pradhan mantri suraksha bima yojana (pmsby) details

A large part of the Indian population lives in rural areas and most of them are not covered under any kind of social security scheme. A large section of this population has not even gained the benefits of the banking system and most are still unaware of various governmental schemes that are launched from time to time. For removing this problem and making poor people strong, The Pradhan Mantri of India Mr. Narendra Modi has launched another social security scheme- Pradhan Mantri Suraksha Bima Yojana (PMSBY) - An accidental Death and Disability insurance scheme in Kolkata on 9 May 2015 along with two other insurance and pension related schemes. Now a days , if an earning member of a family becomes permanently disabled or dies then his or her family faces many problem such as no protection or support from any institution or group. By joining the PMSBY scheme and by paying a nominal premium of Rs. 12/- per person per year, he or she will get an accidental insurance cover for a sum of Rs. 2,00,000/- (two lakh) in case of accidental death or permanent full disability or a sum of Rs. 1,00,000/- (one lakh) in case of partial but permanent disability. The scheme will be valid for a year and it will be renewed every year.

There are many government social security schemes which have not had a very positive response, due to lack of financial system infrastructure. Opening accounts or making claims was too much difficult for them (poor people /farmers). Even the leakages in the system resulted in large sections remaining excluded from the benefits of these schemes. This has now been largely addressed by the present government that has made extensive use of technology to augment its social scheme delivery and monitor mechanisms. All the payments will be directly credited to the beneficiary’s account. There is no scope for leakages. So that PMSBY is different from other schemes. From its launch, 8,46,18,155  people have already registered for the scheme as on 2 September 2015. Gross Enrollment Reported by Bank 92,688,166  people have already registered for the scheme as on December 21, 2015. This scheme would be come in effect from 1st  June 2015.

Eligibility for PMSBY
Any person  having age in between 18 to 70 and a savings bank account with Aadhaar Card.

Premium -Rs 12 per annum per member
Cover stops -At the age of 70 years
Risk Period -1st  June to 31st May every year.
Mode of Payment -Premium will be auto debited from account in the month of May every year.
Maximum Insurance cover -    Rs 2 lakhs
Minimum Insurance Cover – Rs 1 lakhs
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

 PMSBY Implemented By
The scheme would be offered / administered through Public Sector
General Insurance Companies (PSGICs) and other General Insurance companies who are willing to join the scheme and tie-up with banks like ICICI Bank, HDFC Bank for this purpose.

About Tax Benefits On Joining The Scheme
The entire premium paid by the candidates will be tax free under Section 80C. All the proceeds received up to Rs. 1,00,000/- (one lakh) will be tax free under Section 10(10D). and For all the proceed amounts exceeding Rs. 1,00,000/- (one lakh), a TDS at the rate of 2% of the total proceeds will apply if Form 15H or Form 15G is not submitted to the insuring agency.

Condition or Rule –Regulation For Applying PMSBY
Person has to open a bank account and then ensure the availability of at least Rs. 12/- before 1st June of each year to ensure automatic renewal of the scheme

The person will need to submit the form each year before 1st June to continue the scheme. The account can be easily activated and the entire premium due will be auto-debited from his or her account.

For more information on Pradhan Mantri Suraksha Bima Yojana (PMSBY) , please see the WEBSITEs  or
 One can also call the National toll free numbers: 1800 110 001 / 1800 180 1111. StateWise Toll free numbers are different for different states, and listed in the document – .

Downloaded application form from  the website forms  are available in different languages such as English, Hindi, Gujarati, Bangla, Kannada, Odia, Marathi, Telugu and Tamil.
For information on frequently Asked Questions(FAQs)  on Pradhan Mantri Suraksha Bima Yojana (PMSBY) , please see the WEBSITE

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