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The government has launched several schemes for the underprivileged class of the country with the aim to empower them and aid them in their need of financial assistance. One such scheme of the government is the Pradhan Mantri Suraksha Bima Yojana. It is popularly known as PMSBY and is in the nature of general insurance cover provided to the members in the event of death or partial or total disability of the insured person.

Eligibility for the Scheme

The eligible applicants for this scheme are all the citizens of the country i.e., residents of the country. The minimum age for availing the subscription under the Pradhan Mantri Suraksha Bima Yojana is 18 years and the maximum age for the same is 70 years. No person is eligible to enroll under this scheme beyond the age of 70 years.

Another important requirement for applying to the PMSBY is the availability of an active savings bank account. This account will be used by the insurance provider to deduct the premium payable by the insured person via a direct debit from his/her account.

Scheme Details

The general or accidental insurance cover offered under PMSBY is basically in the nature of a group insurance policy and is easily accessible for all the citizens of the country. The government has enabled the citizens to avail this scheme through the various partner banks (whether public sector or private sector) or general insurance providers. Below mentioned are the various features related to the scheme like the premium amount to be paid, duration/tenure of the policy, amount insured, etc.

Amount Insured – 

The amount of insurance cover available to the insured person is a maximum of Rs. 2,00,000 in the event of death or total disability. The amount received as claim in case of partial disability is Rs. 1,00,000.

Tenure of the policy – 

The insurance cover under the PMJJBY scheme is a yearly plan for the period starting from 1st June to 31st May and can be renewed every year by paying the required premium. The policy can be renewed every year subject to the maximum age limit allowed under the scheme beyond which the policy cannot be renewed.

Instant processing of the cover – 

The scheme was launched with the aim to provide socio-economic benefits to all the citizens of the country without any hassles or unnecessary delays and hence the duration and formalities for processing the application for an insurance cover under PMSBY is very easy and quick. A basic application form available at all the designated partner banks and general insurance providers needs to be duly filled, signed and submitted along with the necessary self-attested documents.

Premium amount – 

The premium amount set for the accidental insurance cover under the PMSBY scheme is very affordable and is set at a maximum of Rs. 12 per annum. This premium is payable at one time during the year and is by means of an auto debit from the account held by the insured person. Also, in case of multiple accounts held by the insured person, he/she has to indicate the account to be used for such auto debit facility at the time of application for such scheme.

The premium amount is set by the government and is subject to change from time to time.

If a person joins the scheme for a term less than a year, the premium amount is to be paid on a pro-rata basis.

Surrender benefit – 

The life insurance plan under the scheme does not have any surrender benefit to the insured person.

Multiple Insurance Cover – 

The insured person can take cover under the scheme from multiple partner banks or insurance providers. However, the claim under the PMSBY can be obtained up to a maximum of Rs. 2,00,000 only per insured person. Such claims will be processed based on the first date of enrollment under the scheme and the premiums paid on the remaining covers under the scheme are deemed to be forfeited.

Definition of Partial disability and total disability

As per the rules of the general insurance cover provided under the PMSBY, the amount claimed depends on the nature of disability of the insured person. The disability of the person is categorized under two categories namely, partial disability and total disability. The definition of each category as per the provisions of the PMSBY is detailed below.

Partial disability – 

A person is deemed to be partially disabled in the event of permanent loss of one eye or a limb (hand or leg) in any accident.

Total/Full disability – 

  • A person is deemed to be fully or totally disabled in the event of permanent loss of either both the eyes or both limbs (hands or legs) in any accident.

However, this scheme does not consider disability under any category under its purview if such disability occurs due to any intentional self-harming or suicide or attempted suicide while under influence of alcohol or drugs. Another exclusion from the purview of this scheme is any loss suffered by the insured person by way of an act of breaking the law whether it is with or without any criminal intent.

Nomination of the Insurance Cover

The insured person can nominate a person to receive the corpus fund in the event of death of the subscriber. The insured person can submit a form in this regard by duly filling the same and submitting it to the issuing bank or general insurance provider that has provided the initial cover. Such nomination provided by the insured person is subject to the provisions of section 39 of the Insurance Act, 1938 and the subsequent amendments to the same that are made from time to time.

Termination of the Insurance Cover

According to the insurance scheme available under PMSBY, the insurance cover of the member will be terminated under the following conditions,

  • Attaining maximum applicable age as per the provisions of the scheme i.e. 70 years of age as on the renewal date.
  • Death of the insured member.
  • Non-payment of premium dues even after the completion of the grace period of 30 days provided.
  • Closure of the account with the partner bank that is used for auto debit of premium or insufficient funds in such account.
  • Settlement of claim of the insured member by another bank or insurance provider in case of multiple covers sought for the same insured person.


1. What is the maximum cover that can be provided under the scheme?

The maximum cover under the scheme is of Rs. 2,00,000 in case of death or total disability and Rs. 1,00,000 in case of partial disability.

2. What is the tenure of the cover?

The insurance cover is provided for a period of 1 year starting from 1st June to 31st May and is renewable on a yearly basis.

3. What is the age criterion for eligibility under the scheme?

The age criterion for eligibility under the scheme is a minimum of 18 years and maximum of 70 years.

4. Can a person get insured multiple times under this scheme through multiple insurance cover providers?

A person can obtain multiple insurance covers under this scheme from various partnered insurance providers, although the maximum insurance cover that can be availed by a person is restricted to Rs. 2,00,000. The premium paid on the remaining policies is deemed to be forfeited.

5. How is the premium to be paid under the scheme?

The insured person has to pay the premium via auto debit form his/her savings bank account the details of which are provided at the time of application for insurance under the scheme.

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