Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Govt’s Accidental Death Insurance Scheme

The Union Finance Minister, Mr Arun Jaitely has proposed to introduce three Social Security Schemes in Budget 2015-16. The three Schemes are;

In this post, let us go through the details / highlights of Pradhan Mantri Suraksha Bima Yojana (PMSBY Scheme).

PMSBY is Modi Government’s Personal Accident Insurance Scheme. All Indian Citizens are eligible for PM’s Suraksha Bima Yojana. Under this scheme, if the insured dies due to an accident, the nominee of the insured will get Rs 2 Lakhs as death benefit. If there is any total disability due to accident, the insured will get Rs 2 Lakhs, and for partial disability, the risk cover is limited to Rs 1 Lakh. This scheme will be linked to the Central Government’s another popular scheme ie., “Pradhan Mantri Jan Dhan Yojana”.Pradhan Mantri Suraksha Bima Yojana

Features of Govt’s Pradhan Mantri Suraksha Bima Yojana :

  • Who is eligible to take PMSBY? This life insurance plan is available to people (all citizens) in the age group of 18 to 70 years and having a bank account.
  • When will this Scheme start / open? PM’s Suraksha Bima Yojana Scheme is now open for subscription for the insurance period 1st June 2015 to 31st May 2016. The last date to apply for this scheme for this insurance period is 31st May 2015 (Govt has now extended this deadline till 31st August 2015).
  • What is the Premium amount? You have to pay Rs.12 per year.  It will be auto-debited form your bank account.
  • What is the Premium Payment Mode? The payment of premium will be directly auto-debited by the bank from the subscribers (policyholder’s) account.
  • What is the total Risk Coverage offered? For accidental death and full disability – the coverage amount is Rs.2 Lakh and for partial disability the risk coverage is Rs.1 Lakh.Pradhan Mantri Suraksha Bima Yojana Benefits details
  • What is the default Policy Term (duration)? The default policy term is one year (1st June to31st May). You need to renew the policy every year.
  • Terms of Risk Coverage: A person has to opt for the scheme every year.  He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
  • Is Nomination facility available? Yes, nomination facility available. In-case of unfortunate event of death of the policyholder, the nominee will get the accidental death benefit.
  • What are the required documents? As per government, a copy of your Aadhar card alone is enough to subscribe to this scheme.
  • Who will implement this Scheme? Government’s Suraksha Bima scheme will be offered by Public Sector General Insurance Companies (Like – New India Assurance Company, National Insurance Company, The Oriental Insurance Company & United India Insurance co, through tie-ups with banks) and all other Private General Insurers who are willing to join the scheme and tie-up with banks for this purpose.
  • Will Government contribute to this scheme? Various other Ministries can co-contribute premium for various categories of their beneficiaries out of their budget or out of Public Welfare Fund created in this budget out of unclaimed money.  This will be decided separately during the year.
  • An individual would be eligible to join the scheme through one savings bank account only.

How to Subscribe to Pradhan Mantri Suraksha Bima Yojna?

To avail this scheme’s benefit, you should have a Savings Bank Account. A simple application form for PMSBY Scheme has to be completed and submit it at all General Insurance Companies (Non-Life Insurers) or at participating Banks branches.Aadhar card is considered as the primary KYC document but it is not mandatory to have it.

You have to subscribe to this scheme every year in the month of June. You can also prefer to give a long-term option of continuing with the scheme, in which case your account will be auto-debited (towards premium amount) every year by your bank.

You may exit the scheme at any point and may re-join the scheme in future years by paying the annual premium, subject to conditions that may be laid down.

My Opinion on PMSBY Insurance Scheme:

Though the premium amount is same for all the individuals who are in the age group of 18-70 years, I believe that it is very cheap. You can surely consider subscribing to this scheme. (A Rs 2 Lakh Sum Assured Personal Accident Policy from any General Insurance Company may cost you around Rs 90 to Rs 110 p.a, for a 30 year old individual)

You can encourage your house-maid (or) car driver…also to subscribe to this scheme. Educate them about this scheme and if possible help them in opening a Bank account (under Jan Dhan Yojana).

I believe that this scheme will be beneficial for everyone, especially the underprivileged sections of Indian population. I hope that the Government publicizes this scheme very well.

For more information, download the below PDF files (Source : ;

  • To know about guidelines & rules of Pradhan Mantri Suraksha Bima Yojana Scheme – Click here.
  • Frequently Asked questions (FAQs) on Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Click here.
  • Application & consent forms for Pradhan Mantri Suraksha Bima Yojana Scheme (PNSBY) – Click here.
  • Pradhan Mantri Suraksha Bima Yojana’s Claim form – Click here.

Latest update : A new Toll free number has been launched, to know more details about this scheme, call 1800 180 1111. Visit Govt’s wesbsites @ .

  • Bunty chavde says:

    Pradhan mantri surakhsa bima ka pesa 5 sal ho gya h abhi Tak pesa nai aaya h
    Central Bank of India shahpur Betul me pin code-: 460440
    A/C no.3198407246 policy no.NIACBIN8086372153
    Financial year.2017-2018
    Late -: Sunil gohe

  • Subash Sobor says:

    Pm Norenda mudhi ne bolla ta gorib logokoh aur saall pmsby policy 12 tokat 2lakh ka family lab utashakti hai aisa bollata abhi koyi bhi accident onese kisi koh lab nahi aur raya hai pmsby karne se bhi kisi koh lab nahi aur raya hai

  • Kajal says:

    Sreekanth, excellent work done and this helped in writing my blog. Thank you Very much.

  • ashish bhambri says:

    policy boand kab milega kya pass book le kar gharwale bank jainge maine 2015 mai 342 diye hai policy ka koi bhi bond nahi aya hai

    • Sanjay Prasad says:

      Bona nahi milega. Haan, passbook lekar bank jaana padega claim ke liye. Ho sake toh passbook ka xerox karo jisme 330 aur 12 likha hai aur use baaki insurance policy ke saath rak diyo…

  • rajesh b yashwantrao says:

    sir maza friend 45 year cha hota 5 divsanpurvi to livar kharab zalyane ani kavil zalyane varla .tyala 2 mule aahet.tyane pmsby policy kadhli navti. tari tyala ya yogne tun kahi aarthik madat milu shakte ka. to jobless hota. to pahile 5000/-rs pagaravar kam karaycha.

    • Dear rajesh..I am unable to understand your query. Kindly try to post your query in english or in hindi.

    • Nikhil Wagh says:

      राजेश ,
      सदर योजना ही फक्त विमा धारकाला अपघातात व्यंगत्व अथवा मृत्यु झाल्यास विम्याची रक्कम मिळु शकते .
      आपण नमूद केल्या प्रमाणे आपल्या मित्राने हा विमा नघेतल्यामुळे ह्या योजनेचा फायदा मिळू शकणार नाही .
      तरी आपणास विनंती आहे की हे उदाहरण लक्षात घेऊन आपण आपल्या परिसरातील लोकांना हा विमा घेण्यासाठी मार्गदर्शन तसेच प्रोसाहित करावे .

      – निखिल वाघ .

  • laxman says:

    my father deth on 07/10/2015 due t0 heartattack.what ,I can claim f0r PMSBY policy?

    • Dear laxman,
      PMSBY is accidental benefit policy. One can claim if death happens due to accident only. Partial disability benefit is also available.
      You can not submit the claim under PMSBY.

  • Karthik V coimbatore says:

    Hi Reddy hope you are doing well,

    I need policy documents for this policy’s what i do ? in case of claim nominee what he/she do?

    bank person said this policy no document will come this is correct PMSBY
    PMJJBY for both policy ‘s ?

    Thank you.

  • Ashim Paul says:

    dear sir,
    Myself Ashim paul,i live in Kolkata,Age-29+ actually i want to know where submitted the application form & what is Agency/BC Code?? & What is the Name Of The Insurance Company???

    • Dear Ashim,
      If you are submitting the application form at a bank, kindly contact your banker for the details. (Banks have tied up with insurance companies to offer this scheme)

  • Gomzee says:

    Hi, very useful article, could you please tell me if adhaar card really compulsory for these schemes, as i don’t have adhaar card.

    Thank you.

    • Dear Gomzee,
      Aadhaar card is not mandatory.

      • Jay says:

        I am Jay (age 39 year) working as a software professional, private

        service. My Daughter aged 6 years studying 2nd class. I’m a single

        parent(Me and My Kid).

        Sir, I read all your blogs, very useful information. I really appreciate your valuable time education public on finance.

        I’m also seeking your valuable suggestion/guidance for investing money for

        education of my daughter & my retirement Plan and Best Term life


        Now she his of 6 year old. After 10 years from now certain lump

        sum for her higher education.

        My salary & current investment details are as given below

        After TAX deductions take home pay is=55,000/-
        Monthly home expenses = 25,000/-
        House Loan cleared by paying downpayment(will get 8k monthly
        No Liabilities.
        Maintaining Emergency fund 2Lakhs.

        My Current Investment detail are as follows:—

        1. Total Employee provident fund im holding right now is : 7 Lakhs
        2. PostOffice MIS come RD – 4Lakhs
        3. Total LIC Premium payment (Annual): 30,000 INR
        Jeevan Anand(6 policies, term 21 years;enrolled in March 2010;
        Total Annual premium for 6 policies is 30000/-Rs; sum assured –
        1,00,000/-Rs each policy)

        After reading your articles, I realized jeevan anand doesnot help
        me any more. I want to close those policies anyway, but Kindly
        suggest right term online life insurance worth 1 crore.

        Kindly suggest me right investment strategy to meet my
        goals, I’m confused which pension policy have to choose.
        Please Let me know, if any other details are required.

        Thanking You in Advance.

  • Kartik Kumar Das says:

    You are really appreciable for these scheme that at least fulfilled our tiny dream under common people benefit . Please do something for lower middle class people like me who are neither getting any benefit nor became enough to face the financial crunch.

  • Jayendra Kulkarni says:

    Thanks Sreekanth,
    Very nice article. India needs people like you who will try to promote schemes for poor.

    Keep it up.


  • rajiv isaac says:

    Please provide a comparision of individual/family accident insurance policies available in india currently?

  • Prashant says:

    Really information sharsd is usful to all who are insurance professional as well common man and banker. Enough clarity in the article on all points

  • Rajesh says:

    Hi Sreekanth,

    It’s very usefull for low income people. i surely educate them to take this policy as much i can.


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