Pradhan Mantri Suraksha Bima Yojana:

An accident insurance scheme, PMSBY offers a one-year accidental death and disability cover, which can be renewed annually.

The cover is for a one-year period, starting June 1 to May 31 of subsequent year. The option to join/pay by auto debit has to be given by May 31 of every year. Subscribers who wish to continue beyond the first year have to give their consent for auto debit before May 31 for successive years.

Under PMSBY, the risk coverage available is Rs 2 lakh for accidental death and permanent total disability, and Rs 1 lakh for permanent partial disability. Permanent total disability is defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of an eyesight and loss of use of a hand or a foot. Permanent partial disability is defined as total and irrecoverable loss of an eyesight or loss of use of a hand or foot.

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme launched by the Government of India. It is also known as the PM Rs. 12 Insurance Scheme. The social security scheme is directed towards people belonging to the lower-income category. This is because unlike several other health insurance policies offered by commercial companies, this scheme does not charge a higher premium.

The policy offers an insurance cover against death, total disability, and partial disability. The insurance premium of Rs 12 for the policy shall be deducted from the registered bank account of the policyholder. People in the age group of 18 to 70 can avail the benefits of PMSBY by providing their Aadhaar card as a Know Your Customer (KYC) document.


Features and Benefits of Pradhan Mantri Suraksha Bima Yojana:

The PMSBY gives people from the lower-income group a chance to insure themselves against unfortunate events that can lead to death or disability. Here are the features and benefits of the government scheme.


Features of PMSBY        

Benefits of PMSBY

A low-priced policy can be purchased for Rs. 12.               

Accident insurance cover without spending a lot as compared to other policies.

Money is given to the nominee in case of death.             

The welfare of the family in case of death, as the claim amount can be availed by the nominee.

Auto-debit of premium from the bank account.

No regular payment formality worries due to auto-debit facility.

Option to choose a long-term policy or yearly renewability.        

Easy processing of continuous cover.

Easy exit and re-entry measures.            

Flexibility to continue or discontinue as per one’s wish.

It can help save tax.       

Deduction as per Section 80C and Sum Insured of Rs. 1 lakh is non-taxable as per Section 10(10D) of the Income Tax Act.

Coverage of Pradhan Mantri Suraksha Bima Yojana:

Here’s a table highlighting the cover offered by the PMSBY.


Event    Claim Amount (Rs.)

An accident leading to policyholder’s death         2 lakhs (given to nominee)

Permanent total disability            2 lakhs

Permanent partial disability         1 lakh

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