Pradhan Mantri Suraksha Bima Yojana

The Accident Insurance Scheme will provide coverage for accidental death and disability in the event of an accident. It will be a one-year plan that is renewable annually.

Coverage: All customers of partnering banks with savings bank accounts between the ages of 18 and 70 are eligible to enroll. An individual may only use one savings bank account to enroll in the program if they have several savings bank accounts with one or more banks.

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed insurance scheme aimed at providing affordable accidental death and disability coverage to all eligible individuals. The eligibility criteria are as follows:

  1. Age: Individuals between the ages of 18 to 70 years can enroll in the scheme.
  2. Bank Account: You must have an active savings bank account with a participating bank to enroll in PMSBY.

Activating the Pradhan Mantri Suraksha Bima Yojana is a simple process:

  1. Visit your nearest participating bank or access their website.
  2. Fill out the PMSBY application form, providing your details such as name, age, and nominee information.
  3. Link your Aadhar card to your bank account if it’s not already linked.
  4. Pay the annual premium. The premium is typically very affordable, making it accessible to a wide range of individuals.
  5. Once your application and premium payment are processed, you will be enrolled in the scheme, and coverage will begin.
  1. Accidental Death Coverage: In the unfortunate event of the insured’s death due to an accident, the nominee will receive a sum assured of ₹2 lakh.
  2. Permanent Total Disability Coverage: If the insured suffers from permanent total disability due to an accident, a sum assured of ₹2 lakh will be provided.
  3. Permanent Partial Disability Coverage: In case of permanent partial disability resulting from an accident, the scheme provides a partial benefit of ₹1 lakh, depending on the nature of the disability.
  4. Affordable Premium: PMSBY offers one of the most cost-effective insurance premiums, ensuring that a wide section of the population can avail of this coverage.
  5. Easy Enrollment and Renewal: The enrollment process is simple, and coverage is renewed automatically each year, provided the bank account has sufficient funds to cover the premium.
  6. Nominee Benefit: The nominee of the insured individual receives the benefit in case of accidental death or disability, ensuring financial security for the family.