PMSBY Scheme: Pay Rs 12, Get An Insurance Cover of Rs 2 Lakh; Know Details

Pradhan Mantri Suraksha Bima Yojana (PMSBY) beneficiaries have to pay the annual premium soon. The banks have already started sending notifications about deducting the annual premium to all those who had enrolled for the scheme. The amount will be auto-debited from the bank accounts and subscribers will be notified through SMS, the lenders said.

Launched in 2015, Pradhan Mantri Suraksha Bima Yojana is a social security scheme that offers insurance against accidental death and disability. Under the scheme, the individual will get a risk coverage of Rs 2 lakh for accidental death and full disability and Rs 1 lakh for partial disability. It must be noted death due to natural reasons such as heart attack etc will not be covered in the scheme.

Premium: Pradhan Mantri Suraksha Bima Yojana is a one-year insurance scheme. The annual premium has been fixed at Rs 12 including GST. One needs to renew this cover every year to get the benefits.

Eligibility: Anyone between the age group of 18 to 70 years with a bank account, can enroll for this accidental insurance coverage. In case, the individual has multiple bank account, he or she will be allowed to join the insurance through one account only.

How to subscribe to Pradhan Mantri Suraksha Bima Yojana:

To join the PMSBY scheme, one needs to submit an application in the bank. Individual can also apply online after logging on to the net banking of their bank. Here are the document required to open account under Pradhan Mantri Suraksha Bima Yojana

Applicant’s Aadhaar Card

Identity card

Bank account passbook

Age certificate

Income certificate

Mobile number

Passport size photo

Who offers the coverage?

The scheme is being offered by the public sector general insurance companies or any other general insurance company who are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose, according to the statement by Centre.


Those who want to continue the insurance cover, have to pay the premium in the month of May. While joining the scheme, it is mandatory to enable the auto-debit option in the bank account for the deduction of annual premium.

Claim settlement:

For claim settlement, the the nominee has to submit a form to the bank for which death certificate or disability certificate is necessary. After verification, the claim amount is transferred to the beneficiary’s account.