21st September, 2018

Frequently asked questions about Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana Frequently Asked Questions

1) What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a Personal Accident Insurance Scheme formally launched by PM Modi on May 9, 2015. The scheme will be a one year accidental death and disability cover for death or disability due to an accident, which can be renewed from year to year.

2) What are the benefits of the PMSBY scheme?

The benefits are as follows:

  • The total sum-assured for accidental death is Rs 2 lakh.
  • Rs 2 lakh is the coverage for disability involving total and irrevocable loss of both eyes / loss of use of both hands or feet / loss of sight of one eye and loss of use of hand or foot
  • Rs 1 lakh is the sum assured for total and irrevocable loss of sight of one eye or loss of use of one hand or foot.

3) What is the premium payable and what is the mode of payment?

Premium payable is Rs 12 per annum per member, which will be auto-debited from the account holder’s bank account, as per the consent given at the time or enrolment.

4) Who will offer/administer the scheme?

The scheme will be offered and administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance Companies willing to offer the scheme on similar terms in collaboration with participating banks. Participating banks are free to engage any such general insurance company for implementing the scheme for their subscribers.

5) Who is eligible to subscribe and avail the scheme?

All individual bank account holders of participating banks who are over 18 years and less than 70 years of age are eligible for the scheme. In case of multiple accounts held by an individual in one or different banks, he/she will be will eligible to avail the scheme through one bank account only.

6) What is the enrolment period and modality?

Initially on scheme launch for the cover period of from June 1, 2015 to May 31, 2016, subscribers were expected to enroll and give their consent for auto-debit facility by May 31, 2015 which was extended up to May 31, 2016. Subscribers who wish to continue beyond the first year will be expected to enroll and giver auto-debit consent before each successive May 31 for subsequent years. Delayed renewal after this date is permissible subject to payment of full premium.

7) Can individuals who leave the scheme rejoin later?

Individuals who exit the scheme at any point can rejoin the scheme in the future by paying the annual premium, subject to conditions that may be laid down.

8) What are the reasons for termination of the accident assurance cover under PMSBY?

The accident cover of the member shall terminate/be restricted on any of the following events:

  • On attaining the age of 70 years;
  • Closure of account with the bank or insufficient balance at the time of scheme renewal;
  • In case a member is covered through more than one account and the premium is received by the insurance company unintentionally, insurance cover shall be restricted to one account only and the premium shall be liable to be forfeited.

9) Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?


10) Can all holders of a joint bank account join the scheme through the said account?

In case of joint account, all holders of the said account can join the scheme provided they satisfy its eligibility criteria individually and pay the premium at the rate of Rs. 12 per person per annum through auto-debit.

11) Who can claim insurance benefit in case of death of the bank account holder who gave the enrolment form?

In case of death of the PMSBY subscriber, claim can be filed by the nominee/appointee as per the enrolment form or by the legal heir(s) in case there is no nomination made by the subscriber.

12) What is the claim procedure for PMSBY?

The nominee / legal heir(s) should collect the Claim Form and Discharge Receipt from the subscriber’s bank or via the PMSBY website. They then need to submit the duly completed claim form, discharge receipt, Death certificate, Original FIR, Post Mortem Report (in case of death), Disability certificate issued by civil surgeon (in case of disablement) and a photocopy of the cancelled cheque of the nominee’s bank account ( if available). The claim forms and the detailed claim guidelines are available here:   http://www.idfcbank.com/content/dam/idfc/image/other-pdfs/ClaimForm%20and%20Procedure%20PMSBY.PDF