Pradhan Mantri Suraksha Bima Yojana is a government sponsored accident insurance scheme in India which was launched by our honourable Prime Minister Narendra Modi on 9 May in Kolkata. Any Individual between 18 and 70 years of age with bank accounts can join Pradhan Mantri Suraksha Bima Yojana.

Brief Details of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

For all Bank account holders whose age is between 18 to 70 years.
Insurance amount can also be availed if in a handicapped state.
Accident insurance worth Rs. 2 lacs at just Rs. 12 per annum.
Period of Insurance Annual : 1st June – 31st May
The premium will be deducted from the account holder’s saving bank account through ‘auto debit’ facility.
The person would be eligible to join the scheme through one saving bank account only.

In case of accidental death or full disability, the payment to the nominee will be ₹200,000.
Most of the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana will be linked to this social security scheme. So usually the basic saving accounts have zero balance initially and looking this scenario government tries to minimise the number of such zero balance accounts such social security schemes.


Q1. What is the nature of the scheme?
The scheme will be a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.

Q2. What would be the benefits under the scheme and premium payable?
The benefits are as follows:

SlName of CandidatesDate of BirthRoll NoCategory
1WAIROKPAM THOITHOIBI01.10.19892350500691OBC
2ROBBIE MAIREMBAM15.10.19902350100300SC
3NGULLEN MISAO22.02.19802351100585ST(EXS)

Premium payable is Rs.12/- per annum per member.

Q3. How will the premium be paid?
The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

Q4. Who will offer / administer the scheme?
The scheme would be offered / administered through the Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. Participating banks will be free to engage any such general insurance company for implementing the scheme for their subscribers.

Q5. Who will be eligible to subscribe?
All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.

Q6. What is the enrolment period and modality?
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that may be laid down.
Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that may be laid down.

Q7. Can eligible individuals who fail to join the scheme in the initial year join in subsequent years?
Yes, on payment of premium through auto-debit. New eligible entrants in future years can also join accordingly.

Q8. Can individuals who leave the scheme rejoin?
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions that may be laid down.

Q9. Who would be the Master policy holder for the scheme?
Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by PSGICs / chosen insurance company in consultation with the participating bank.

Q10. When can the accident cover assurance terminate?
The accident cover of the member shall terminate / be restricted accordingly on any of the following events:
i. On attaining age 70 years (age neared birth day).
ii. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
iii. In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.

Q11. What will be the role of the insurance company and the Bank?
i. The scheme will be administered by PSGICs or any other General Insurance company which is willing to offer such a product in partnership with a bank / banks.
ii. It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process and transfer the amount due to the insurance company.
iii. Enrollment form / Auto-debit authorization / Consent cum Declaration form in the prescribed proforma shall be obtained, as required, and retained by the participating bank. In case of claim, PSGIC / insurance company may seek submission of the same. PSGIC / Insurance Company also reserve the right to call for these documents at any point of time.

Q12. How would the premium be appropriated?
a. Insurance Premium to PSGIC / other insurance company: Rs.10/- per annum per member;
b. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1/- per annum per member;
c. Reimbursement of Administrative expenses to participating Bank: Rs.1/- per annum per member.

Q13. Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?

Download Claim Form PMSBY

Download PMSBY Consent cum Declaration

Download Rules for PMSBY