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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Government of India has launched Pradhan Mantri Suraksha Bima Yojana in the year 2015. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident Insurance Scheme offering accidental death and disability insurance cover for death or disability on account of an accident. The scheme is administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies in India. In this article, we look at Pradhan Mantri Suraksha Bima Yojana in detail.

Benefits of PMSBY

Benefits of Pradhan Mantri Suraksha Bima Yojana are discussed here.

Sum Insured under PMSBY

Sum Insured under Pradhan Mantri Suraksha Bima Yojana is valid for one year, sum insured is tabulated here.

S.No Death and Disability Sum Insured
1 Death (Death due to murder is covered) Rs.2 Lakh
2 Total and irrecoverable loss of eyes Rs.2 Lakh
3 Loss of use of both hands or feet Rs.2 Lakh
4 Loss use of one hand or foot and loss of one eye Rs.2 Lakh
5 Total loss of sight of one eye Rs.1 Lakh
6 Loss of use of one foot or hand Rs.1 Lakh


  • Premium for Pradhan Mantri Suraksha Bima Yojana is Rs.12 per annum for each member. Under this scheme, the premium will be deducted by banks from the eligible person account through auto debit facility.
  • Premium will be deducted in one instalment on or before 1st June of each annual coverage period.
  • Bank will remit the amount due to the Insurance Company in that month itself.
  • In cases auto debit takes place after June first, the cover will commence from day one of the month following the auto debit.
  • The premium can be reviewed based on annual claims experience.

Eligibility Criteria for PMSBY

Below given eligibility criteria need to be met in order to get benefits of PMSBY.

  • Resident of India who having Adhaar card can apply for this scheme.
  • Age of the citizen should be 18 to 70 year/
  • Applicant should have a valid savings account in any banks in India. Aadhaar would be the primary KYC for the bank account.

Documents Required for Enrol PMSBY

PMSBY Application Form, Bank Pass Book and Adhaar Card only need to be furnished for taking insurance policy.

Take PMSBY Policy

Eligible applicant need to approach any one of the PMSBY participating bank or insurance companies. Fill application duly and submit to bank officer to subscribe this scheme. You can also take the policy through internet banking.


Annual Premium of Rs.12 will be auto debited from the applicant’s account.

Termination of Insurance cover

The accident cover for the member will terminate on any of the following events and no benefit will be payable.

  • Insurance cover will be terminated on attaining age 70 years.
  • In case of closure of Bank account
  • If the member is not maintaining sufficient balance to keep the insurance in force, the cover will be cancelled.
  • In case a beneficiary is covered under more than one premium by the Insurance Company inadvertently, insurance cover will be restricted to any one of the premium and remaining premium shall be liable to be forfeited.

PMSBY Insurance Policy Claiming Procedure

The procedure to claim PMSBY insurance sum is explained in detail below. Immediately after the occurrence of accident, insured or nominee can claim under PMSBY policy.

Documents required for claiming

The following documents need to furnished to corresponding bank in order to claim

In case of Death of insured

  • Original FIR or Panchnama in case of death of insured
  • Post Mortem Report
  • Death Certificate

In case of permanent disablement

  • Original FIR/ Panchnama
  • Disability Certificate issued by a Civil Surgeon
  • Discharge certificate in the enclosed format

Procedure for Claiming

Step 1: Insure person or nominee (in case of death of insured) contact the bank branch where account held.

Step 2: Submit a duly completed PMSBY Insurance Policy claim form.


Step 3: Claim form need to be submitted within 30 days from date occurrence of the accident by claimant or nominee.

Step 4: Bank officer will verify account details, nomination and auto debit particulars. After certifying the claim form, officer will forward to the concerned insurance company within 30 days of the submission of the claim.

Step 5: Claim will be processed within 30 days of its receipt from the Bank by the concern insurance Company Bank

Step 6: The admissible claim amount will be remitted to the Bank Account of the insured or nominee.

Step 7: Nominee has to pay claim amount to the legal heirs of the insured on production of Succession Certificate and Legal Heir certificate from the Competent Court or authority.

Know more about Succession Certificate and Legal Heir certificate.

Legal Heir Certificate in Kerala

Legal Heir Certificate Tamil Nadu

How to Get Succession Certificate in India