Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Launched in 2015 by the Government of India, the Pradhan Mantri Suraksha Bima Yojana is a health insurance scheme meant for all residents in the age bracket of 18 to 70. It can be availed by anyone possessing an active bank account.

You can purchase this scheme at a nominal fee of Rs. 12 
and can avail of coverage of up to Rs.2 Lakhs. The policy will be in effect on purchase from the 1st of June to the 31st of May of the following year. You have the option to renew your policy annually.

Features of the PMSBY Scheme

Here are the key features of the PMSBY scheme.

 

• Nominal amount of ₹12

• Accidental Death Benefit

• Linked savings bank account for auto-debiting of premiums

• Long-term policy tenure and one-year policy options

• Simple exit and entry measures

• Tax Benefits

How to Enrol Pradhan Mantri Suraksha Bima Yojana?

You can approach your local bank branch to subscribe to the PMSBY scheme. A bank account is a must as the premium gets auto-debited every month. In partnership with banks, Bajaj Allianz Health Insurance is one of the few insurance companies that offer services under this scheme.

 

The application form can also be downloaded from the government’s Jansuraksha website (https://jansuraksha.gov.in/Forms-PMSBY.aspx) and is available in multiple languages.

 

You can register for the PMSBY policy via the internet banking facility of your respective bank. It can also be done by sending a message to the onboarding organisation’s toll-free number.

Activate the Policy Using the SMS Facility

1. Receive activation SMS

2. Reply to the message with ‘PMSBY Y’

3. Save the acknowledgement receipt

The bank will proceed to manage and verify the information from its end

Activate the Policy Using the Internet Banking Facility 

1. Log in to the respective internet banking account

2. Click on insurance

3. Choose the account to be linked for paying the premiums

4. Check the details and confirm

5. Download the receipt and note down the reference number

 

Note: The bank will obtain nominee details such as their relationship with the insured, date of birth, etc., from the savings account. However, if this information is unavailable, the insured must visit the bank and provide the requested details.

Benefits of PMSBY Scheme

Given below are the major benefits of the PMSBY scheme.

 

• This health insurance policy offers accidental insurance coverage without spending a lot of money

• The policy offers secured processing and continuous coverage

• The insured gets the flexibility to either continue or discontinue the plan as per their wish

• The premiums paid towards the plan can be claimed for tax deductions under Section 80C of the old income tax regime. Also, the sum of up to ₹1 Lakh received by the beneficiaries is non-taxable under Section 10(10D) of the Income Tax Act, 1961

Coverage of Pradhan Mantri Suraksha Bima Yojana

The PMSBY policy offers the following coverage in case of unforeseen medical perils.

What is Not Covered Under Pradhan Mantri Suraksha Bima Yojana?

As explained earlier, the PMSBY policy is solely an accident and disability insurance cover. A few limitations when it comes to the cause of the death and nature of the disability are as follows.

 

• The policy does not cover death due to suicide

• Non-permanent disabilities (that is, partial disabilities without irrecoverable loss) are not covered

Eligibility Criteria of Pradhan Mantri Suraksha Bima Yojana

The applicant should fulfil the following eligibility criteria to apply for PMSBY.

 

• Any person in the age group of 18 to 70 years with a savings account

• Aadhaar Card must be furnished as a primary KYC document

• If the Aadhaar Card is not linked to the savings bank account, a copy of the same should be attached to the PMSBY application form

• The applicant can join the scheme only through a single bank account

• In the case of a joint account, all account holders can join the scheme

• If the applicant is a Non-Resident Indian (NRI), although eligible, the claim benefit will be paid to the insured/nominee in Rupees

List of Banks Providing the PMSBY Scheme

Following is the list of banks that offer the PMSBY scheme enrollment at their branches.

How to Renew Pradhan Mantri Suraksha Bima Yojana

You can enable the auto-debit facility of paying the premium amount to auto-renew the policy. Once this amount is debited from your associated bank, the policy will automatically renew. The PMSBY scheme can be renewed annually and has a duration of 1st of June to 31st of May. It is advisable to renew the plan before the end of May.

PMSBY Premium

Much like any government-initiated scheme, PMSBY is available to Indian citizens for a nominal price of ₹12 per year. This amount is deducted directly from the linked savings bank account of the insured on an annual basis. The premium is deducted on or before the 1st of June each year.

Claim Process of Pradhan Mantri Suraksha Bima Yojana

The claim process of PMSBY is completed in 5 easy steps.

 

• Step 1: Inform the bank about the accident

• Step 2: Submit the PMSBY claim form, obtained from the designated bank or the insurance company’s website, to the bank along with an FIR

• Step 3: The bank will verify the documents and details, after which the case is forwarded to the insurance company within 30 days of claim submission

• Step 4: After confirmation of the insured's name in the list of insured persons in the master policy, the claim is processed within 30 days of receiving the documents from the bank

The claim amount is then deposited into the nominee/insured’s account. If a nominee is not appointed, the amount is transferred to the legal heir after the insured's death. However, the legal heir has to submit the succession certificate. The maximum time allotted to the bank to finish the claim procedure is 30 days.

Documents Required for Pradhan Mantri Suraksha Bima Yojana

To enrol under PMSBY, you might need the following documents. 

 

• PMSBY Application Form: The insured has to fill out the PMSBY form, which is available in most Indian official languages. The details in the form include the insured’s name, Aadhaar card number, contact information, and nominee details.

• Aadhaar Card: Ideally, the insured’s savings bank account should be linked to his/her Aadhaar card. If it is not linked, the insured must submit a copy of this card with the PMSBY application form.

How to Check PMSBY Application Status?

The steps below will help you check the PMSBY’s application status:

 

1. Visit your bank’s official website

2. Log in to the internet banking portal

3. Visit the appropriate PMSBY section

4. Enter your account number

5. Enter the PMSBY application number

6. Click ‘Submit’

7. The application status will be displayed on the screen

Conditions for Termination of Pradhan Mantri Suraksha Bima Yojana

The insurance cover will be terminated under the following circumstances.

 

• Once you attain 70 years of age

• If you do not have a minimum balance in your savings account to pay the premium, i.e. ₹12 per annum

• If you have multiple accounts, the insurance premium amount will be auto-debited from one account, and the extra premium will be forfeited

• If the auto-debit transaction for the premium price fails

• If the insurance cover is terminated due to technical reasons or insufficient balance, it can be reinstated after the premium is paid in full

Pradhan Mantri Jeevan Jyoti Bima Yojana vs. PMSBY

Check out the table below to find out the differences between Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) and Pradhan Mantri Suraksha Bima Yojna (PMSBY).

PMSBY Customer Care Numbers

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