Pradhan Mantri Suraksha Bima Yojana(PMSBY): The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join/enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through the ‘auto-debit’ facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose.

Pradhan Mantri Suraksha Bima Yojana scheme involves numerous banks and insurance companies. The participating banks are as follows:

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

Participating Insurance companies are as follows:

  • Bajaj Allianz
  • Cholamandalam MS
  • ICICI Lombard
  • National Insurance
  • New India Assurance
  • Reliance General Insurance
  • United India Insurance
  • Universal Sompo

Features of Pradhan Mantri Suraksha Bima Yojana:

The features of this scheme are as follows:

  • The accidental death insurance cover renewable each year.
  • The annual premium to be paid is Rs.12. This premium is excluding the service tax which is charged at 14%.
  • Up to Rs.2 lakh cover is payable to the nominee of the subscriber if he or she dies in an accident or is totally disabled due to the accident.
  • The premium is auto-debited from the bank account of the subscriber.
  • The subscriber can avail of the long-term option or renew the scheme every year.
  • The subscriber can exit the scheme at any time and can sign-up at any time in the future.

Benefits of Pradhan Mantri Suraksha Bima Yojana:

The benefits of this scheme are as follows:

If the accident causes the subscriber’s death Rs.2 lakh is paid to the nominee.
If an accident leads to total and irrecoverable loss of use if both hands or feet, loss of eyes or loss of sight in one year, and loss of use of a hand or foot Rs.2 lakh is paid.
If an accident causes irrecoverable and total loss of sight of one eye and loss of use of one hand or foot Rs.1 lakh is paid.

The subscriber can also avail of deduction under Section 80C for the premium paid.

The sum insured received up to Rs.1 lakh is tax-free under Section 10(10D).

Eligibility Criteria of Pradhan Mantri Suraksha Bima Yojana:

The eligibility criteria for subscribing for Pradhan Mantri Suraksha Bima Yojana is as follows:

  • The minimum age requirement is 18 years.
  • The maximum age requirement is 70 years.
  • Those having a savings bank account and falling under the age group of 18 – 70 years are eligible to subscribe to the policy.
  • The bank account must be linked with the Aadhaar card.
  • If the bank account is not linked with the Aadhaar card, then the Aadhaar card copy must be attached with the application form.
  • If the individual has more than one savings account, he or she is only eligible to join the scheme through a single bank account.
  • The premium to be paid is Rs.12 yearly.
  • The premium amount is auto-debited from the insured’s bank account.
  • The scheme is valid for a year and it can be renewed at the end of the year.
  • The primary KYC document required is the applicant’s Aadhaar card.

Documents Required for Pradhan Mantri Suraksha Bima Yojana:

The Pradhan Mantri Suraksha Bima Yojana application form is to be duly filled. The details to be filled in are:

  • Proof Id
  • Aadhaar card
  • Contact information
  • Nominee details
  • Application form (English, Hindi, Bengali, Marathi, Oriya, Telugu, Tamil or Gujarati).

The only document that has to be submitted along with the application form is the Aadhaar Card copy if the Aadhaar is not linked to your savings bank account.

How to Enroll for Pradhan Mantri Suraksha Bima Yojana?

The subscriber can approach either one of the participating banks or insurance companies to subscribe to Pradhan Mantri Suraksha Bima Yojana.

Most of the reputed banks allow the subscribers to take the policy through internet banking. The subscriber will have to log in to the Internet banking account and enroll in the scheme.

Subscribers can also send a message through their registered mobile number to the toll-free numbers of the banks and the insurance companies.

The toll-free number for different states and the names of the convenor banks are as follows:

State Convenor Bank Toll-Free number
West Bengal and Tripura United Bank of India 1800-345-3343
Uttarakhand State Bank of India 1800-180-4167
Uttar Pradesh Bank of Baroda 1800-102-4455 or 1800-223-344
Tamil Nadu Indian Overseas Bank 1800-425-4415
Telangana State Bank of Hyderabad 1800-425-8933
Sikkim State Bank of India 1800-345-3256
Rajasthan Bank of Baroda 1800-180-6546
Punjab Punjab National Bank 1800-180-1111
Puducherry Indian Bank 1800-4250-0000
Odisha UCO Bank 1800-345-6551
Nagaland State Bank of India 1800-345-3708
Mizoram State Bank of India 1800-345-3660
Meghalaya State Bank of India 1800-345-3658
Manipur State Bank of India 1800-345-3858
Maharashtra Bank of Maharashtra 1800-102-2636
Madhya Pradesh Central Bank of India 1800-233-4035
Lakshadweep Syndicate Bank 1800-4259-7777
Kerala Canara Bank 1800-425-11222
Karnataka Syndicate Bank 1800-4259-7777
Jharkhand Bank of India 1800-345-6576
Himachal Pradesh UCO Bank 1800-180-8053
Haryana Punjab National Bank 1800-180-1111
Gujarat Dena Bank 1800-255-885
Goa State Bank of India 1800-2333-202
Delhi Oriental Bank of Commerce 1800-1800-124
Daman and Diu Dena Bank 1800-225-885
Dadra and Nagar Haveli Dena Bank 1800-225-885
Chhattisgarh State Bank of India 1800-233-4358
Chandigarh Punjab National Bank 1800-180-1111
Bihar State Bank of India 1800-345-6195
Assam State Bank of India 1800-345-3756
Arunachal Pradesh State Bank of India 1800-345-3616
Andhra Pradesh Andhra Bank 1800-425-8525
Andaman and Nicobar Island State Bank of India 1800-345-4545