Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana प्रधानमंत्री सुरक्षा बीमा योजना

The Prime Minister of India, Mr. Narendra Modi, has introduced a variety of social security schemes which aim to provide free or subsidized insurance coverage to the common man. One such scheme is the Pradhan Mantri Suraksha Bima Yojana which is a personal accident insurance scheme launched by the Government of India. Let’s understand the scheme in details –


Pradhan Mantri Suraksha Bima Yojana


The Pradhan Mantri Suraksha Bima Yojana was launched in the budget of 2015. It is a personal accident scheme which covers accidental death and disablement. The features of the scheme are as follows –


  • The scheme offers insurance for one year after which it has to be renewed
  • The coverage tenure starts from June 1st and ends on May 31st of the next year
  • Premiums are deducted through ‘Auto debit’ from the bank accounts of insured individuals
  • Individuals would have to consent to the ‘Auto Debit’ of the premium if they wish to enjoy continued coverage under the scheme
  • This is a fixed benefit scheme meaning that the benefit would be paid in one lump sum if the covered contingency is incurred
  • The benefit of the policy would be payable in addition to any other insurance policy covering accidental death or disablement owned by the insured
  • Coverage continues every year till the insured attains 70 years of age or till the insured’s bank account, from which the coverage was availed, is closed.


What is covered under the scheme?


The scheme covers the following contingencies –


  • Accidental death – a death which is caused by natural calamities, accidents or murder is covered. The sum insured for the cover is INR 2 lakhs


  • Permanent total disability – total disability which is suffered due to an accident or natural calamity is covered. The sum insured is INR 2 lakhs. Permanent total disability would be said to have occurred if the insured loses sight in both eyes, loses the use of both limbs or use of one hand and one leg. Moreover, the loss should be irrecoverable in nature


  • Permanent partial disability – permanent disability suffered due to accident or natural calamities is covered. The sum insured in this case is INR 1 lakh. Permanent partial disability would be an irrecoverable loss of sight in one eye or loss of one limb.


What is not covered?


Suicidal death is not covered under this scheme. If the insured dies due to suicide or becomes disabled due to attempted suicide, the benefits under the scheme would not be payable.


Who can avail the scheme?


  • Individuals, who own a bank account in their name, either individually or jointly, can opt for the Pradhan Mantri Suraksha Bima Yojana.
  • The minimum and maximum age for joining the scheme is 18 years and 70 years respectively
  • NRIs can also opt for the scheme. However, in case of a claim, the benefit would be payable in Indian currency to the nominee or the beneficiary of the insured
  • If individuals have multiple bank accounts, the scheme can be availed only through one account


What is the premium payable?


A very nominal premium of INR 12 is payable annually for the cover. The premium is debited directly from the insured’s bank account through the ‘Auto Debit’ facility.


How to avail the scheme?


The scheme can be availed from a bank with which you have an active bank account. To avail the scheme, you can download the application form from the website Once downloaded, the form should be filled and submitted to the bank. The bank would process the form, deduct the premium from your account and your cover would start.


Alternatively, many banks allow you to enroll for the scheme through SMS or net banking facility. You can find out the process which your bank offers and avail coverage.


How to make a claim?


To make a claim, you would have to follow the following steps –


  • Intimate the claim to your bank from which the scheme was availed.
  • Avail and fill up a claim form of the scheme and submit the form with the relevant documents to your bank. The documents include police FIR in case of death or disability due to accidents or criminal causes. If, however, death or disability occurs due to non-criminal reasons, a hospital record would be required to verify the claim.
  • The application form would be verified and processed by the bank.
  • The claim amount would then be remitted to the bank account of the insured in case of disability or the bank account of the nominee in case of death


The Pradhan Mantri Suraksha Bima Yojana is a very affordable insurance scheme which can be easily availed by individuals having a bank account. So, use the scheme and get yourself and your clients insured.


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