Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme made for Indian citizens. It provides financial protection to individuals against accidental death or disability, offering a cost-effective cover of ₹2 lakh for an affordable annual premium of ₹20.
Pradhan Mantri Suraksha Bima Yojana - Introduction
Pradhan Mantri Suraksha Bima Yojana acts as your reliable safety net, making sure you and your family have security against unforeseen accidents. This scheme provides affordable accidental death and disability coverage to every eligible citizen.
You should pay an annual premium of ₹20 to keep your coverage active. Your bank or post office will automatically deduct this amount from your account using the auto-debit facility on or before June 1st of each year.
Your coverage remains valid for one year, starting from June 1st to May 31st. Your protection under this scheme ends if you reach 70 years of age, close your bank account, or if your account has insufficient funds to cover the renewal premium. Please note that if you are covered under Pradhan Mantri Suraksha Bima Yojana through multiple accounts, the total payout remains restricted to ₹2 lakh.
Key Information
| Key Label | Details |
|---|---|
| Scheme Name | Pradhan Mantri Suraksha Bima Yojana |
| Level | Central |
| Beneficiary States | All |
| Nodal Ministry | Ministry of Finance |
| Implementing Agency | Banks |
| Launch Date | 2015-05-09 |
Benefits
Pradhan Mantri Suraksha Bima Yojana offers specific financial support based on the nature of the accident:
| Condition | Benefit Amount |
|---|---|
| Accidental Death | ₹2 Lakhs |
| Total and irrecoverable loss of both eyes or use of both hands or feet | ₹2 Lakhs |
| Total and irrecoverable loss of sight of one eye or use of one hand or foot | ₹1 Lakh |
Eligibility
You are eligible to join Pradhan Mantri Suraksha Bima Yojana if you hold a savings bank account with a participating bank. You must be aged between 18 and 70 years. For example, if Ramesh, who is 45, holds a bank account, he can provide his consent for auto-debit to get enrolled in the scheme immediately.
Application Process
Offline Application
You should visit your home bank branch where you maintain your savings account to enroll. Alternatively, you can download the application form from the official portal. Fill out the form and submit it to your bank branch along with your required documents. Once your bank successfully processes it, you will receive an acknowledgement slip which serves as your Certificate of Insurance.
Online Application
You can also enroll using your bank's net banking facility by logging into your secure account portal.
For assistance, you may refer to the state-wise toll-free number list or contact the National Toll-Free Helpline at 1800-180-1111 or 1800-110-001.
References
View Official Scheme Guidelines
FAQ's
Is there any provision for reimbursement of hospitalization expenses following an accident resulting in death or disablement?
No, this scheme does not cover hospitalization expenses.
Who can claim insurance benefit in case of death of the account holder?
The nominee or appointee mentioned in the enrolment form can file the claim. If no nomination exists, the legal heir can file for the benefit.
What is the mode of payment of the claim amount?
Disability claims are credited directly to your bank account. Death claims are remitted to the account of the nominee or legal heir.
Will the family get insurance benefit if the account holder commits suicide?
No, death due to suicide is not covered.
Is it necessary to report accidents to police and obtain FIR for claiming benefits?
Yes, for accidents like road, rail, vehicular incidents, drowning, or crimes, you must report to the police. For other incidents like snake bites or falls, you should provide documented hospital records.
If the insured is missing and death is not confirmed, will the legal heirs get benefit of insurance?
Pradhan Mantri Suraksha Bima Yojana only covers deaths confirmed by documentary evidence as accidental.
What benefit is payable if a person suffers partial disability without irrecoverable loss of sight or use of limb?
No benefit is payable for partial disability that does not meet the specified severity criteria.
Can an account holder get a claim from more than one bank?
No, you are eligible for one claim only, even if you have enrolled through multiple banks.
Can an individual join Pradhan Mantri Suraksha Bima Yojana from multiple bank accounts?
No, you can only enroll through one bank or post office account.
What is the minimum and maximum age limit for entry?
You must be between 18 and 70 years old (age nearer birthday) to be eligible.
How will the premium be paid?
The premium is deducted automatically from your bank or post office account through the auto-debit facility.
Can eligible individuals who fail to join in the initial year join later?
Yes, you can join in any subsequent year by paying the annual premium through auto-debit.
Can individuals who leave the scheme rejoin?
Yes, you may re-join in future years by paying the annual premium, provided you meet the scheme conditions.
Will this cover be in addition to cover under any other insurance scheme?
Yes, this cover is in addition to any other insurance you may hold.
Does this scheme cover death or disability resulting from natural calamities? What about suicide or murder?
Yes, death or disability due to natural calamities like earthquakes or floods is covered. Murder is also covered, but suicide is not.
Can all holders of a joint bank account join the scheme?
Yes, all holders of a joint account can join individually if they meet the eligibility criteria and pay the premium of ₹20 each.
Which bank accounts are eligible?
All bank and post office account holders are eligible, except for institutional account holders.
Are NRIs eligible for coverage?
Yes, NRIs with an active bank account in India are eligible, provided they meet all terms and conditions. Benefits are paid only in Indian currency to the beneficiary in India.