Details

This scheme provides Accident Insurance Coverage offering protection in case of accidental death or disability. It ensures financial support to the insured member or their family in the unfortunate event of an accident.

Premium

The annual premium is ₹20 per member.

This amount is automatically deducted from the account holder’s bank or post office account through the auto-debit facility on or before 1st June each year.

Coverage Duration

The insurance coverage is valid for one year, starting from 1st June to 31st May, provided the annual premium has been paid.

Termination of Coverage

The accident insurance cover will cease or be restricted in the following situations:

When the member reaches the age of 70 years (nearest birthday).

If the bank or post office account is closed or there is an insufficient balance to maintain the insurance.

In cases where a member is enrolled in the scheme through multiple accounts and more than one premium is paid inadvertently, the insurance company will restrict the total cover to ₹2 lakh only.

Benefits

The scheme provides financial security to the insured person or their nominee in case of accidental death or disability. The benefits are as follows:

1. In case of Death:

If the insured person dies due to an accident, the nominee will receive ₹2 lakh as compensation.

2. In case of Total and Irrecoverable Disability:

The insured person will receive ₹2 lakh if they suffer from any of the following:

A). Complete and permanent loss of both eyes.

B). Loss of use of both hands or both feet.

C). Loss of sight in one eye along with loss of use of one hand or one foot.

3. In case of Partial Disability:

The insured person will receive ₹1 lakh if they suffer from:

A). Complete and permanent loss of sight in one eye.

B). Loss of use of one hand or one foot.

Eligibility

To be a part of this accident insurance scheme, certain conditions must be fulfilled.

The eligibility criteria are as follows:

1. The applicant must be an individual bank account holder in a participating bank.

2. The minimum age required is 18 years (completed).

3. The maximum age limit is 70 years (nearest birthday).

4. The individual must give their consent to join the scheme and enable the auto-debit facility from their bank account for premium payment.

Application Process

Applicants can also enroll under PMSBY through the online mode by using the net banking facility provided by their respective banks.

Documents Required

To enroll in the Pradhan Mantri Suraksha Bima Yojana (PMSBY), the following documents are generally needed:

Identity Proof – Aadhaar Card, Voter ID, Driving License, PAN Card, or Passport.

Address Proof – Aadhaar Card, Utility Bills (electricity/telephone bill not older than 2 months), Voter ID, or Ration Card.

Bank Account Details – Savings bank account number with the participating bank/post office.

Passport-size Photograph – Recent photograph for application records (if required by the bank).

Nominee Details – Information and proof of identity for the nominee to ensure claim settlement.

Frequently Asked Questions