1. Introduction
Accidents are unpredictable and can cause both physical and financial distress. Many families, especially those from low-income groups, struggle to cope with unexpected medical expenses or loss of income due to accidental disability or death. To provide financial security against such risks, the Government of India launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY).
PMSBY is an accident insurance scheme that offers coverage of ₹2 lakh for accidental death or total disability and ₹1 lakh for partial disability. The scheme is affordable, renewable annually, and requires no medical tests for enrollment. It is a step towards ensuring that every Indian, regardless of income level, has access to financial protection against accidents.
This blog provides a complete guide on PMSBY, including its benefits, eligibility, how to apply, required documents, and answers to frequently asked questions.
2. Key Features & Benefits
Affordable Premium
- The annual premium for PMSBY is just ₹20, making it one of the cheapest insurance schemes available.
- The amount is auto-debited from the policyholder’s bank account every year.
High Coverage at Low Cost
- ₹2 lakh coverage for accidental death or total disability (loss of both eyes, both hands, both legs, or loss of vision in one eye and loss of one limb).
- ₹1 lakh coverage for partial disability (loss of one eye, one hand, or one leg).
Easy Enrollment & Auto-Renewal
- Available through banks and post offices, ensuring easy access.
- The policy renews automatically each year, provided the premium is deducted from the linked bank account.
No Medical Examination Required
- Anyone who meets the age criteria can enroll without undergoing medical tests.
Flexible Exit & Rejoining Option
- If the policy lapses due to non-payment, the applicant can rejoin the following year by paying the premium again.
3. Eligibility Criteria
To enroll in PMSBY, applicants must meet the following conditions:
✔ Age Limit: Must be between 18 to 70 years.
✔ Bank/Post Office Account: Must have an active savings account in a participating bank or post office.
✔ Auto-Debit Consent: Must provide authorization for auto-debit of the premium amount every year.
✔ Only One Policy Per Person: Multiple enrollments under different bank accounts are not allowed.
4. How to Apply (Step-by-Step Guide)
Applying for PMSBY is quick and easy. Follow these steps:
Online Application Process:
- Log in to your bank’s net banking portal.
- Navigate to the PMSBY application section.
- Fill in the required details and agree to auto-debit consent.
- Submit the form online, and your policy will be activated.
Offline Application Process:
- Visit your bank branch or post office where you have a savings account.
- Request a PMSBY application form.
- Fill out the form, attach the required documents, and submit it at the counter.
- The bank will process your application, and the premium amount will be auto-debited.
- You will receive an acknowledgment and policy certificate.
5. Required Documents
To enroll in PMSBY, you need the following documents:
Aadhaar Card – For identity and age verification.
Bank/Post Office Account Details – Must be linked for auto-debit.
Nominee Details – Name, relation, and Aadhaar of the nominee.
Signed Consent Form – Allowing auto-debit of the premium.
6. Frequently Asked Questions (FAQs)
Q1: Who can apply for PMSBY?
Any Indian citizen between 18 and 70 years with a bank or post office account can apply.
Q2: What is covered under PMSBY?
PMSBY provides ₹2 lakh for accidental death or total disability and ₹1 lakh for partial disability due to an accident.
Q3: How much is the annual premium?
The annual premium for PMSBY is just ₹20, which is auto-debited from the policyholder’s account.
Q4: Is there any medical examination required for enrollment?
No, PMSBY does not require any medical tests for enrollment.
Q5: Can an NRI apply for PMSBY?
Yes, NRIs with an Indian bank account can apply. However, the claim will be paid in Indian Rupees to the nominee in India.
Q6: Can I have multiple PMSBY policies under different bank accounts?
No, an individual can only have one PMSBY policy, regardless of how many bank accounts they hold.
Q7: What happens if my bank account has insufficient balance?
If your account does not have sufficient funds at the time of premium deduction, your policy will lapse. You can rejoin the next year by paying the premium again.
Q8: Can the policy be canceled?
Yes, you can exit the scheme anytime by notifying your bank. However, once canceled, you will have to re-enroll the next year if you wish to avail of the scheme again.
Q9: How can my nominee claim the insurance amount?
The nominee must submit a claim form, along with the death certificate, Aadhaar details, and policy documents to the bank where the policy was enrolled.
Q10: Is there a grace period for premium payment?
No, PMSBY does not offer a grace period. If the premium is not auto-debited, the policy will lapse, and you must re-enroll the next year.
Final Thoughts
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a low-cost accident insurance scheme that provides essential financial security to families in case of accidental death or disability.
With an annual premium of just ₹20, PMSBY ensures that every Indian can access accident insurance without financial burden. It is easy to enroll, automatically renews each year, and provides comprehensive coverage for accidents.
If you are eligible, enroll today through your bank or post office and protect your family’s future against unexpected accidents.
