The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme designed to provide financial protection to Indian citizens at an affordable cost. Launched in 2015, PMSBY aims to offer coverage in the event of accidental death or permanent disability. With a nominal annual premium, the scheme ensures that individuals, especially from low- and middle-income groups, have access to basic insurance security.
The scheme is widely promoted through banks and financial institutions, making enrollment and premium payment simple and accessible for all eligible citizens. PMSBY encourages social security awareness and provides a safety net for families in case of unforeseen accidents.
Key Benefits of PMSBY
PMSBY offers several advantages, making it a cost-effective way to protect oneself and one’s family:
| Benefit | Description |
|---|---|
| Accident Coverage | Provides financial compensation in case of accidental death or permanent disability |
| Low Premium | Annual premium of Rs. 12 only |
| Coverage Amount | Rs. 2 lakh for accidental death or total permanent disability, Rs. 1 lakh for partial permanent disability |
| Easy Enrollment | Simple registration through banks, post offices, or online portals |
| Auto-Renewal | Policy can be renewed automatically every year with auto-debit facility |
These benefits make PMSBY an inclusive and affordable insurance option for a wide range of citizens.
Eligibility Criteria
To enroll in PMSBY, applicants must meet the following criteria:
| Criteria | Requirement |
|---|---|
| Age | Between 18 and 70 years |
| Citizenship | Must be an Indian citizen with a valid bank account |
| Bank Account | Mandatory for premium auto-debit |
| Enrollment | Voluntary, but encouraged for all eligible citizens |
| Exclusions | Individuals with pre-existing total permanent disability are not eligible |
Eligibility ensures that the scheme covers a broad demographic while maintaining administrative efficiency.
How to Apply for PMSBY
The application process for PMSBY is simple and convenient:
- Visit your bank branch, post office, or the official PMSBY portal.
- Fill out the application form with personal details and bank account information.
- Authorize the bank for auto-debit of the annual premium of Rs. 12.
- Upon successful registration, the policy becomes active, providing coverage for one year from the date of enrollment.
- The policy can be renewed annually through auto-debit or by submitting a fresh application.
Many banks also offer online registration and instant activation, making the process seamless for customers.
Coverage and Benefits Table
The compensation under PMSBY is determined by the type and severity of the accident:
| Accident Type | Coverage Amount |
|---|---|
| Accidental Death | Rs. 2 lakh |
| Total Permanent Disability | Rs. 2 lakh |
| Partial Permanent Disability | Rs. 1 lakh |
The scheme ensures timely financial assistance for families and individuals affected by accidents.
FAQs
Q1: Can a person above 70 years enroll in PMSBY?
No, the maximum age limit for enrollment is 70 years.
Q2: Is the premium paid only once a year?
Yes, the Rs. 12 premium is charged annually and can be auto-debited.
Q3: Can PMSBY be availed along with other insurance policies?
Yes, citizens can hold PMSBY alongside other personal or health insurance plans.