Pradhan Mantri Suraksha Bima Yojana (PMSMY) 2020

Pradhan mantri suraksha bima yojana 2020 bloggertimer

Pradhan Mantri Suraksha Bima Yojana-

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is An accident insurance scheme that offers a one-year accidental death and disability cover, could be renewed annually.

What you will get and in how much?

Under PMSBY, the risk coverage one will get is 2 lakh for death and permanent disability, and Rs 1 lakh for permanent partial disability. Permanent total disability is meant as total and irreversible and incurring loss of both eyes or loss of use of both hands or feet or loss of eyesight and loss of use of a hand or afoot. Permanent partial disability is defined as total and irrecoverable loss of an eyesight or loss of use of a hand or foot and that damages a person’s earning capacity and cause a loss in its daily life activities 

The cover will be in addition to any other insurance plan the person has. The scheme is not a Mediclaim, i.e., there is not covering for hospital expenses following the accident, resulting in death or disability. 

Pradhan Mantri Suraksha Bima included and excluded 

Accidents, any death or disability (as defined under PMSBY) happened from natural calamities are covered in PMSBY. Whereas death due to suicide is not covered, death from murder is covered. Partial disability without irrecoverable loss of an eyesight or loss of use of one hand or foot is not covered and the family will not get insurance benefit if the subscriber commits suicide. 


All individuals holding (single or joint) bank account holders falling in 18-70 year age group are allowed to join PMSBY. In case you have multiple bank accounts in one or various banks, then you will be eligible to get the scheme through one bank account only. In the case of a joint account, whoever holding the bank account can join the scheme. Including, NRIs are eligible, but if a claim arises, the claim benefit will be paid to the beneficiary/nominee only in Indian rupee. 

How much is the premium and how to pay

The premium payable is Rs 12 per annum per member and will be deducted from his bank account through an ‘auto debit’ facility in one installment on or before June 1 every year. However, in cases where auto debit takes place after crossing the date i.e June 1, the cover shall be debited from the date of auto-debit of premium by the bank. 

The annual renewal dates are June 1 To end 31st May in the following years. Even if a person is enrolled with more than one bank, the claim, if allowed, will be given by only one bank and the other premium may get canceled. The premium will be reviewed based on annual claims experience. However, based on unforeseen adverse outcomes, efforts would be made to ensure that there is no higher value revision of the premium in the coming first three years.

Where to buy Pradhan Mantri Suraksha Bimascheme from?

In scheme one can participate through Public Sector General Insurance Companies (PSGIC) and other general insurance companies, in collaboration with other banks. The banks are free to join any general insurance company for implementing the scheme for their customers. 

To enroll, you can download The Pradhan Mantri Suraksha bima yojana claim form and submit it to your bank. Some banks have initiated an SMS-based enrolment process too and net banking also. 

Or you can Download the various claim form from difference bank-





This form is issued without admission of liability. it must be completed and submitted to the bank where the bima insured hold the bank account


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