Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a social security accidental insurance scheme introduced by the Government of India during FY 2015-16.
- Scheme provides accidental death cover of Rs. 2,00,000/- to the insured. Further, in case of full disability it provides Rs. 2,00,000/- cover and for partial disability it provides Rs. 1,00,000/- cover.
- Scheme does not cover (1) suicide, (2) partial disability without irrecoverable loss of an eyesight or loss of use of one hand or foot.
- Individuals between age group of 18 years to less than 70 years having savings bank account can join the scheme. The savings bank account must be linked with Aadhaar.
- The premium for the scheme is fixed by government and is same across all distribution points. Annual premium of Rs. 12/- to be paid by the insured for continued cover. This premium mandatorily needs to be auto debited from the linked savings bank account.
- Accidental insurance cover is provided between 1st June to 31st May of each year. The coverage has to be renewed every year by successful debit of the premium from the linked saving bank account.
- All major banks and post offices offer this scheme to their customers. Banks have their tie-up with various participating insurance companies for offering this to customers.
- On successful premium payment, customers are provided SMS which contains their policy number. No separate policy/bond is issued/sent to the customer for this scheme.
- For claim, the insured or nominee (if insured died) must submit the claim form within 30 days from the date of accident to their bank or post office from where they have taken PMSBY. Nominee need to fill claim form with bank account number of insured, nominee KYC, Aadhaar copy of insured, death certificate (if nominee died) and FIR copy as this is accidental insurance claim.
While the scheme is aimed for lower income group, there is no restriction for others and anyone meeting the eligibility criteria can join the scheme.