Discover how to secure your future with Pradhan Mantri Suraksha Bima Yojana (PMSBY). Get accident insurance of ₹2 lakh for just ₹12 per year. Learn eligibility, benefits, and how to apply.
In a country like India, where a large portion of the population is not covered under any insurance plan, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) emerges as a game-changer. Launched by the Government of India in 2015, this scheme offers accidental insurance coverage of ₹2 lakh for a premium as low as ₹12 per year. Yes, you read that right — just ₹12 annually.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
PMSBY is a government-backed accident insurance scheme aimed at providing affordable insurance to the poor and underprivileged. The plan covers death or disability due to accidents and is available to all Indian citizens aged 18 to 70 years.
Key Features of PMSBY
- ✅ Premium: Only ₹12 per annum
- ✅ Coverage: ₹2 lakh for accidental death or full disability
- ✅ Partial Disability Coverage: ₹1 lakh
- ✅ Age Eligibility: 18 to 70 years
- ✅ Policy Term: 1 year, auto-renewable every year
- ✅ Payment Mode: Auto-debited from your bank account
Benefits of PMSBY
- Affordable Protection: For just ₹12/year, you get a safety net worth ₹2 lakh.
- Wide Reach: Any Indian citizen with a bank account can enroll.
- Easy Enrollment: Available through most banks and online platforms.
- Financial Security: Helps families cope financially after an accident or loss of life.
- Government Support: Fully supported and monitored by the Indian government.
Eligibility Criteria
To enroll under PMSBY, you must:
- Be an Indian citizen.
- Be between 18 to 70 years of age.
- Have a savings bank account.
- Give consent for auto-debit of the premium.
How to Apply for PMSBY?
Here’s how you can enroll:
1. Through Your Bank:
Visit your bank branch and fill the PMSBY application form. You can also download the form online from your bank’s website.
2. Online via Net Banking/Mobile App:
Most banks offer PMSBY enrollment in their internet banking or mobile app. Just log in and look for “Insurance” > “PMSBY” > Enroll.
3. Through Common Service Centers (CSC):
You can also apply via CSCs or Jan Seva Kendras available in rural areas.
Claim Process
To claim the benefits of PMSBY, the nominee or family member should:
- Inform the bank immediately.
- Submit the claim form along with:
- FIR or accident report
- Death certificate or disability certificate
- Bank account details and identification proof
- The bank and insurance company will verify and process the claim.
Important Dates
- Enrollment Period: 1st June to 31st May (Auto-renewed every year)
- Last Date for Renewal: 31st May of each year
Final Words
The Pradhan Mantri Suraksha Bima Yojana is a small investment that ensures big security. With just ₹12 per year, you can safeguard your family’s future against unforeseen accidents. It’s a must-have insurance scheme, especially for workers, farmers, daily wage earners, and anyone looking for basic financial protection.
FAQs about PMSBY
Q1: Can I enroll in PMSBY without a bank account?
No. You must have a savings bank account for auto-debit of the premium.
Q2: Can I have more than one PMSBY policy?
No. A person is allowed only one policy under PMSBY.
Q3: Is income proof required?
No income proof is needed to enroll in this scheme.