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Complete details and rule of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an insurance scheme started by Indian goverment .The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) - Details
Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Details

Eligibility: All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only. Aadhar would be the primary KYC for the bank account.

 Premium for Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Premium:  Rs.12/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment on or before 1 st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit.

Renewal:  The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.

Appropriation of Premium of PMSBY

  1. Insurance Premium to Insurance Company: Rs.10/- per annum per member
  2. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1/- per annum per member
  3.  Reimbursement of Administrative expenses to participating Bank: Rs.1/- per annum per member

Benefits and covers under Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • On Death Rs. 2 Lakh sum assured
  • 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 hand or foot Rs. 2 Lakh sum assured.
  • Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Rs. 1 Lakh sum assured