Pradhan Mantri Suraksha Bima Yojana (PMSBY) Policy
  • Get Up To Rs. 2 lac Cover
  • Covers Accidental Death/Disability
  • Accidental Cover At Just Rs.20/-
Pradhan Mantri Suraksha Bima Yojana (PMSBY) Policy
Buy Policy in just 2 mins

Buy Policy in just 2 mins

Happy Customers

2 lakh + Happy Customers

Free Comparison

Free Comparison

Customized Term Insurance Plan for you.

Get upto 10% Online Discount*

Gender

Age

Sahil Singh Kathait
Written By:
Sahil

Sahil Singh Kathait

Health & Term Insurance

A boy-in-squares bagging escapades of switching streets in groove & sensing musical airy-notes from 6 1". Under wayed nyctophile sketching the walls of life from the panorama of anime.

|
Reviewed By:
Priya Singh

Priya Singh

Health, Life & Term Insurance

Priya has been in the content writing industry for over 9 years. She has been religiously following the insurance sector since the start of her career which makes her an avid insurance expert. Her forte lies in health, term, and life insurance writing, along with her knowledge of the latest developments in the insurance sector.

Himanshu Kumar

Himanshu Kumar

Term Insurance, Content Writer

Content Manager with heart, mind, and soul dedicated to creating impactful content that exceeds the market standard, delivers and reaches the readers conveniently. Besides producing high-ranking content, my focus lies in creating content that solves user queries and adds value.

Himanshu Kumar

Written By: Himanshu Kumar

Updated on Jan 15, 2025

Himanshu Kumar

Anchita Bhattacharyya

Term Insurance, Content Manager

Content Manager with heart, mind, and soul dedicated to creating impactful content that exceeds the market standard, delivers and reaches the readers conveniently. Besides producing high-ranking content, my focus lies in creating content that solves user queries and adds value.

Reviewed By: Anchita Bhattacharyya

15 min read

Rhishabh Garg
Written By: Rhishabh Garg
Rhishabh Garg
Rhishabh Garg Term Insurance Head
Rhishabh Garg is the Business Unit Head of Term Insurance at Policybazaar.com. He has over 10 years of experience and currently plays a crucial role in shaping the future of term insurance in the company. Rhishabh also has experience in customer services and crafts new strategies for organizational success, one of which is Policybazaar’s claim assistance program.
Santosh Agrawal
Reviewed By: Santosh Agrawal
Santosh Agrawal
Santosh AgrawalChief Business Officer
Santosh Agarwal is the Chief Business Officer of life Insurance at Policybazaar.com and has over a decade of experience in the insurance domain. She has helped shape Policybazaar's life insurance vertical and ensures the effective execution of the company's overall strategy. Santosh is also responsible for the Term Insurance for Women domain at Policybazaar.com and educates the masses about its importance and benefits.

Pradhan Mantri Suraksha Bima Yojana

The PMSBY is an accident insurance scheme that offers coverage for accidental death or disability due to an accident. It was launched by Prime Minister Narendra Modi on May 9, 2015, in Kolkata, West Bengal, to provide affordable insurance coverage for everyone.

You can get up to Rs. 2 lacs by paying Rs.20/- per annum per member. However, on annual premium payment, you’ll get one year of coverage under PMJJBY valid from June 1 to May 31. It would be a one-year cover, renewable from year to year.

Bank or post office account holders between the ages of 18 and 70 years in participating banks/ post offices can opt for the PMSBY scheme.The public sector term insurance company and other general insurance companies provide the PMSBY scheme.

Pradhan Mantri Suraksha Bima Yojana Details

  • Coverage Duration

    Under the PMSBY policy, you’ll get coverage for one year, stretching from 1st June to 31st May, with payment of the annual premium.
  • Premium

    In this government term life insurance scheme, you can get up to Rs. 2 lacs by paying Rs.20/- per annum per member. However, the premium will automatically be deducted from your bank or post office account through the ‘auto debit’ facility on or before 1st June of each annual coverage period under the scheme.
  • Eligibility

    People with a bank account in a participating bank aged between 18 years and 70 years can opt for the scheme. To do so, you’ve to give consent to enable auto-debit.
  • Termination of Cover

    The accident cover of the member shall terminate on any of the following events:
    • Once you attain the age of 70 years.
    • Closure of bank account or insufficient balance to keep the insurance in force.
    • If a member opts for more than one time under PMSBY and the insurance company receives a premium inadvertently, the insurer will restrict insurer coverage.

Pradhan Mantri Suraksha Bima Yojana Benefits

The Pradhan Mantri Suraksha Bima Yojana benefits scheme are as follows:

Table of BenefitsSum Insured
Upon the policyholder’s death due to an accident, the nominee shall receive Rs. 2 lakhs.Rs. 2 lakhs
On total & permanent disability and irrecoverable loss of both eyes, feet, or hands, the policyholder shall get a cover of Rs. 2 Lakhs.Rs. 2 lakhs
On total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, the policyholder shall get a cover of Rs. 1 Lakhs.Rs. 1 lakhs

How Can I Apply for Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Apply Online

You can easily opt for the PMSBY online through your bank’s internet banking portal.

  • Log in to your bank’s net banking portal.
  • Click on the insurance tab.
  • Navigate to the social security schemes and select the PMSBY scheme.
  • Select the account you want to use to pay your premium.
  • After that, apply or download the acknowledgment receipt.

Pradhan Mantri Suraksha Bima Apply Offline

In order to enroll for this scheme offline, you can do so by submitting the Pradhan Mantri Suraksha Bima Yojana form.

  • Visit the official site jansuraksha.gov.in and download the form.
  • After that, fill out all the details along with the required documents and submit it to the bank.
  • Once the application is submitted, you’ll get an acknowledgment slip and certificate of insurance.

Claim Procedure of Pradhan Mantri Suraksha Bima Yojana

Claim Intimation

The nominee shall submit the duly completed claim form to the bank, preferably within 30 days of the occurrence of the accidental disability or death of the insured person due to an accident.

Claim Submission

Fill out all the details along with the required documents and submit it to the bank. The following documents needed to be submitted:

  • Proof of permanent disability due to an accident or death.
  • The insured person and nominee’s Aadhaar and PAN number.
  • KYC document in respect of the nominee/appointee/claimant
  • First two pages of the passbook or canceled cheque of the account of the nominee/appointee/claimant.
  • Proof of being a legal heir, in case the claimant is other than the Insured member/Nominee/Appointee.
  • Advance receipt for discharge of claim, duly filled in and signed

Claim Settlement

The authorized official of the bank/post office shall check the insured member’s account and confirm all the details. He will certify the correctness of the information given in the claim form and the duly completed.

The bank/post office will forward the claim documents electronically to the designated email ID of the partner insurer within seven days of the submission of the claim.

After that, the claim amount will be credited to the insured’s or the claimant’s bank account.

Conclusion

With Pradhan Mantri Suraksha Bima Yojana, you can get protection against accidental death and disability due to an accident. It is a one-year cover that you have to renew on an annual basis. The government launched this scheme, and it is available at a highly affordable premium of Rs. 20/- per year.

To know about these sorts of cost-effective plans, you can reach out to us via the website Policyx.com or call us at 1800-4200-269.

Avoid the Stress of Claim Rejection Avoid the Stress of Claim Rejection

Pradhan Mantri Suraksha Bima Yojana : FAQs

1. How will the PMSBY scheme premium be paid?

The premium for the PMSBY scheme will be deducted from the account holder’s bank through an ‘auto debit’ facility in one installment, as per the consent given by the subscriber at the time of enrolment.

2. What is the enrollment period for Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana’s enrolment period stretches from 1st June to 31st May.

3. How do you check the Pradhan Mantri Suraksha Bima scheme application status?

Visit the bank website where you have a savings account and have applied for the scheme. Enter the account and application number. Click on the submit tab to track the PMSBY application status.

4. Can individuals who leave the PMSBY policy re-join?

Yes, you can rejoin the PMSBY policy in the future by paying the annual premium, subject to conditions that may be laid down.

Other Term Insurance Companies

Share your Valuable Feedback

Rating Icon

4.6

Rated by 857 customers

Was the Information Helpful?

Select Your Rating

We would like to hear from you

Let us know about your experience or any feedback that might help us serve you better in future.

Reviews and Ratings
Sahil Singh Kathait

Written By: Sahil Singh Kathait

A boy-in-squares bagging escapades of switching streets in groove & sensing musical airy-notes from 6 1". Under wayed nyctophile sketching the walls of life from the panorama of anime.