Search This Website

Friday, 22 January 2021

(PMSB)-Pradhan Mantri Suraksha Bima Yojana 2021

  (PMSB)-Pradhan Mantri Suraksha Bima Yojana 2021


The scheme is a available to people in the age group of 18 to 70 years with a bank account who can join / enable auto debit on or before 31 May for a coverage period from 1 June to 31 May on an this annual renewal basis. Please give your consent for Aadhaar will be the primary KYC for the bank account. Accidental death and complete disability and Rs. 1 lakh for partial disability. Premium of Rs. In one installment, 12 debits are to be deducted from the bank account of the account holder through the auto-debit facility. The scheme is being offered by the public sector general insurance companies or any other general insurance company, which is willing to offer the product on equal terms with the required terms and in alliances with banks for this purpose.



Pradhan Mantri Suraksha Bima Yojana has been announced as one of the three social security schemes by the Government of India. PMSBY is a contingency insurance plan that provides accidental death and disability coverage for one year with annual renewal.

Rupee. With a minimum premium rate of Rs. 12 / - per year This policy is most beneficial for the poor and low-income group of the society. Pradhan Mantri Suraksha Bima Yojana this provides life coverage of Rs. 2 lakh for accidental demise and permanent total disability and Rs. 1 lakh for permanent partial disability.

Individuals with participating savings bank accounts within the age of 18–70 years can subscribe to the scheme. If you have more than one savings bank account, you can subscribe to the scheme using only one savings bank account. For further information about Pradhan Mantri Suraksha Bima Yojana, we have briefly discussed various aspects of the policy further in this article.


What and how much is covered under PMSBY policy?

Under Pradhan Mantri Suraksha Bima Yojana, death benefit of Rs. 2 lakh is available to the beneficiary of the policy in case of a accidental demise of the insured. In addition, a coverage of Rs. 2 lakh is provided in case of total disability, such as irreversible or total loss of both eyes, or loss of use of both arms and legs, paralysis, etc. In the event of partial disability, life coverage of Rs 1 lakh is provided to the insured. person.

The coverage provided by PMSBY is in addition to any other insurance plan the customer has. As it is a pure life insurance plan, the plan does not offer any mediclaim ie it does not offer reimbursement of hospital expenses caused by an accident.


Inclusion and exclusion:

As defined under the Pradhan Mantri Suraksha Bima Yojana, any death, accident and disability caused by natural calamities is covered by the policy. However, the scheme does not provide any coverage against suicide, but is covered under the death policy due to murder. The plan also provides no coverage in case of irreversible loss of sight loss of an arm or leg.


Procedure for membership of Pradhan Mantri Suraksha Bima Yojana through SMS:

  • An SMS is sent to the eligible customer, who asks them to reply to BY PMSBY <space> Y '.
  • To enroll the scheme, customers have to reply to SMS BY PMSBY <space> Y '.
  • An acknowledgment message is sent to the customer in response to the SMS.
  • For further processing, the name of the customer, marital status, date of birth etc. should be included in the application.
  • The details are taken directly from the customer's participating bank account.


If the necessary details of the customer are not available in the banking records, the confirmation process will not be carried forward and customers  will have to apply physically from the nearest branch.

If insufficient balance of premium auto debit will result in the policy's coverage being discontinued, but the policy will still remain in force.


 Procedure for membership of Pradhan Mantri Suraksha Bima Yojana through net-banking:

 1- Log in to the official website of the policy and click on to Insurance tab.

2-  Choose from both plans available on the page.

3-  Choose an account through which you want to pay the premium.


The policy cover amount, nominee details and premium amount will be displayed on the screen as per the selected account. You can either choose a savings account nominee or add a new nominee.


5-Once you provide the name of your policy nominee, click on the following details: -

  • Good Health Declaration.
  • Plan details, terms and conditions
  • "I have no other policy for the same"


6- Once you click the continue button, the detailed policy will be displayed on the screen.

7- Confirm the details filled in the application form and click on confirm.

8- You will be provided with an acknowledgment slip which will have a unique identification number.

9- Don't forget to save the acknowledgment number for any other reference.


Eligibility Criteria for PMSBY: Individuals between the age of 18-70 years  are eligible to purchase  PMSBY. Apart from this and NRIs can also join the policy provided any the beneficiary of that  policy must pay any claim in Indian currency.


What to do in case of a claim: Pradhan Mantri Suraksha Bima Yojana provides accidental death and disability coverage which is corroborated by documentary evidence. In case of accidental demise of the insured, the accident report should be reported to the police station and clarified by the hospital records immediately. A claim can be filed by the insured as the beneficiary of the policy mentioned in the nomination form. In case of disability claim, the sum assured will be credited to the policyholder's bank account and in case of death, the death benefit will be paid to the beneficiary of the policy.


Pradhan Mantri Suraksha Bima Yojana in detail in Gujarati || Pradhan Mantri Suraksha Bima Yojana - Features and Benefits -



   Important Links



Final Thoughts:a With all these benefits and facilities offered by this policy, that with its lowest premium rates, Pradhan Mantri Suraksha Bima Yojana is one of the best social security schemes. It provides life security to those who do not significantly affect their savings