Pradhan Mantri Suraksha Bima Yojana: Invest Rs. 1 per Month to Get Rs 2 lakh Insurance Coverage

Modi government has launched several insurance schemes for the economically weaker section of the society. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one such scheme that provides accidental coverage & disability cover to people at a premium of just Rs 12 /annum. 

PMSBY is a government-backed accident insurance scheme for people in the age group of 18 to 70 years’. Only those with a savings bank account, and who have consented to the auto-debit facility can avail the benefits of this scheme. It is a one-year cover and can be renewed annually by the individual. 

The bank sends an SMS about the deduction of the premium for PMSBY. For those who have already enrolled for the PMSBY scheme, the premium of 12 rupees (including GST) is deducted from their account through an auto-debit facility.  

How to Apply? 

You can apply for the PMSBY scheme by filling the application form in the bank or through the net banking facility. Here is a procedure to apply through net banking facility. 

• Log in to Net Banking and click on the Insurance tab

• Select the scheme

• Select account for premium payment

• Policy cover amount, premium amount, and nominee details will be displayed

• Click confirm to activate the policy 

• Download the acknowledgment and unique reference number for future reference

Annual premium of PMSBY

The annual premium of Rs. 12 will be auto-debited by the bank from the enrolled person’s savings account between May 25 & May 31. And if you have applied for the scheme, you must keep the balance in your bank account.  

When Will You Get the Benefit?

As per the PMSBY policy, on the death or accident of a customer buying insurance, the subordinate will get an amount of Rs. 2 Lakh. To claim the insurance amount, the nominee or the person concerned must first go to the bank from where the policy was purchased, and fill the form and submit it. 

What is the Risk Coverage? 

• 2 Lakh on the death

• 2 Lakh for ‘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 one hand and one foot’

• 1 Lakh for ‘total and irrecoverable loss of sight of one eye or loss of use of one hand or foot’