Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme available to all bank and post office savings account holders in the age group of 18 to 70 years. It offers accidental death and disability cover at a very nominal premium of ₹20 per annum.
Coverage Details
- Accidental Death: ₹2 lakh
- Total Permanent Disability: ₹2 lakh (due to accident)
- Partial Permanent Disability: ₹1 lakh (loss of one eye or one limb)
Premium
The annual premium is ₹20, which is auto-debited from the customer's savings account in one lump sum. The premium is deducted on or before 31st May each year for the coverage period from 1st June to 31st May.
Eligibility
- Age: 18 to 70 years
- Must have a savings account with a bank or post office
- Aadhaar-linked account for auto-debit facility
- Multiple accounts cannot be enrolled under the same PAN/Aadhaar
How to Enroll
Visit your nearest post office with your savings account passbook and Aadhaar card. Fill out the PMSBY enrollment form and submit it to the postmaster. The premium of ₹20 will be auto-debited from your account annually.
Claim Process
In case of accidental death or disability, the nominee or the insured person must submit the claim form along with supporting documents (death certificate, FIR, medical reports) to the post office. Claims are processed and settled by the insurance company within 30 days of receipt of complete documentation.