Pradhan Mantri Suraksha Bima Yojana – Accidental Death Insurance

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accidental insurance scheme in India. It is launched by PM Narendra Modi on 9th May 2015 in Kolkata. It provides an affordable insurance for the poor and underprivileged people in India.

Details of Pradhan Mantri Suraksha Bima Yojana

1. The Pradhan Mantri Suraksha Bima Yojana offers a life cover of Rs. 2 lakhs for one year to all its account holders. This life cover will be provided in case of accidental death or permanent disability of the insured person.
2. A cover of Rs. 1 lakh will be provided to the beneficiary in case of partial disability.
3. In case of the accidental death of the account holder, the benefits as per the scheme can be availed by his/her nominee.
4. The premium for Pradhan Mantri Suraksha Bima Yojana is of Rs. 12/annum per member. This premium is auto-debited in one instalment on or before 1st June of every year.
5. In Pradhan Mantri Suraksha Bima Yojana, any accidental death, murder or disability due to natural calamities is covered.
6. Whereas any suicidal death is not covered under Pradhan Mantri Suraksha Bima Yojana. Also, the family members will not be provided with any benefits in case of suicidal deaths.

Eligibility Criteria

1. Any individual aged between 18 years to 70 years are eligible to apply for the scheme.
2. He/she must have a bank account along with their phone number linked to that
3. He/she have to submit their Aadhaar card details while applying for the scheme. This Aadhaar details will be linked with their bank account.
4. If any individual holds multiple bank accounts of one or different banks, then he/she will be eligible to join the scheme through one bank account only.
5. This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme.

As of 31 March 2019, 15.47 crore people have already enrolled for this scheme. 32,176 claims have been disbursed amounting to ₹6.4352 billion.

As per the latest PIB release, under this scheme about 41.50 per cent of enrolment belong to women, and 61.29 percent of claim beneficiaries are women.

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