What is the Pradhan Mantri Suraksha Bima Yojana (PMSBY Scheme)?

Knowing about government insurance programmes benefits those interested in ensuring financial coverage for themselves and their families. One such scheme is the Pradhan Mantri Suraksha Bima Yojana, commonly known by its acronym PMSBY.

With this government-backed scheme, people can get financial coverage for accidental death or permanent damage. If you are planning to invest in such schemes, here is everything you need to know about PMSBY.

Team Digit

What is PMSBY?
Features and Benefits
What is Not Covered?
Eligibility For PMSBY
Enrollment Process for PMSBY
How to Claim?
Hospitalisation Process
PMSBY vs PMJJBY
List of Participating Banks in PMSBY
Frequently Asked Questions

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

According to reports, around 2.5% of India’s total GDP is allocated to health. This inevitably makes it challenging for people belonging to the economically weaker section to access proper treatment.

PMSBY is a social security scheme announced in India’s 2015 budget. Considering that a significant portion of the Indian population does not own proper insurance, this scheme provides monetary assistance to the policyholder’s family members.

Wondering how much you can obtain under this scheme?

Well, with a nominal premium amount of Rs. 20 per annum, you can get substantial coverage up to Rs. 2 lakhs for accidental demise and permanent disability. Check out the features and advantages it includes to know how the scheme can be beneficial for you.

What are the Features of PMSBY Scheme?

The sole purpose of introducing the Pradhan Mantri Suraksha Bima Yojana, or PMSBY coverage, is to help out the lower-income section of the society in case of health emergencies. In case you are wondering whether to opt for this or not, go through the following benefits the scheme offers:

Features	Description
Claim Amount and Nominee	According to the policy features, an insured person’s family members can obtain the claim amount, and the nominee will receive all of its advantages.
Policy Discontinuation Flexibility	You can discontinue the policy if you decide to eliminate additional liabilities.
Tax Benefits	With such policies, you get to save taxes as well. Under Section 80C and Section 10(10D) of the Income Tax Act, tax exemptions are available on both the deduction and the amount insured of Rs.1 lakh.
Affordable Coverage	The policy offers substantial coverage without charging a huge amount as compared to other insurance policies.
Auto-Debit Facility	The auto-debit facility ensures that the amount gets submitted every month without you having to spend extra hours to get it done.
Monetary Coverage for Disability	The scheme provides monetary coverage up to Rs.2 lakhs in case of permanent disability, such as loss of both eyes, irrecoverable loss of limbs, or permanent damage. In case of partial disability, one can avail up to Rs.1 lakh as Pradhan Mantri Suraksha Bima Yojana risk coverage.

What are the Benefits of PMSBY Scheme?

An insurance program called the Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers financial support in the event of an untimely death or incapacity. The following are the scheme's key benefits:

Benefits	Description
Accidental Death Cover	₹2 lakhs cover the amount in case of accidental death.
Permanent Disability Cover	₹2 lakh in case of permanent disability caused due to an accident.
Partial Disability Cover	Covers partial disability arising due to an accident with ₹1 lakh.
Low Premium	Its annual premium of ₹20 falls in the 'affordable' category for many.
Easy Enrollment	The enrollment facility through banks is, by and large, hassle-free.
Wide Coverage	Available for all Indian citizens aged 18 to 70 years with a bank account for wide coverage.

These features make PMSBY one of the most accessible and cost-effective ways to achieve financial protection against accidents.

What is not covered under the PMSBY scheme?

Even though this scheme focuses on helping out the majority of people belonging to the economically-weaker section, it also has a specific set of restrictions related to the cause of death.

For instance, in case the insured person commits suicide, the beneficiary will not be eligible for a claim. However, beneficiaries of insured individuals falling victim to murder are eligible to claim financial benefits from this scheme.

Death or disability caused due to natural calamities, such as floods, earthquakes, and more are also covered under this scheme.

Eligibility Criteria For PMSBY Scheme

As mentioned earlier, this scheme provides financial coverage if the sole earning member of a family dies in an accidental death or becomes permanently disabled. To make use of these impeccable benefits the Government-backed scheme offers, you should know the PMSBY eligibility criteria and if you can meet them.

Here it goes:

There are certain instructions regarding the PMSBY age limit. People falling under the age group of 18-70 years will be eligible for this particular scheme.
Generally, all individual bank account holders (both joint and single account) can apply for this scheme. However, those who are having multiple bank accounts in multiple banks can only apply through one account.
In case of joint account holders, both the account holders will be benefited from this scheme’s features.
People residing outside India can also apply for this scheme; however, during the claim process, a nominee will receive the funds in Indian currency only.

What is the Premium Amount of PMSBY Scheme?

Every policyholder is supposed to pay Rs.20 per annum, where the amount gets auto-debited from the linked bank account. The Government has allotted this nominal amount for encouraging more people to opt for this scheme.

Detailed documentation and form fill-up process for PMSBY

Even though most government-backed schemes follow a lenient documentation procedure, you must complete basic paperwork to apply for benefits under this initiative. The following are some of the necessary documents -

Please complete the PMSBY application form and provide all the necessary details, such as name, Aadhaar number, and contact details, including detailed information about the selected nominee.
Even though you are already submitting your UID details with the application form, you need to provide a copy if your card details need to be linked to your bank account.

Enrollment Process for Pradhan Mantri Suraksha Bima Yojana

You can register for this policy using SMS and internet banking facilities. Here is how you can apply using the first one:

Step 1: You can simply text the onboarding organisation’s toll-free number to activate the facility.
Step 2: You will receive the activation SMS; reply to that text with ‘PMSBY Y’.
Step 3: You might receive another message acknowledging the receipt, which is how the registration is completed.

Apart from the PMSBY enrolment process through SMS, you can also use the Internet banking facility to complete the same within a few seconds. All you have to do is:

Step 1: Log in to the net banking account of your chosen financial institution and click on the insurance option.
Step 2: Choose the account you want to use to pay for the premium of PMSBY.
Step 3: Check all the details before confirming and download the confirmation receipt afterwards.

Apart from this easy registration process, the claim settlement process is equally simple and subscriber-friendly.

How to Make a Claim Under PMSBY Scheme?

If such unfortunate incidents occur, a beneficiary can follow the below-mentioned procedure to raise a claim against the PMSBY scheme.

Step 1: Start by reaching out to the insurer from where this policy has been purchased.
Step 2: Generally, the insurance company will ask you to fill out the claim form to provide details like name, details of the hospital, contact information, etc. The form is also available on the Jansuraksha website; you can simply download and fill it up.
Step 3: Check the list of supportive documents you need to submit along with the form. In most cases, it is either the death certificate or disability certificate insurers seek.
Step 4: After confirming the details, the insurance company will transfer the claim amount to the linked bank account and settle the claim.

Know about:

How to View PMSBY Scheme Beneficiary List?

The steps below show the process by which you can view the beneficiary list under the PMSBY scheme:

Step 1: Visit the PM Suraksha Bima Yojana's official website.
Step 2: Click the Beneficiary List link once the home page loads.
Step 3: You must choose your state when a new page opens. After that, you must decide on your district.
Step 4: Choose your block at the end. You will see the beneficiary list on your screen.

Reasons for PMSBY Scheme Termination

The PMSBY scheme is subject to termination due to various reasons. The PMSBY scheme is automatically terminated due to the following reasons:

The policy's account will be closed following the beneficiary's 70th birthday.
The account will also be closed if there are insufficient funds in the bank or post office account to cover the annual premium.
The insurance coverage will be limited to one account, and the money may be forfeited if the beneficiary enrols in this scheme from multiple accounts and pays the yearly premium.
The insurance coverage ends if the required premium amount is not paid by the deadline.

How to Find a Hospital Under Pradhan Mantri Suraksha Bima Yojana?

Empanelled hospitals have agreements with insurance providers to offer cashless treatment under PMSBY. To find a hospital under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), follow these steps:

Step 1: Contact Your Insurance Provider: Contact the insurance company or the bank where you have the PMSBY policy. They can provide a list of empanelled hospitals.
Step 2: Visit the PMSBY Website: Check the official PMSBY or insurance company website. They often have a list of network hospitals or a hospital locator tool.
Step 3: Call Customer Support: Contact the customer support of your insurance company or your bank. They can guide you to the nearest empanelled hospitals.
Step 4: Check with Local Health Services: Visit local health departments or community health centres; they might have information on PMSBY network hospitals.

Know about: Digit's Cashless Network Hospitals

Hospitalisation Process of Pradhan Mantri Suraksha Bima Yojana

Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), the hospitalisation process involves verifying that the hospital is empanelled with your insurance provider. You should inform the insurance desk about your PMSBY coverage during the hospitalisation. The hospital will then initiate the cashless treatment, verifying your policy details with the insurer.

Ensure all necessary documents, such as ID proof and policy details, are provided. For planned admissions, pre-authorisation may be required, while in emergencies, treatment can commence immediately, followed by post-facto documentation. After treatment, the hospital will coordinate directly with the insurer for settlement.

PMSBY vs PMJJBY: Key Differences

Both these Government-backed schemes aim at supporting economically challenged individuals, especially when the only earning member of the family dies. However, there are certain differences as well, for instance:

Factors to consider	Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)	Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Scheme type	It is a life insurance scheme	It is an accidental insurance scheme
Yearly premium amount	Rs.436 per individual	Rs.20 per member PA
Coverage type	Provides life insurance coverage to the policyholder	Offers accidental coverage to the policyholder
Age limit	Between 18 and 50 years	PMSBY age limit is between 18 and 70 years
Maximum premium payment age	Generally, it is up to 50 years; however, in some cases, it can be extended up to 55 years.	Individuals up to 70 years need to bear premiums.
Benefits	The sole benefit from this scheme includes monetary coverage up to Rs.2 lakhs in case the insured individual dies.	In case the policyholder dies in an accident, the nominee gets to avail up to Rs.2 lakhs under this policy., Similarly, if an insured person suffers from permanent disability, Rs.2 lakhs can be availed under the scheme., In case of permanent partial disability, Rs.1 lakh can be obtained.

List of participating banks in PMSBY

Here are all the banks that are connected to the Pradhan Mantri Suraksha Bima Yojana scheme:

Allahabad Bank	Bank of India	Bank of Maharashtra
Bharatiya Mahila Bank	Canara Bank	Central Bank
Federal Bank	Corporation Bank	HDFC Bank
Kerala Gramin Bank	Kotak Bank	ICICI Bank
Vijaya Bank	Punjab and Sind Bank	Punjab National Bank
State Bank of Hyderabad	State Bank of India	UCO Bank
Union Bank of India	State Bank of Travancore	Syndicate Bank
Axis Bank	IndusInd Bank	Oriental Bank of Commerce
Dena Bank	United Bank of India	South Indian Bank
IDBI Bank

Terms and Conditions of the PMSBY Scheme

The PMSBY scheme has many terms and conditions that the beneficiary must follow if they have the scheme. The following points are such terms:

This scheme's length has been set at one year.
It is refundable annually.
This plan provides insurance in the event of an accident or physical impairment.
Public-sector general insurance companies will initially offer this program. The participating banks may hire such a firm to implement it for their clients.
Beneficiaries of this scheme can be anyone between the ages of 18 and 70.
One savings account can be used to benefit from this initiative for those who have had a savings account for more than a year.
A single savings account can be used to benefit from this policy by individuals who have multiple savings accounts.
Only when the annual subscription has been paid can beneficiaries of this scheme take advantage of its benefits.
If the beneficiary cannot continue the scheme after paying the premium, they may reapply for it.

Toll-free Number of Pradhan Mantri Suraksha Bima Yojana

If you need any help or you have any queries related to the scheme, then you can call the given toll-free number:

Helpline number: The PMSBY customer care number is 1800-180-1111/1800-110-001. It is a nationwide toll-free number.

Despite being one of the fastest-growing economies in the world, India is still struggling to ensure quality healthcare for all. Most of the key components associated with the health sector, such as proper nutrition, safe water, basic sanitation, etc., are often ignored.

The arrival of Government-affiliated insurance schemes like the Pradhan Mantri Suraksha Bima Yojana scheme has helped people to handle such situations after a significant loss.

FAQs about the PMSBY Scheme

All

How to renew the Pradhan Mantri Suraksha Bima Yojana scheme?

As per the norms of the scheme, the benefits and coverage can be utilised for just one year period starting from 1st June to 31st May. After that, PMSBY renewal is mandatory on or before 31st May every year to continue enjoying the benefits.

With the auto-debit facility, the premium amount automatically gets deducted from your linked bank account. However, to enable the auto-debit facility, make sure to give your auto-debit consent by the allotted time before joining the scheme.

Does the PMSBY scheme provide financial coverage for treatment or hospitalisation charges?

No. Under this particular scheme, a lump sum benefit will only be provided in case of accidental death and disablement.

If I decide to discontinue the scheme after a year, will I be able to rejoin after a couple of years?

Yes, you can rejoin any time you want. There are no restrictions in this regard.

How to download a policy certificate?

Contact the bank where you have the savings account through which you enrolled for the PMSBY scheme. You can download the policy certificate using the bank’s online portal or directly ask them to mail it to you.

Do I need to submit an FIR while applying for a claim?

It solely depends on the type of accident the policyholder has met. For instance, in case of a car accident, a police FIR needs to be submitted. On the other hand, such documents are not required if the person falls from a tree and gets a permanent disability. However, hospital records come in handy in such cases.

What is the PMSBY customer care number?

1800-180-1111/1800-110-001 is the toll-free number you can use to activate the policy. If you are looking for a state-wise customer care number, consider going through Jansuraksha's website.

What kind of scheme is PMSBY?

The program is a one-year Personal Accident Insurance Plan renewed annually and provides coverage against accidental death or disability.

What is meant by an "accident" under PMSBY?

An accident is an unexpected, sudden, and uncontrollable event caused by visible, violent external forces.

In what way will the premium be funded?

The premium will be taken out in one instalment via "auto debit" from the account holder's bank or post office account, following the permission provided by the subscriber at the time of enrollment.

Who will manage and/or offer the program?

In cooperation with partner banks, the public sector general insurance companies (PSGICs) and other general insurance companies are willing to offer the product on comparable conditions and make the plan available with the required permissions.

What is the enrollment period?

The coverage will run from June 1st to May 31st. At enrollment, the subscriber must fill out the prescribed form and indicate his preference to join or pay by auto-debit from the specified personal bank account or post office account.

Can those who qualify but cannot enrol in the program during the first year reapply in later years?

Yes, future years will see the addition of new qualified participants upon premium payment by auto-debit. But risk coverage would begin on the day the subscriber's account is automatically debited for the premium.

Is it possible for people who quit the program to rejoin?

Yes, subject to any rules that may be established, participants who leave the program at any time may re-enter by paying the annual premium in subsequent years. However, risk coverage begins on the day the subscriber's account is automatically debited from the premium.

When is it possible to end the accident cover assurance?

In the event of any of the following, the member's accident coverage will end or be restricted:

Upon reaching 70 years of age (age closer to birthdate).
The bank account is closed, or there is insufficient money to maintain the insurance.
Insurance coverage will be limited to one account, and premiums may be forfeited if a member has coverage through multiple accounts and the insurance provider unintentionally receives premiums from one.

Is it possible for all account holders to participate in the scheme using the same bank account?

Yes, if there is a joint account, all account holders may enrol in the scheme if they meet the eligibility requirements and pay the premium by auto-debit at Rs. 20 per person annually.

Who can receive insurance benefits when the bank account holder willed out the enrolment form passes away,

If the account holder or subscriber who enlisted in the scheme passes away, the legal heir(s) in the scheme or the nominee/appointee under the enrollment form may file a claim.

What is the mode of payment of the claim amount?

The insured bank account holder's or subscriber's bank account will be credited with the disability claim. The nominee's or legal heirs' bank account will receive the death claim funds.

Can an account holder receive a claim from multiple banks where they have enrolled and deducted premiums?

No, the nominee or insured may only file a single claim. There is no such provision for double claims.

Are foreign insurance companies involved in the introduction and servicing of PMSBY policies?

No, indirect international insurance company operations do not exist in India. Certain international firms have joint ventures with Indian corporations, as allowed by the Insurance Act and IRDA Regulations, wherein the participation of foreign insurers is limited to 74%.