The authorities keep coming up with beneficial welfare schemes for citizens belonging to different strata of society. The Pradhan Mantri Suraksha Bima Yojana is one such scheme. It is an Accident Insurance policy that was discussed in 2015’s budget speech. It was launched two months later in May 2015. Read ahead to know more about this government-backed insurance scheme.
- What is the Pradhan Mantri Suraksha Bima Yojana?
- Features and Benefits of Pradhan Mantri Suraksha Bima Yojana:
- Coverage of Pradhan Mantri Suraksha Bima Yojana:
- What’s Not Covered in Pradhan Mantri Suraksha Bima Yojana?
- What are the Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana?
- Banks Participating in PMSBY:
- How to Enrol and Register for Pradhan Mantri Suraksha Bima Yojana:
- Pradhan Mantri Suraksha Bima Yojana Premium:
- Claim Process of PMSBY:
- How to Renew PMSBY:
- How to Check Pradhan Mantri Suraksha Bima Scheme’s Application Status:
- Pradhan Mantri Suraksha Bima Yojana (PMSBY) Vs Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
- PMSBY Toll-Free Number:
- Frequently Asked Questions:
What is the Pradhan Mantri Suraksha Bima Yojana?
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme launched by the Government of India. It is also known as the PM Rs. 12 Insurance Scheme. The social security scheme is directed towards people belonging to the lower-income category. This is because unlike several other health insurance policies offered by commercial companies, this scheme does not charge a higher premium.
The policy offers an insurance cover against death, total disability, and partial disability. The insurance premium of Rs 12 for the policy shall be deducted from the registered bank account of the policyholder. People in the age group of 18 to 70 can avail the benefits of PMSBY by providing their Aadhaar card as a Know Your Customer (KYC) document.
Features and Benefits of Pradhan Mantri Suraksha Bima Yojana:
The PMSBY gives people from the lower-income group a chance to insure themselves against unfortunate events that can lead to death or disability. Here are the features and benefits of the government scheme.
|Features of PMSBY||Benefits of PMSBY|
|A low-priced policy can be purchased for Rs. 12.||Accident insurance cover without spending a lot as compared to other policies.|
|Money is given to the nominee in case of death.||The welfare of the family in case of death, as the claim amount can be availed by the nominee.|
|Auto-debit of premium from the bank account.||No regular payment formality worries due to auto-debit facility.|
|Option to choose a long-term policy or yearly renewability.||Easy processing of continuous cover.|
|Easy exit and re-entry measures.||Flexibility to continue or discontinue as per one’s wish.|
|It can help save tax.||Deduction as per Section 80C and Sum Insured of Rs. 1 lakh is non-taxable as per Section 10(10D) of the Income Tax Act.|
Coverage of Pradhan Mantri Suraksha Bima Yojana:
Here’s a table highlighting the cover offered by the PMSBY.
|Event||Claim Amount (Rs.)|
|An accident leading to policyholder’s death||2 lakhs (given to nominee)|
|Permanent total disability||2 lakhs|
|Permanent partial disability||1 lakh|
Note: Definition of total and partial disability will be as per the policy’s terms and conditions.
What’s Not Covered in Pradhan Mantri Suraksha Bima Yojana?
As mentioned in the above section, the PMSBY is an accident and disability insurance policy. It covers a policyholder in case of death and disability. However, there are certain restrictions related to the cause of death and the nature of the disability. Death by suicide is not covered. Non-permanent disabilities (partial disability without irrecoverable loss) shall not be covered unless specified otherwise.
What are the Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana?
You will have to meet certain requirements to be able to avail the benefits of the PMSBY. Here’s a list of such eligibility requirements.
- The minimum age requirement for being part of the scheme is 18 years.
- The maximum PMSBY age limit to avail this scheme is 70 years.
- Interested potential policyholders must have an active savings bank account.
- The applicant’s saving bank account should be integrated with the person’s Aadhaar card.
- In case the Aadhaar details are not linked to the mentioned bank account, a copy of the card should be sent along with the application.
- Payment of the premium of Rs. 12.
Mentioned below is a list of documents required to be a part of the PMSBY.
- Form – Submission of the duly filled PMSBY application form containing details such as name, contact details, Aadhaar number, and details of the selected nominee. This form is available in several regional languages apart from English and Hindi. For example, the form is available in Marathi, Tamil, Oriya, etc.
- Aadhar Card – In case the applicant’s Aadhaar card details are not linked to the stated savings bank account, the applicant will have to submit a copy of the Aadhaar card. The same will have to be accompanied with the application form.
Banks Participating in PMSBY:
Here’s a list of banks that are a part of the PMSBY.
- Allahabad Bank
- Axis Bank
- Bank of India
- Bank of Maharashtra
- Bharatiya Mahila Bank
- Canara Bank
- Central Bank
- Corporation Bank
- Dena Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IndusInd Bank
- Kerala Gramin Bank
- Kotak Bank
- Oriental Bank of Commerce
- Punjab and Sind Bank
- Punjab National Bank
- South Indian Bank
- State Bank of Hyderabad
- State Bank of India
- State Bank of Travancore
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
Also, read: Arogya Sanjeevani Health Insurance
How to Enrol and Register for Pradhan Mantri Suraksha Bima Yojana:
You can enrol yourself for the PMSBY by approaching an affiliated bank or an insurance company. The Pradhan Mantri Suraksha Bima Yojana form or the PMSBY form can also be downloaded from the government’s Jansuraksha website. It is available in multiple languages.
|Language||PMSBY Application Form|
|Bangla (বাংলা)||PMSBY Bangla Application Form|
|English (English)||PMSBY English Application Form|
|Gujarati (ગુજરાતી)||PMSBY Gujarati Application Form|
|Hindi (हिन्दी)||PMSBY Hindi Application Form|
|Kannada (ಕನ್ನಡ)||PMSBY Kannada Application Form|
|Marathi (मराठी)||PMSBY Marathi Application Form|
|Odia (ଓଡ଼ିଆ)||PMSBY Odia Application Form|
|Tamil (தமிழ்)||PMSBY Tamil Application Form|
|Telugu (తెలుగు)||PMSBY Telugu Application Form|
The registration process can be initiated via the respective internet banking facility or by sending a message on the onboarding organization’s toll-free number.
Here’s how you can activate the policy using the SMS facility.
- Step 1 – Receive activation SMS.
- Step 2 – Reply to the activation SMS with ‘PMSBY Y’.
- Step 3 – Receive a message acknowledging the receipt.
- Step 4 – Bank will manage the processing information from the back-end of the savings account.
Here’s how you can activate the policy using the internet banking facility (PMSBY Online Apply).
- Step 1 – Login to the internet banking account.
- Step 2 – Click on Insurance.
- Step 3 – Identify the account to be used for paying the premium amount.
- Step 4 – Check details and confirm.
- Step 5 – Download receipt and note the stated reference number.
Pradhan Mantri Suraksha Bima Yojana Premium:
The PMSBY premium is Rs. 12 for a year. It will be auto-debited from the registered bank account of the policyholder. There is a possibility that the premium will be reviewed as per the annual claims experience.
Claim Process of PMSBY:
You can raise a claim against the PMSBY in case of partial or total disability. In case of death, your nominee can file a claim. If there is no nominee, then the claim amount shall be given to the legal heir of the deceased policyholder. Here’s the claim process.
- Step 1 – Policyholder/nominee should reach out to the bank or the insurance company from where the policy was purchased to raise a claim.
- Step 2 – Obtain claim form and fill it. It will include details such as name, address, contact information, details of the hospital, etc. The PMSBY’s claim form can be downloaded from the Jansuraksha website for free. The form is available in multiple languages such as Punjabi, Telugu, etc.
- Step 3 – Submit the filled form with the relevant supporting documentation such as disability certificate or death certificate in case the claim is raised by the nominee.
- Step 4 – The insurance company will confirm the details.
- Step 5 – If the documents turn out to be proper, the claim amount will be transferred to the specified bank account and the claim will be settled.
|Language||PMSBY Claim Form|
|English (English)||PMSBY English Claim Form|
|Gujarati (ગુજરાતી)||PMSBY Gujarati Claim Form|
|Hindi (हिन्दी)||PMSBY Hindi Claim Form|
|Marathi (मराठी)||PMSBY Marathi Claim Form|
|Odia (ଓଡ଼ିଆ)||PMSBY Odia Claim Form|
|Punjabi (ਪੰਜਾਬੀ ਦੇ)||PMSBY Punjabi Claim Form|
|Tamil (தமிழ்)||PMSBY Tamil Claim Form|
|Telugu (తెలుగు)||PMSBY Telugu Claim Form|
How to Renew PMSBY:
You can renew PMSBY by enabling the auto-debit facility. This way the premium will be automatically debited from your bank account and the policy shall be renewed. The scheme can be renewed on an annual basis. The policy duration is between June 1 to May 31. Therefore, the policy should be renewed before the end of May. If you don’t want to renew, you will have to send a cancellation request to the respective bank.
How to Check Pradhan Mantri Suraksha Bima Scheme’s Application Status:
You can check PMSBY’s account status by following these steps.
- Step 1 – Visit your bank’s website.
- Step 2 – Login using internet banking.
- Step 3 – Visit the appropriate PMSBY section.
- Step 4 – Enter the bank account number.
- Step 5 – Enter PMSBY application number.
- Step 6 – Click Submit.
- Step 7 – Check status.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) Vs Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
In the year 2015, the Government of India announced three Social Security Schemes for the welfare of the country’s poor and underprivileged citizens. PMSBY and PMJJBY are a part of those three schemes, the third one being Atal Pension Yojana. These schemes are directed towards financial inclusion. The two insurance schemes aim to offer financial security to the weaker sections of the society. Here’s a table distinguishing between PMJJBY and PMSBY.
|What does it offer?||Accident insurance||Life insurance|
|Who is eligible?||People in the age group of 18 to 70. They should have a bank account with an auto-debit facility.||People in the age group of 18 to 50. They should have a bank account with an auto-debit facility.|
|What is the premium charged?||Rs. 12 for a year||Rs. 330 for a year|
|What is the coverage?||The coverage is Rs. 2 lakhs for death and permanent total disability and Rs. 1 lakh for partial total disability.||Coverage is Rs. 2 lakhs.|
|Insurance coverage up to?||Coverage up to 70 years of age.||Coverage up to 55 years of age.|
|Is there a waiting period?||No waiting period.||No waiting period for accidental death, but the waiting period for natural death is 45 days.|
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PMSBY Toll-Free Number:
The PMSBY customer care number is 1800-180-1111/1800-110-001. It is a national-wide toll-free number. You can get the state-wise toll-free number on Jansuraksha’s website.
|State Name||Name of SLBC Convenor Bank||Toll Free Contact Number|
|Andhra Pradesh||Andhra Bank||1800-425-8525|
|Andman & Nicobar Island||State Bank of India||1800-345-4545|
|Arunachal Pradesh||State Bank of India||1800-345-3616|
|Assam||State Bank of India||1800-345-3756|
|Bihar||State Bank of India||1800-345-6195|
|Chandigarh||Punjab National Bank||1800-180-1111|
|Chhattisgarh||State Bank of India||1800-233-4358|
|Dadra & Nagar Haveli||Dena Bank||1800-225-885|
|Daman & Diu||Dena Bank||1800-225-885|
|Delhi||Oriental Bank of Commerce||1800-1800-124|
|Goa||State Bank of India||1800-2333-202|
|Haryana||Punjab National Bank||1800-180-1111|
|Himanchal Pradesh||UCO Bank||1800-180-8053|
|Jharkhand||Bank of India||1800-345-6576|
|Madhya Pradesh||Central Bank of India||1800-233-4035|
|Maharashtra||Bank of Maharashtra||1800-102-2636|
|Manipur||State Bank of India||1800-345-3858|
|Meghalya||State Bank of India||1800 - 345 - 3658|
|Mizoram||State Bank of India||1800-345-3660|
|Nagaland||State Bank of India||1800-345-3708|
|Punjab||Punjab National Bank||1800-180-1111|
|Rajasthan||Bank of Baroda||1800-180-6546|
|Sikkim||State Bank of India||1800-345-3256|
|Telangana||State Bank of Hyderabad||1800-425-8933|
|Tamil Nadu||Indian Overseas Bank||1800-425-4415|
|Uttar Pradesh||Bank of Baroda||1800-102-4455 / 1800-223-344|
|Uttrakhand||State Bank of India||1800-180-4167|
|West Bengal and Tripura||United Bank of India||1800-345-3343|
Frequently Asked Questions:
Listed below are commonly asked questions related to the government’s social welfare scheme called PMSBY.
The essence of the scheme is to provide people with a Personal Accident insurance cover at a price that is considerably lower than what is charged by commercial insurance plans. It is a yearly policy and covers death and disability as per the terms and conditions of the scheme.
The top benefits of the scheme are that the policyholder will receive a fixed amount in case of disability and the nominee shall receive a fixed amount in case of the policyholder’s death. The amount will be as stated in the terms and conditions.
The premium payment process relies on the auto-debit facility. The policyholder must approve of this while enrolling for the scheme.
Public sector general insurance companies and other general insurance companies along with banks are responsible for offering and administering the scheme.
Yes, joint account holders are also eligible for the scheme.
No, the scheme does not follow the financial year pattern, the period usually is from June 1 to May 31.
Yes, one can join the scheme in subsequent years as well by adhering to the terms and conditions.
It is possible to rejoin the scheme.
The participating banks will be the Master Policyholders as per the scheme.
The policy will be terminated if the registered bank account is closed, the balance is insufficient, the policyholder reaches the age of 70 and if multiple banks have debited the premium (the only one will be allowed). The policy can be cancelled by the individual by getting in touch with the participating bank.
Yes, death by murder is covered as per the scheme. Note that suicide is not covered.
Yes, death or disability due to natural calamities mentioned in the terms and conditions is covered.
Yes, a non-resident Indian can also be a part of this scheme. The claim amount shall be paid in Indian currency.
No, reimbursement of expenses is not supported by the scheme.
The answer varies from one case to another. For example, if the accident is caused because of a car accident, a police FIR is needed. It is not needed for disability due to falling from a tree. For that, hospital records should suffice.
Yes, necessary supporting documents are a must.
There is a possibility of price rise.
Yes, you can do so using internet banking.
The PMSBY scheme is also known as Pradhan Mantri (PM) 12 Rs. Insurance and PMSBY 12 Rs. Policy.
The core of PMSBY insurance is to offer a cover against accidental death and disability.
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