Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana

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Pradhan Mantri Suraksha Bima Yojana(PMSBY)

The Pradhan Mantri Suraksha Bima Yojana policy helps you stay prepared in cases of unforeseen emergencies. The PMSBY scheme helps you especially when you are faced with unexpected death and impairments towards you and your family.The Pradhan Mantri Suraksha Bima Yojana has certain features and benefits that make the average person keen to invest in it. The premium to be paid is as low as Rs. 20 per annum, per member of the family. In case of death, the sum insured is 2 lakhs. Finally, in cases where there is a loss of eye or limb, the sum insured is 1 lakh.

  • Enhanced Protection
  • Low Premium Amount
  • Death Benefit
  • Loss of Eye or Limb

Features and Benefits

Understand your plan Premium

  • Rs. 20/- per annum, per member Enrollment Modality / Period
  • The cover shall be for the one year stretching from 1st June to 31st May for which the option to join/pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year.
  • Individuals who exit the scheme at any point may rejoin the scheme in future years by paying an annual premium in one installment. New entrants into the eligible category from year to year or currently eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing.
  • The coverage under the scheme shall end every year on 31st May irrespective of the scheme joining date.
  • June 2016 onward the coverage under the scheme shall start from the debit date of the premium amount.

Renewal: The renewal premium would be auto-debited by the bank before 1st June every year or as per the directives from MOF(Ministry of Finance).

Terms and Conditions

The accident cover for the member shall terminate on any of the following events and no benefit will be payable there under:

  • On attaining age 70 years (age nearest birthday).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered through more than one account and a premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
  • If the insurance cover is ceased due to any technical reasons such as insufficient balance on the due date or due to any administrative issues, the same can be reinstated on receipt of the full annual premium, subject to conditions that may be laid down. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of the Insurance Company.
  • Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.