India is home to a large population of economically weaker sections who often lack access to financial security and insurance coverage. Recognizing the need for affordable accident insurance, the Government of India launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY) in May 2015.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
PMSBY is an Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. It would be a one-year cover, renewable from year to year. The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks / Post office for this purpose. Participating banks / Post office will be free to engage any such insurance company for implementing the scheme for their subscriber
This scheme primarily targets individuals who do not have access to conventional insurance policies, making it a valuable initiative for financial inclusion.
KEY FEATURES OF PMSBY
Affordable Premium: The annual premium for PMSBY is only ₹20, making it one of the most affordable insurance schemes in India.
High Coverage Amount: ₹2 lakh in case of accidental death or total and permanent disability, ₹1 lakh in case of partial and permanent disability.
Simple Enrollment Process: Enrollment is hassle-free and can be done through participating banks, post offices, or online platforms.
ELIGIBILITY
Individuals aged between 18 and 70 years with a savings bank account are eligible, the account should be linked to the Aadhaar card for seamless processing.
| Also read: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Features, Eligibility and More |
Renewable Annually: The cover shall be for the one-year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated bank/ Post office account on the prescribed forms will be required to be given by 31st May of every year
Auto-Debit Facility: The premium is automatically debited from the account, ensuring continuity of the policy without manual intervention.
PREMIUM
Rs. 20 per annum per member. The premium will be deducted from the account holder’s bank / Post office account through ‘auto debit’ facility in one instalment on or before 1 st June of each annual coverage period under the scheme
HOW TO ENROLL IN PMSBY?
The enrollment process for PMSBY is simple and can be done through the following methods, Visit your bank branch and fill out the PMSBY enrollment form. Ensure that your Aadhaar is linked to your bank account for seamless processing.
IMPACT OF PMSBY
Since its launch, PMSBY has made a significant impact, over 300 million individuals have enrolled in the scheme, showcasing its widespread acceptance.
It has provided a financial safety net to countless families, especially in rural and economically backward areas.
The scheme complements other government initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to enhance financial inclusion.
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a revolutionary step towards financial inclusion and social security in India. Its affordability, wide coverage, and ease of enrollment make it an ideal choice for individuals seeking basic accidental insurance.
By providing financial support to families during unforeseen circumstances, PMSBY empowers citizens, reduces economic vulnerabilities, and contributes to a more resilient society. If you haven’t enrolled in PMSBY yet, now is the time to secure your future and that of your loved ones with this affordable and inclusive scheme.
MORE INFO
| Notification | CLICK HERE |
| Official Portal | CLICK HERE |
