Pradhan Mantri Suraksha Bima Yojana (PMSBY)
For protection against lifes uncertainties, the Pradhan Mantri Suraksha Bima Yojana, PMSBY in short, can offer resilience. With its straightforward yet impactful approach, PMSBY extends a safety net to individuals from all walks of life, transcending barriers of socio-economic status. Its essence lies in its ability to provide financial security with simplicity, reflecting the spirit of inclusivity. PMSBY quietly but effectively weaves threads of security across the diverse fabric of society, embodying the values of empowerment and fortitude. Here is a guide that will explain this landmark scheme.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
The Pradhan Mantri Suraksha Bima Yojana (PMSBY), also known as the Prime Ministers Social Security Scheme, is a government-backed accidental insurance scheme in India. Launched in June 2015, it offers affordable accidental death and disability coverage to eligible individuals.
Features of Pradhan Mantri Suraksha Bima Yojana PMSBY features include:
- Low premium: PMSBY boasts of being one of the most affordable accident insurance premiums in India, costing only ₹12 per year.
- Accidental death benefit: In case of accidental death, the nominee receives ₹2 lakh.
- Accidental disability benefit: For permanent total disability because of an accident, a lump sum of ₹2 lakh is provided.
- Partial disability benefit: In the case of permanent partial disability, a benefit of ₹1 lakh is available.
- Automatic renewal: The scheme automatically renews every year unless you choose to opt out.
Benefits of Pradhan Mantri Suraksha Bima Yojana
The benefits of PMSBY make this scheme extremely popular and policyholder-friendly.
Firstly, PMSBY offers financial security to your family at a minimal cost. Second, it provides financial assistance to your family in case of your unfortunate demise due to an accident. There is also an accidental disability cover benefit wherein it offers financial support if an accident renders you permanently disabled.
PMSBY offers easy enrollment. You can enrol for PMSBY through your bank or post office account. Last but not least, there is an automatic renewal benefit that ensures continuous coverage without the hassle of manual renewal.
Eligibility Criteria of Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers protection for individuals aged 18 to 70 years. To enrol, you must hold a savings bank account with a participating bank or post office in India. Additionally, you need to provide consent for automatic debit of the premium amount from your savings account. This ensures seamless coverage and peace of mind against life's uncertainties.
Coverage Under Pradhan Mantri Suraksha Bima Yojana
Accidental death, permanent total disability due to an accident, and permanent partial disability due to an accident. This comprehensive coverage aims to provide financial support and security in the face of unexpected events.
Non – Coverage under Pradhan Mantri Suraksha Bima Yojana
While the Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers extensive coverage, certain scenarios are not included: Natural death, self-inflicted injury, war or riot-related incidents, and pre-existing medical conditions are not covered. Understanding these exclusions is essential for clarity on the scope of protection provided by PMSBY.
From where can you obtain this scheme?
To enrol for the Pradhan Mantri Suraksha Bima Yojana (PMSBY), individuals can easily access the scheme through their participating bank or post office accounts. This accessibility ensures that eligible individuals can seamlessly avail themselves of the benefits offered by PMSBY, promoting financial inclusivity and security across diverse segments of society.
List of Participating Banks in PMSBY
There is no single list of participating banks for PMSBY. Its recommended to contact your bank to confirm their participation in the scheme.

How to Apply for Pradhan Mantri Suraksha Bima Yojana?
Applying for the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is convenient and accessible through various channels. You can visit your bank branch and request enrollment in the PMSBY scheme. Bank representatives will guide you through the process and assist with the necessary documentation. If your bank offers SMS activation, simply send the designated SMS to activate PMSBY on your account. This hassle-free method allows for quick enrollment with no physical visits to the bank.
Some banks do facilitate online enrollment through their Internet banking platform. Check with your bank for details on how to access and utilise this feature. Online enrollment offers convenience and flexibility, allowing individuals to enrol from the comfort of their homes or offices.
By offering multiple enrollment options, PMSBY ensures that individuals can choose the method that best suits their preferences and circumstances, promoting widespread participation and coverage under the scheme.
Activating through SMS
If your bank provides SMS activation services for the Pradhan Mantri Suraksha Bima Yojana (PMSBY), you can activate the scheme on your account by following a simple procedure. First, inquire with your bank to confirm whether they offer SMS activation for PMSBY. Once confirmed, you can proceed by sending the designated SMS to the specified number provided by your bank. This SMS typically contains specific keywords or codes required for activating PMSBY coverage on your account. Designed to be straightforward and user-friendly, the process enables customers to conveniently enrol in the scheme with no complex paperwork or visits to the bank branch.
By leveraging SMS activation, individuals can swiftly secure coverage under PMSBY, ensuring financial protection against unforeseen accidents and disabilities. Its advisable to familiarise yourself with the exact instructions provided by your bank and to double-check the accuracy of the SMS content before sending it to ensure the successful activation of PMSBY on your account.
Activating using the PMSBY Online Apply internet banking facility
Activating the Pradhan Mantri Suraksha Bima Yojana (PMSBY) through the Internet banking facility of your bank offers a convenient and efficient way to secure coverage. If your bank provides this service, you can initiate the enrollment process from the comfort of your home or office.
Begin by accessing your banks internet banking platform and navigating to the section dedicated to insurance products or schemes. Look for the option to apply for PMSBY and follow the instructions provided by the bank. Typically, youll be required to fill out an online application form with relevant details such as personal information, account details, and nominee details. Once youve completed the form, submit it electronically through the Internet banking portal. The bank will then process your application and notify you of the status of your enrollment.
Utilising the PMSBY online application facility streamlines the enrollment process, eliminating the need for physical paperwork or visits to the bank branch. It offers flexibility and accessibility, allowing individuals to avail themselves of the various PMSBY benefits with ease and convenience.
Documents Required to Enroll for PMSBY Scheme
Good news! No separate documents are typically required for PMSBY enrollment. Your bank account details will suffice.
What Is the Claim Process of PMSBY?
If an accidental death occurs, the nominee should submit a PMSBY claim form to the insurance company along with necessary documents such as the death certificate, FIR, and policy documents.
For accidental disability, the PMSBY claims process requires a mandatory medical certificate from a government hospital besides the claim form and policy documents.
Termination Requirements for the Scheme
Exiting the scheme is possible by submitting a written request to your bank or post office. Note that your coverage will cease if the auto-debit for the premium fails because of insufficient funds in your account for more than a year.
PMSBY Toll-Free Number/Customer Care Number
Unfortunately, there is no central toll-free number for PMSBY. For any queries, you can contact your bank's customer care number.
FAQs - Pradhan Mantri Suraksha Bima Yojana (PMSBY) Here are some frequently asked questions about PMSBY.
When was Pradhan Mantri Suraksha Bima Yojana launched?
PMSBY was launched in June 2015.How long does it take to claim PMSBY?
The claim settlement timeframe can vary depending on the completeness of the documents submitted. However, once all necessary documents are received, the settlement should be processed within a few weeks.
Does PMSBY cover natural death?
No, PMSBY only covers accidental death and disability.
What happens if I have inadequate funds in my savings account and it has been closed?
If the auto-debit fails due to insufficient funds in your account for more than a year, your coverage under PMSBY will terminate. However, you can re-enroll for the scheme once you have a new active savings bank account.
Will I get the benefits of this scheme if I have another insurance scheme?
Yes, having PMSBY does not prevent you from enrolling in other accident or life insurance plans. They can provide additional coverage.
What is the new price of PMSBY?
The premium for PMSBY is currently ₹20 per year.
Is an NRI eligible for coverage under PMSBY?
No, PMSBY is only available to Indian residents with savings bank accounts in India.
Can the hospitalisation expenses be reimbursed under this scheme?
No, PMSBY does not cover hospitalisation expenses. It solely provides financial aid in case of accidental death or disability.