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Pradhan Mantri Suraksha Bima Yojana: How To Get Rs 2 Lakh Insurance Cover For Rs 12?


Pradhan Mantri Suraksha Bima Yojana (PMSBY), was launched along with Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) by the Modi government in May 2015. The accidental death scheme has seen 13.74 crore enrollments as of July 2018.

PMSBY: How To Get Rs 2 Lakh Insurance Cover For Just Rs 12?

What is Pradhan Mantri Suraksha Bima Yojana?

It is a term life insurance scheme that covers individuals between the age of 18 and 70 years against death or disability due to an accident. The risk coverage on death or full disability is Rs 2 lakh and Rs 1 lakh for partial disability under the scheme.

Here are the highlights of the scheme:

  • Eligibility: Individuals between the age group of 18 to 70 years with a bank account (single or joint) in participating banks.
  • Premium amount: Rs 12 per annum
  • Coverage:
  1. Death: Rs 2 lakh.
  2. 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.
  3. Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot: Rs 1 lakh.
  • Premium payment mode: The scheme covers the person insured between 1 June and 31 May of the following year. The premium needs to be paid within 31 May for an annual accidental cover from 1 June, through auto-debit mode only. It means that Rs 12 will automatically be debited from your bank account before 31 May in a single installment towards the Pradhan Mantri Suraksha Bima Yojana. In case of joint account, all the account holders are covered and the premium will be paid at the rate of Rs.12 per person, per annum through auto-debit mode.
  • Period of cover: You can take the cover separately every year or you can opt for a long-term cover, wherein the premium will be auto-debited from your account every year.

How to apply for Pradhan Mantri Suraksha Bima Yojana?

You can approach the bank that you have an account with for the scheme. You will need to fill in the required form and activate the auto-debit option. All major banks are participants of the scheme.

Participating Insurance Companies

The scheme is offered/administered through the Public Sector General Insurance Companies (PSGICs) and other General Insurance Companies willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks.

Can you leave the scheme and rejoin later?

Yes, you are allowed to leave the scheme and join again in the future by paying an annual premium.

When does the insurance coverage lapse?

  • On reaching 70 years of age.
  • On closure of the bank account.
  • On not having enough balance to pay the premium.

Will the individual be covered by the scheme despite having a subscription to another insurance scheme?


Does the insurance scheme cover death/disability from natural calamities?

Yes, death/disability as defined by the PMSBY from natural calamities is covered. Note that suicide is not covered, but death from murder is covered.

Are hospital expenses after the accident covered?


How will the claim be received?

In the case of disability, the insurer's account will be credited with the claim amount. In case of death, the bank account of the nominee mentioned while applying for the scheme will be credited.

Is an FIR required to receive benefits of the policy?

In case of a vehicle accident, or death from drowning or any crime (like murder), an FIR is required. In case of accidents like an animal attack, fall from a tree, etc, an immediate hospital record will be required. Documentary evidence of the accident is essential to make the claim.

Are NRIs eligible under the scheme?

Yes, an NRI with an eligible bank account with a bank branch located in India is eligible for purchase of PMSBY cover through this account subject to fulfillment of the terms and conditions relating to the scheme. However, in case a claim arises, the benefit will be paid to the beneficiary/ nominee only in Indian currency.

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