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Pradhan Mantri Suraksha Bima Yojana

This page covers about the Pradhan Mantri Suraksha Bima Yojana scheme

Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 - for Accidental Death Insurance)

Eligibility: Available to people in age group 18 to 70 years with bank account.

Premium: Rs.12 per annum.

Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account on or before 1 st June of each annual coverage period under the scheme.

Risk Coverage:

  • Death - Rs 2 Lakh
  • Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot - Rs 2 Lakh
  • Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot – Rs.1 Lakh.

Eligibility : Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme.  Name of nominee to be given in the form.

Terms of Risk Coverage : A person has to opt for the scheme every year. S/He can also prefer to give a long-term option of continuing in which case his/her account will be auto-debited every year by the bank.

Who will implement this Scheme?:

The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.

Government Contribution:

  • Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year.
  • Common Publicity Expenditure will be borne by the Government.

Source: Jan Suraksha website

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme 2 - for Life Insurance Cover)

Eligibility : Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.

Premium : Rs.330 per annum. It will be auto-debited in one installment.

Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account.

Risk Coverage : Rs.2 Lakh in case of death for any reason.

Terms of Risk Coverage : A person has to opt for the scheme every year.  He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.

Who will implement this Scheme?:

The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.

Government Contribution:

  • Various other Ministries can co-contribute premium for various categories of their beneficiaries out of their budget or out of Public Welfare Fund created in this budget out of unclaimed money.  This will be decided separately during the year.
  • Common Publicity Expenditure will be borne by Government.

Source: Jan Suraksha website

Related resources

  1. Forms related to Pradhan Mantri Jeevan Jyoti Bima Yojana
  2. Forms related to Pradhan Mantri Suraksha Bima Yojana
  3. State-wise toll free numbers for Jan Suraksha
3.07307692308
Pandiyan May 28, 2018 11:27 PM

How to change nominee name in my
Prathan mantri suraksha bemayojana

Sanjay Tiwari Apr 12, 2017 11:13 AM

I want to know that How can claim the benefits because there is no any card or other documents provided by Bank

Ram prakash Jan 05, 2017 11:44 AM

Very good.

Dipika Sep 02, 2016 10:38 AM

This is the most useful and helped me to solve my problem.

August Sono May 14, 2016 05:55 AM

What about the villagers who doesn't have any accounts? There are more villagers who doesn't aware of any insurance schemes.

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