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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

The Pradhan Mantri Suraksha Bima Yojana is government-backed accidental insurance scheme, formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. It was originally presented by Finance Minister Arun Jaitley in February 2015.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one year accident cover insurance scheme which is renewable from year to year. This scheme offers accidental death and disability cover for death or disability on account of an accident. It has specially been designed for the majority of people in rural areas who are mostly below the poverty line and who are not at all covered under any kind of insurance in spite of many insurance companies operating in India with their variety of products and schemes.After the success of Pradhan Mantri Jan Dhan Yojana, the major aim of Pradhan Mantri Suraksha Bima Yojana (PMSBY) is to reach such people with its benefited insurance schemes.


All savings bank account holders in the age 18 to 70 years in participating banks are eligible 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.


Rs 12/- per annum for each member which will be deducted from the policy holder's saving bank account through an 'auto debit' facility in the month of June every year. This cover will 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 savings bank account is required to be given by 31st May of every year.


  • The death benefits are up to 2 lakhs.
  • In case of total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot, the insurance cover would be up to 2 lakh.
  • In case of total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, the sum assured would be Rs 1 lakh.


The cover of the member will terminate under any of the following events automatically:

  • On policyholder's attaining age 70 years (age neared birth day).
  • Closure of account with the bank.
  • If the premium has not been paid due to insufficient balance in the saving account.
  • 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 other insurance covers are terminated and premium shall be forfeited.

How to Make a Claim under Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

To make a claim under PMSBY, death should be caused by an accident. The claimant must submit the claim form within 30 days of an accident.

The claimant is required to go through the following procedure to make the claim:

  1. Approach the bank where the account holder (insured) was having his/ her savings bank account.
  2. Obtain the claim form and discharge receipt.
  3. Fill up claim form and discharge receipt properly and attach claimant's cancelled cheque.
  4. Submit above forms with the death certificate of the account holder and is also required to confirm the death by accident through a documentary evidence in the following manner:
    • For incidents like road, rail and similar vehicular accidents, drowning, death involving any crime, etc., the accident should be reported to police.
    • In case of incidents like snake bite, fall from tree, etc, the cause should be supported by immediate hospital record.
  5. After complete verification by the bank and the insurance company, the claim will be settled.

Claim Settlement under Pradhan Mantri Suraksha Bima Yojana (PMSBY)

There are 2 types of claims, one is death claim and another is disability claim. The claim has to be filed by any of the following persons:

  1. Nominee or an appointee in the account as per the enrolment form, in case of death calim
  2. Legal heir/s of the deceased account holder (when there is no nomination made), in case of death calim
  3. For disability claim, the account holder himself

Claim settlement will be made to the bank account of the insured or his nominee in case of death of the account holder. Claim amount will be received by the claimant within 60 days from making the claim:

  • Death claims will be remitted to the bank account of the nominee/ legal heir(s).
  • Disability claim will be credited in the bank account of the account holder.

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