it doesn’t prevent getting the benefits of another insurance scheme.

As this is a whole insurance cover, hospital expenses also known as Mediclaim will not be reimbursed.

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