About the Scheme
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme of the Ministry of Finance. It offers cover for death or disability that results from an accident, for a premium of only ₹20 per member per year. The premium is collected from the member's bank or post office account through auto-debit, on or before 1st June of each annual coverage period. This cover is in addition to any other insurance the subscriber may already have.
Key Benefits Explained
- Accidental death: ₹2 lakh to the nominee.
- Total and irrecoverable loss of both eyes, loss of use of both hands or feet, or loss of sight of one eye together with loss of use of a hand or foot: ₹2 lakh to the subscriber.
- Total and irrecoverable loss of sight of one eye, or loss of use of one hand or foot: ₹1 lakh to the subscriber.
- Partial disability that does not involve these losses is not paid for, and hospitalisation expenses are not reimbursed.
- Deaths or disabilities caused by natural calamities such as earthquakes and floods are covered as accidents. Murder is covered; suicide is not.
- For a missing person, only a death that is confirmed by documentary evidence to have been caused by an accident is covered.
Who Should Apply and Who Cannot
Any individual bank or post office account holder aged 18 years (completed) to 70 years (age nearer birthday) can join, except institutional account holders. NRIs with an eligible account in an Indian bank branch can also join. Only one account can be used to join, and only one claim is payable. Those who did not join in the first year, or who left the scheme, can join or rejoin in later years by paying the annual premium through auto-debit, subject to the scheme's conditions. The cover stops on reaching 70 years, on closing the account, or if the account lacks balance to keep the insurance in force.
Applying and Claiming: Practical Points
- Enrol at your bank branch or download the form from the Jan Suraksha portal, and keep the Acknowledgement Slip cum Certificate of Insurance safe.
- Fill in the nominee details carefully in the enrolment form, since the nominee or appointee named there files the claim in case of death.
- Report road, rail or vehicle accidents, drowning and crime-related deaths to the police; for cases like snake bite or a fall from a tree, keep the immediate hospital record.
- For help, call the National Toll Free Number 1800-180-1111 / 1800-110-001, or check the state-wise toll-free list on the Jan Suraksha portal.