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Pradhan Mantri Suraksha Bima Yojana (PMSBY) Savings Bank Account

  • Government of India has announced a scheme namely "Pradhan Mantri Suraksha Bima Yojana" in order to facilitate Accidental insurance cover (Accidental Death & Disability) to all the masses of India at affordable cost to economically weaker society.
  • The insurance cover is available under a One Year Renewable Insurance Plan of United India Insurance Company (UIIC). This scheme provides the Accidental insurance cover (Accidental Death & Disability) for all Savings deposit account holders
  • The scheme provides insurance cover to all savings account holders in the age group of 18 - 70 years. The scheme will officially come into effect from June 1, 2015.
  • Insurance cover to all savings account holders in the age group of 18 - 70 years.
  • Lesser premium of ₹ 12.00 per annum
  • Risk coverage for ₹ 2 Lakhs in case of death / total and irrecoverable loss of both eyes / loss of 1 eye and 1 hand / total and irrecoverable loss of 1 eye and 1 foot. ₹ 1 Lakhs in case of total and irrecoverable loss of 1 eye or 1 hand or 1 foot.
  • The savings bank account holders of TMB between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit will be enrolled into the scheme.

Minimum Balance Requiremnt

  • Minimum & maximum Balance – No stipulation / Limit
  • A person has to opt for the scheme every year or else he/she 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.
  • Insurance cover commences immediately on debit of premium to the account. The customer does not have to wait for the policy document.
  • Simple payment mechanism: the premium can be debited to customers account and standing instructions can be given for renewal. Thus there is no possibility of lapse of cover.
  • Nomination facility is available.
  • Simple claim settlement process.
  • The insurance cover is provided under the Group Insurance Scheme of UIIC..
  • Click Here Rules for Pradhan Mantri Suraksha Bima Yojana Scheme
  • Click Here FAQ for Pradhan Mantri Suraksha Bima Yojana Scheme
  • Click Here Claim Procedure for Pradhan Mantri Suraksha Bima Yojana Scheme (English)
  • Click Here Claim Procedure for Pradhan Mantri Suraksha Bima Yojana Scheme (Tamil)
  • Click Here Claim Form for Pradhan Mantri Suraksha Bima Yojana Scheme (English)
  • Click Here Claim Form for Pradhan Mantri Suraksha Bima Yojana Scheme (Tamil)
  • Click Here Discharge Voucher for Pradhan Mantri Suraksha Bima Yojana Scheme (English)
  • Click Here Discharge Voucher for Pradhan Mantri Suraksha Bima Yojana Scheme (Tamil)