Pradhan Mantri Suraksha Bima Yojana (PMSBY) 2022

Pradhan Mantri Suraksha Bima Yojana (PMSBY) 2020 [Online Application Form PDF download, Age limit, Claim Form, Premium last date, Eligibility]

Government of India has launched Pradhan Mantri Suraksha Bima Yojana. It is among three important social security schemes that have been decided by the Government of India for the wellbeing of mass. The PMSBY can be considered as accidental insurance scheme as it would cover up for accidental death or any disability for a time span of one year along with annual renewal facility.


PMSBY benefits –

The above said Bima scheme is one of the lowest as poor and low-income group have to pay only rupees 12 per annum for the policy. The scheme would cover up to rupees 2 lakh in cases of accidental death and permanent physical disability. For partial yet permanent disability, the amount is rupees 1 lakh. However, other than this, there are some other criteria as well that has been set up in order to get benefits given under this scheme. Read on to know more about the eligibility criteria and details related to the scheme.

What will PMSBY policy provide and for how much?

  • In case of accidental demise of insured person under the scheme, they will get coverage up to rupees 2 lakh
  • A coverage of rupees 2 lakh is given in case of permanent disability such as loss of eyes, loss of both hands, feet, or if the person becomes paralysis and the like. However, the coverage amount would reduce to rupees 2 lakh for the ones who are suffering from partial disabilities.
  • The coverage given under the above-said scheme is in addition to any other insurance plan with which the subscriber has planned to take.
  • Since the scheme benefits are not similar to any mediclaim, reimbursement for hospital expenses due to accident or any other reasons are not offered.

Details of exclusion and inclusion in the policy

  • According to the policies of the above-said scheme, any accidents, death and disability caused by natural calamities will be covered under the scheme.
  • Death from murder is also covered under this scheme.
  • But death caused by reasons like suicide is not covered up by the scheme.
  • For any irrecoverable loss of hand, feet, eyes or any other body parts, the scheme does not provide benefits. It is only meant for permanent disabilities.

What is the enrolment period of the scheme? Premium details

The insurance is covered for a time span of one year that starts from June 1st to the 31st May of the next year. If the person wishes to get the premium amount by means of the auto debit procedure, the person has to opt for the same within the 31st of May in the particular year. In case, subscribers wish to continue with the policy beyond the first year, they have to give consent to continue with the auto debit policy before 31st May of next year. It is further expected that the claim of an accident should be presented within 30 days of the incident. In addition, claim settlement should be done within 60 days of intimation of the scheme policy. 

What is the subscription process for Suraksha Bima scheme through SMS?

  1. The eligible candidate to get benefits under the scheme will receive SMS. They have to respond with ‘PMSBY<space>Y.’
  2. To enroll for the scheme, they have to reply to the PMSBY message.
  3. In response to the message sent by the customer, an acknowledgement message would be sent for the help of customers.
  4. For proceeding further with the application process under the scheme, the online application of the scheme should have some private information such as marital status, date of birth, the full name of subscriber and others.
  5. The application details are taken from banks that are participating in the scheme, and the subscriber has an account in the same.
  6. In case the required information is not available to the link bank account, the subscribers have to apply again through the nearest bank branch that is linked with the above-said scheme.
  7. In case the premium amount is not debited due to a shortage of balance, the policy coverage would stop, still, the policy would continue to be in action. However, to renew the same, the subscriber has to visit the nearest bank branch.

What is the subscription process under this scheme through Net Banking facilities?

  1. First, you have to log in to the official website related to the policy and then click on the insurance option.
  2. You have to choose the right scheme that is available in the given list.
  3. Now, you have to select the bank account through which you wish to pay your monthly premium.
  4. According to the account that you select, the policy coverage amount, premium amount, nominee details will come up on the screen. You have to choose between savings account nominee or add a new nominee if required.
  5. After entering the name of policy nominee, you have to choose details such as details of the scheme including its terms and conditions, proper health declaration and person has to declare that he or she does not hold any other policy.
  6. After this, as you click on the ‘continue’ button, you get to see the details of the policy.
  7. Now, you have to verify the details entered in the application form and then click on the ‘confirm’.   
  8. Following this, you will be given an acknowledgement slip that will contain a unique identification number. This number will be required for future use when availing the benefits of the scheme.
  9. In addition to this, you should save the knowledge number that might be required at the point of time.

However, to enroll for the scheme, the account holder can enroll PSMBY by visiting the branch or through net banking facility as has been detailed in the above-mentioned part.    

Online Application for PM Suraksha Bima Yojana –

You can download this form and apply it online

What is the government’s contribution in accidental death insurance?

  • Different ministries would contribute to the premiums of beneficiaries from the annual budget or from public welfare fund. This decision would be taken separately by the government authorities during the particular year.
  • The common public expenditure would be made by the Government of India.

However, the above-said scheme would be implemented by Public Sector insurance companies. This would also include other insurers who are willing to take part in the scheme and work in collaboration with the banks for the purpose of the scheme.  

What are the eligibility criteria for PMSBY?

  • Age limit – Individuals who belong to the age group of 18 to 70 years of age can apply to get benefits under this scheme.
  • Citizenship eligibility – Indian citizens are allowed to apply for this scheme. Other than this, NRIs are also allowed to apply for this scheme. For any claims are done by NRIs, the benefits under the scheme will be given in Indian currency.
  • Documentary evidence – In case, individual wish to get benefits under the scheme, they have to provide documentary evidence that would be required to support accident claims or disability problems. In case of death of the insured person, reports made in the police station are required. It would be clarified by the hospital authority. 

However, in the case of any claim of disability, the policy amount would be given to the linked bank account. In case of death, the amount given under the scheme will go to the beneficiary who is linked with the policy.   

Therefore, this scheme would help the poor and low-income group of society handle financial loss in case of accidents or death issues. However, this can be considered as one of the best premium policies that are offered by the Government of India. To get life protection without effecting savings, opting for the above-said scheme by the Government of India is the suitable option. Also, under this scheme, an individual has to pay a very minimum amount of premium on a monthly basis. They should have a savings bank account in which they can receive the premium amount. So, before applying for the scheme, subscribers should ensure that they fulfill the eligibility criteria so that they are able to avail the benefits of the scheme easily.

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