Know about Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Salient Features

Get to know about the eligibility, risk coverage, premium, subscription period and all other important features of the Pradhan Mantri Suraksha Bima Yojana (PMSBY).


In the previous article, you became familiar with the features of the Government's life insurance scheme, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – its eligibility, risk covered, premium amount and other important features. Now, let us have a look at the features of Pradhan Mantri Suraksha Bima Yojana (PMSBY) – another insurance product launched by the Modi Government.

PMSBY is the Government's accidental insurance product, released along with the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) by our Prime Minister on 9th May 2015. This scheme is an annual scheme and must be renewed every year. PMSBY provides a cover of Rs. 2 lakh for death due to accident as well as total (Rs. 2 lakh) and partial disability (Rs. lakh) due to accident. The scheme will be linked to the Government's popular universal banking scheme, the Pradhan Mantri Jan Dhan Yojana (PMJDY).

Criteria for PMSBY Eligibility

An Indian citizen between 18 to 70 years of age is eligible to take PMSBY accidental insurance scheme. One must have a savings bank account with the participating bank (banks offering this scheme). In case a person has more than one savings account in the same or different bank, then he/she is eligible to buy this plan through only one account.

In case an individual is also covered by other accidental insurance plans, he/she is still eligible to subscribe to the PMSBY.


Subscription period of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Subscription for the PMSBY life insurance product for the period 1st June 2015 – 31st May 2016, is now open. However, the last date to apply for this subscription period was 31st March 2015, but the government has extended this deadline to 31st August 2015.

Once the subscription period has elapsed, once must once again apply for the scheme (for the period 1st June – 31st May). This process has to be done every year. One can also choose a long-term option and in this case the banks will auto-debit the premium ever year from their account.

Total risk coverage under PMSBY

The sum insured under PMSBY is Rs. 2 lakh for death and complete disability due to accident and Rs. 1 lakh for partial disability. In case of death of the policy holder, the insurance benefit will be given to the nominee.

According to the official guidelines-

Death due to accident - Rs.2 lakh
Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot - Rs.2 lakh.
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot - Rs.1 lakh.

Premium amount of PMSBY scheme and mode of payment

Subscribers have to pay an annual premium of Rs.12, to be paid in one installment. The bank will auto-debit this amount from the policy holder's account on or before 1st June of the annual coverage period.

If the premium is paid after 1st June of a particular year, the insurance coverage will begin from the first day of the following month. For instance, if one has paid the insurance premium on 21st June, then the risk coverage will begin from 1st July.

Suggested: Analysis of Jan Dhan Yojna - success or failure?

Who will implement the PMSBY accidental insurance scheme?

General insurance companies in the public sector and some general insurers will manage the PMSBY by coordinating with the participating banks.

Breakup of the annual premium of Rs. 12 towards PMSBY

• Premium to the insurance company = Rs.10
• Reimbursement to intermediaries like BC/Agents = Re.1
• Reimbursement to bank = Re.1

Also See: Atal Pension Yojna (APY) scheme – details, features and benefits

Documents required to subscribe to the PMSBY

A copy of Aadhar card is considered as the primary and valid document and is enough to subscribe to this scheme.

How to subscribe to Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) scheme?

  • Firstly, one must have a savings bank account with any of the participating banks.

  • Then a simple application form (attached at the end of the article) has to be duly filled and can be submitted at any branches of General insurance companies or at the participating banks' branches.

  • You also need to provide a copy of your Aadhar card as the primary KYC document. (Aadhar is not mandatory; other proofs can also be used)

  • You must subscribe to this scheme every year in the month of June or can also choose a long term subscription period where your account will be auto-debited every year.

Cases where your PMSBY subscription may be terminated

  • On attaining 70 years of age

  • Bank account closure.

  • If a person is covered under this scheme through multiple savings bank accounts. If so, the risk coverage amount will be Rs. 2 lakh only (only one account) and other accounts will be forfeited.

  • Failure to maintain sufficient balance in your bank account for the auto-debit of insurance premium.

  • You can opt out of the scheme at any time and may re-subscribe at a later time by paying the premium, subject to certain terms and conditions.


Both, the PMJJBY and PMSBY are very good schemes announced by the Government. They may not be targeted towards the right and upper income classes, but they are a great means of help and support to the poor and under privileged. It will be a wonderful thing if we can spread awareness about these schemes to the needy and help them get insured.

For further details:

Official Website:
National toll-free NO: 1800-180-1111,1800-110-001


Guest Author: Radha Krishna05 Jun 2018

The account holders are not aware of the insured amount and the disasters in which the nominee can claim. Hence posters may be displayed in all bank branches in India in English and in regional languages.

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