Pradhan Mantri Surakhsa Bima Yojana | PMSBY

Pradhan Mantri Surakhsa Bima Yojana | PMSBY

Indian Government has given yet another gift to the citizens of the country in the form of new scheme named as Pradhan Mantri Surakhsa Bima Yojana or PMSBY . So, what is Pradhan Mantri Surakhsa Bima Yojana and how will the citizens be benfitted?, how to apply, where to download application form etc. are the various questions that you might be thinking about are answered here. This article has been aimed to provide you complete and detailed information regarding this PMSBY scheme.

Pradhan Mantri Suraksha Bima Yojana

Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) are for ICICI account holders:

  • Eligibility: ICICI Bank Savings Bank (SB) Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme.
  • Policy period: The cover shall be for one year period starting from June 1, 2015 to May 31, 2016 for which option to join / pay by auto-debit from the designated Savings Bank account on the prescribed forms will be required to be given by May 31, 2015 – extendable up to August 31, 2015. For the saving A/c holder joining after May 31, 2015 and on or before August 31, 2015 the cover shall end on May 31, 2016.
  • Premium: Rs. 12 per annum.
  • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
  • Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.


Table of Benefits* Sum Insured
I. Death Rs. 2 Lakh
II. 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 or one foot Rs. 2 Lakh
III. Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot Rs. 1 Lakh
*The total amount that can be claimed under the policy is INR 2 lakh only


The cover is subject to exclusions of the policy.

See Also : How to link Aadhar Card to Voter ID


Major Exclusions: Intentional self injury, suicide or attempted suicide whilst under the influence of intoxication liqour or drugs, Any loss arising from an act made in breach of law with or without criminal intent.” For more details, please refer the Master Policy wordings.

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Pradhan Mantri Surakhsa Bima Yojana | PMSBY


PMSBY – Pradhan Mantri Surakhsa Bima Yojana

In his speech, honorable Prime Minister mentioned that large proportion if population in our country is without any insurance. Lots of people across the country are not availing any sort of insurance scheme, be it related to health accidental or life. PM also explained the importance of existence of a scheme that could target such people so that no Indian Citizen will have to worry about illness, accidents or penury in old age.

Pradhan Mantri Suraksha Bima Yojana scheme is a one year cover (which will be renewable from year to year), accidental Insurance Scheme. This scheme offers death and disability cover on account of an accident

PM Suraksha Bima Yojana Complete Details :


The premium is Rs. 12 per annum per member.In this latest govt scheme launched by Modi Ji, auto-debit facility is also included which will lead to automatic deduction of the amount from the bank account of the applicant.

Insurance Premium to Insurance Company Rs. 10 p.a.
Reimbursement of Expenses to BC/Micro/Corporate/Agent Rs. 1 p.a.
Reimbursement of Administrative expenses to participating Bank Rs.1 p.a.
Total Rs. 12 per annum per member

Scheme Implementation

As this scheme is to be implemented in a very large scale(nationwide), it is going to be offered/administered through Public Sector General Insurance and other general insurance companies

Table of Benefits

Terms of Risk Coverage

An individual has to opt for the scheme every year. There is another option in which the individual can choose the long term option. If the long term option is chosen, the amount will be auto-debited from the bank account of the individual.

Eligibility Details

Any individual in the country in the age group 18 to 70 years with a aadhaar linked bank account(savings) is eligible to Join this govt scheme.

Enrolment period and modality

  • Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015.
  • Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that may be laid down. Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that may be laid down.

Required KYC Document

Aadhaar Card is the primary KYC document.

More details given below.

How to Apply for Pradhan Mantri Suraksha Bima Yojana

  • Download and Fill the Scheme Application/Enrollment Form
  • Fill in the details correctly – Name, DOB,Your Bank account number. Aadhaar Number etc
  • Attach the copy of aadhaar card
  • Submit the application
  • Save the acknowledgement slip for future references.

Note : An individual with multiple saving bank account is eligible to join this scheme under one savings bank account only


What Experts Say: Financial planners say it is a good option for those without an insurance cover but for the middle class the cover is inadequate. Suresh Sadagopan, the founder of Ladder 7 Financial Advisories, says an equivalent cover in the market would cost higher (around Rs. 100) but the cover itself is not meaningful for most in the middle class. A cover of nearly Rs. 50 lakh can be bought for Rs. 6000, he added.


If you have any query about PMSBY – Pradhan Mantri Surakhsa Bima Yojana kindly mention it below in comment box.