About Scheme

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an Accident Insurance Scheme that offers accidental death and disability cover for death or disability caused by accidents. It aims to provide affordable insurance protection to all bank account holders across India.

Details

The scheme offers accidental death and disability coverage at a nominal premium of ₹20 per annum per member. The amount is auto-debited from the subscriber’s bank or post office account. Coverage is valid for one year, from 1st June to 31st May, and can be renewed annually. Insurance cover is terminated on attaining the age of 70 years or closure of the linked bank account.

Key Features

• Provide low-cost accident insurance to all citizens
• Offer financial support in case of accidental death or disability
• Promote financial inclusion and security through banking

Eligibility

Individual bank account holders of participating banks aged between 18 and 70 years (age nearer birthday) are eligible. The applicant must provide consent to join or enable auto-debit from their account. The subscriber must have a functional bank or post office account linked with the scheme.

Benefits

1. On Death: ₹2,00,000 to the nominee. 2. Total and irrecoverable loss of both eyes or loss of use of both hands/feet or loss of sight of one eye and one hand/foot: ₹2,00,000. 3. Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot: ₹1,00,000.

Application Process

Offline: Visit the home branch of your savings account or download the PMSBY form from https://jansuraksha.gov.in/Forms-PMSBY.aspx . Fill in all details, attach required documents, and submit to the bank. After submission, an Acknowledgement Cum Certificate of Insurance will be issued. Online: Enrollment can also be done through the bank's net banking portal or mobile app where the PMSBY option is available. The annual premium of ₹20 will be auto-debited each year.

Documents Required

1. Aadhaar Card 2. Bank Account Details 3. Duly filled PMSBY Application Form 4. Nominee Details 5. Address Proof (if required by the bank)