The Pradhan Mantri Suraksha Bima Yojana, introduced by the Government of India, is a special insurance scheme designed for the common people of the country. This scheme offers personal accident insurance for one year, which can be renewed annually. It provides financial security in case of death or disability caused by an accident. An accident refers to a sudden, unexpected, and involuntary event caused by external forces, violence, or visible means. The highlight of this scheme is its affordability, with an annual premium of just ₹20.
Who Can Apply for PMSBY
Every Indian aged between 18 and 70 years with a single or joint account in banks or post offices is eligible to join the scheme. If a person holds multiple accounts in one or different banks/post offices, they can join the scheme through only one account.
For joint accounts, all account holders can join the scheme if they meet the eligibility criteria and pay the premium of ₹20 per person per year via auto-debit. Non-resident Indians (NRIs) with eligible bank accounts in India can also avail of PMSBY coverage, provided they fulfil the scheme’s terms and conditions.
Ensuring your family’s safety and financial stability is more important, especially in times of crisis. Secure your future with #PradhanMantriSurakshaBimaYojana. Apply Now! #PSB #PMSBY #AccidentalInsurance #PunjabAndSindBank #PSBUnIC pic.twitter.com/uwRnnEPCY9
— Punjab & Sind Bank (@PSBIndOfficial) November 26, 2024
When and How Much Cover Is Available
Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY):
- If the policyholder dies in an accident, their nominee or family member will receive ₹2 lakh.
- In case of an accident resulting in complete and irreparable loss of both eyes, both hands, both feet or one eye and one hand or foot, a benefit of ₹2 lakh is provided.
- If there is complete and irreparable loss of vision in one eye or loss of use of one hand or foot, a benefit of ₹1 lakh is given.
How to Pay the Premium
As per the customer’s consent during enrollment, the premium amount of ₹20 is deducted in a single instalment from the account holder’s bank or post office account using the auto-debit facility.
The PMSBY is offered by public sector general insurance companies and other general insurance companies. Coverage under the scheme is valid for one year, from June 1 to May 31.