Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana is a government scheme launched on 9th May 2015 by PM Narendra Modi.  It intends to provide an affordable insurance scheme for the poor and underprivileged people in the age group of 18 to 70 years with a bank account at a premium of Rs.12 per annum; risk coverage of Rs.2 lakh for accidental death and full disability and Rs.1 lakh for partial disability.

Benefits of Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides an insurance policy to the people belonging to the underprivileged sections of society. The scheme is administered by insurance companies from both the private and public sectors.

Eligibility for Pradhan Mantri Suraksha Bima Yojana

Any individual must follow the below-mentioned criteria to be eligible for the Pradhan Mantri Suraksha Bima Yojana:

  •  Any individual aged between 18 years to 70 years are eligible to apply for the scheme.
  •  He/she must have a bank account along with their phone number linked to the account.
  •  The individual should submit their Aadhaar details while applying for the scheme. This Aadhaar details will be linked with their bank account.
  •  If any individual has multiple bank accounts of one or different banks, then he/she will be eligible to join the scheme through one bank account only. In the case of a joint account, the scheme benefits can be availed by all the bank account holders.
  •  In the case of an NRI beneficiary, the claim benefits will only be provided to the nominee in Indian currency.

As per Pradhan Mantri Suraksha Bima Yojana, any accidental death, murder or disability due to natural calamities is covered under this scheme. Whereas any suicidal death is not covered under Pradhan Mantri Suraksha Bima Yojana. Also, the family members will not be provided with any benefits in case of suicidal deaths.