Pradhan Mantri Suraksha Bima Yojana(PMSBY)

Nature of the Scheme :

The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme is offered / administered through Public Sector General Insurance Companies (GIPSA) and other General Insurance companies under tie up arrangement with Banks for this purpose. 

Scope of coverage: 

All savings bank account holders in the age 18 to 70 years in participating banks are entitled to join. Aadhar though not compulsory would be the primary KYC for the bank account.

Eligibility Conditions: 

The savings bank account holders of the participating banks aged between 18 years and 70 years who give their consent to join / enable auto-debit, will be enrolled into the scheme. Account holder can take insurance for self as well as other eligible family members. Nomination is mandatory 

Premium:

 ₹12/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment. Members may also give one-time mandate for auto-debit every year till the scheme is in force. 

Risk Coverage:

For accidental death/full disability and death due to murder provided the insured was not himself indulging in any criminal/ unlawful activity - ₹2 Lakh and for partial disability - ₹1 Lakh. 

Amount shall be paid to nominee/ insured. 

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. 

The scheme is offered by all Public Sector General Insurance Companies and all other insurers under tie-up arrangement with banks for this purpose.