By AimIndia Team 
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme aimed at providing affordable insurance coverage to the common people of India. Launched on 9th May 2015, it forms a crucial part of the government’s social security initiative, complementing schemes like the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Pradhan Mantri Jan Dhan Yojana. This scheme offers protection against accidental death and disability, ensuring financial security for the insured and their families.
The Pradhan Mantri Suraksha Bima Yojana is specifically designed to offer insurance coverage in case of accidental death or disability. With an annual premium of just ₹20, it provides substantial coverage of up to ₹2 lakh, making it an accessible option for people from all walks of life. This scheme can be availed by bank account holders in the participating banks, including SBI and HDFC Bank, among others.
Objectives
- To provide financial assistance to the family of the insured in case of accidental death.
- To support individuals who suffer from disabilities due to accidents by offering financial aid.
- To make accident insurance accessible to all, with a minimal annual premium of ₹20.
- To increase the insurance coverage among low-income and underserved populations.
Full Details Of PMSBY
| Name of Scheme | Pradhan Mantri Suraksha Bima Yojana (PMSBY) |
|---|---|
| Announcement | Ministry of Finance, Government of India |
| State Name | All States and Union Territories |
| Implementation | Updated on 2023 |
| Objectives | To provide accidental death and disability cover to eligible citizens |
| Incentive | Accidental Death: Rs. 2 Lakh Total Disability: Rs. 2 Lakh Partial Disability: Rs. 1 Lakh |
| Beneficiaries | Indian citizens aged between 18 and 70 years |
| Application Starts | Always Open |
| Process | Offline and Online Registration |
| Official Website | www.jansuraksha.gov.in |
Eligibility Criteria
- Age Limit: Individuals aged between 18 and 70 years are eligible to enroll in this scheme. This makes the Pradhan Mantri Suraksha Bima Yojana age limit quite broad, covering a significant portion of the population.
- Bank Account: The individual must have an active bank account in a participating bank.
- Consent for Auto-Debit: The individual must give consent for the auto-debit of the premium from their bank account.
Pradhan Mantri Jan Dhan Yojana (PMJDY) Benefits & Online Apply 2024
Benefits
- In case of accidental death, the nominee is entitled to receive ₹2 lakh.
- In case of total and irrecoverable loss of both eyes, both hands, or both feet, the insured will receive ₹2 lakh.
- In case of total and irrecoverable loss of sight in one eye or loss of use of one hand or one foot, the insured will receive ₹1 lakh.
- The scheme offers all these benefits at a minimal premium of ₹20 per annum, making it one of the most affordable insurance options available.
Required Documents
- Aadhar Card: As the primary KYC document.
- Bank Account Details: Required for enrolling and processing the auto-debit of the premium.
- Consent Form: Authorization for auto-debit of the premium amount from the bank account.
How to Apply
- Offline Application:
- Visit your bank branch where you hold a savings account.
- Fill out the application form available at the branch.
- Submit the form along with the required documents, such as your Aadhar card.
- Once submitted, you will receive an acknowledgment slip-cum-certificate of insurance.
- Online Application:
- Visit the official website of your bank, such as SBI or HDFC Bank.
- Look for the Pradhan Mantri Suraksha Bima Yojana enrollment option.
- Fill in the necessary details and submit the form online.
- Ensure your bank account has sufficient balance for the premium auto-debit.
The Pradhan Mantri Suraksha Bima Yojana gives financial support to millions of Indians during accidents. It offers an easy enrollment process, low premium, and big benefits. Everyone who qualifies should join this scheme. You can enroll through SBI, HDFC Bank, or any other participating bank. This scheme protects you and your family from life’s uncertainties with financial security.
This scheme, along with the Pradhan Mantri Jeevan Jyoti Bima Yojana, strengthens the social security fabric of the country, making insurance accessible to all. Be sure to enroll today and secure your future.
Frequently Asked Questions(FAQs)
PMSBY (Pradhan Mantri Suraksha Bima Yojana) is an accidental insurance scheme providing ₹2 lakh for accidental death or full disability and ₹1 lakh for partial disability.
PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is a life insurance scheme offering ₹2 lakh coverage for ₹436 annual premium.
PMSBY is available at a low premium of ₹20 per year, offering accidental insurance benefits.
PMSBY provides ₹2 lakh for accidental death or full disability and ₹1 lakh for partial disability.
Yes, PMSBY claims can made after 30 days as long as they meet the policy conditions.
Yes, ₹436 is deducted annually for PMJJBY from SBI accounts linked to the scheme.
To stop PMJJBY, visit your bank branch or use net banking/mobile banking to cancel auto-debit for the policy.
The bank may deduct ₹147.50 for premium payment of Atal Pension Yojana or related schemes.
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