hamburger
×
Digit General Insurance Logo
Powered By Digit
Digit Health Insurance

9000+ Cashless Hospitals

Exclusive Wellness Benefits

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

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

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?

Eligibility Criteria For PMSBY Scheme

What is the Premium Amount of PMSBY Scheme?

Enrollment Process for Pradhan Mantri Suraksha Bima Yojana

How to Make a Claim Under PMSBY Scheme?

How to View PMSBY Scheme Beneficiary List?

Reasons for PMSBY Scheme Termination

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

Hospitalisation Process of Pradhan Mantri Suraksha Bima Yojana

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

Toll-free Number of Pradhan Mantri Suraksha Bima Yojana

FAQs about the PMSBY Scheme