Pradhan Mantri Suraksha Bima Yojana PMSBY Scheme

Pradhan Mantri Suraksha Bima Yojana is an initiative taken by PM Shri Narendra Modi to get people financially insured for any emergencies in the future. It a common practice to get insurance for yourself and family members among working class. But a large section of society is still deprived from this facility as they are not aware of the benefits of insurance.

Other major reasons why people don’t get insurance is that they do not have enough income to pay for the insurance premium. Thus they are deprived of all the privileges they can claim through these insurances. The target of PMSBY Scheme is to get all these people covered under insurance.

What are the advantages of PMSBY scheme?

  • A sum of Rs 2 Lakh is to be paid to legal heir of insured in case of death.
  • A sum of Rs 2  Lakh is to be paid to victim if he looses both hands, both legs or one eye.
  • If the person loses any one leg, hand, then he will be paid Rs. 1 lakh.

What is the working of this scheme?

  • People can register for free in this scheme
  • The premium for the scheme is Rs 12 yearly.
  • The premium is deducted automatically from the person’s savings account in the month of June every year.

Are you eligible for Pradhan Mantri Suraksha Bima scheme?

  • The person must be between 18-70 years of age.
  • The candidate should have a personal savings account.
  • A written approval required for the auto-debit facility from the account.
  • Aadhar card is one of the most important document to get linked with the scheme
Pradhan Mantri Suraksha Bima Yojana Claim Process

The claim process of PMSBY Scheme is very simple one has to inform the bank in case of any misshapen and provide documents in support of the claim with 30 days of incidence.

  1. Inform the Bank from which you have bought PMSBY Scheme with 30 days
  2. Submit the Claim Form along with the documents like Death Certificate, Disability Certificate, Post Mortem report, FIR etc.

After verifying all the details the insurance amount will be provided to the insurer or the legal heir in case of death.

Termination of Pradhan Mantri Suraksha Bima Yojana Scheme

The PMSBY Scheme is set to terminate in the following cases

  • One the person attains the age of 70 years.
  • If there is no balance in account for yearly renewal payment.
  • If the insurer has more than one account in PMSBY scheme one account is entitled to be closed.



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