Pradhan Mantri Jeevan Suraksha Bima Yojana: PMSBY

The Indian government has launched Pradhan Mantri Jeevan Suraksha Bima Yojana (PMSBY) as one of the three social security schemes. PMSBY is an accident insurance plan for one year with an annual renewal. The scheme provides death and disability insurance in the event of an accident. 

Rs. 12/ premium per year makes this policy most favorable for the poor and low-income people. Pradhan Mantri Suraksha Bima Yojana provides Rs. 2 lakh as life insurance cover for death due to accident and total permanent disability, and Rs. 1 lakh for partial disability.

This scheme is open to individuals aged 18-70 who have a savings bank account. If you have more than one savings bank account, you can only register for the program with one savings account. 

PMSBY Scheme Details

People having ages between 18-70 years with a bank account can subscribe to this scheme and that gives their consent to join/ activate direct payments no later than May 31 before the validity period from June 1 to May 31 with annual renewal.

Aadhaar will be the main KYC document for bank accounts. The risk insurance according to the plan is Rs. 2 lakh due to accidental death and total disability and Rs. 1 lakh due to partial disability. Rs. 12 as a premium per year will be deducted from the account holder’s bank account via an “automatic debit” in one installment. 

This plan is offered by insurance companies in the public sector or other General Insurance Companies that are willing to offer products on similar terms with the necessary approvals and binding agreements with banks.

  • The premium for the scheme is Rs. 12/year
  • Coverage under this program expires on May 31 of each year, regardless of when you enroll in the program.
  • The renewal premium will be automatically withdrawn by the bank by 1 June each year or as per the guidelines of the MOF (Ministry of Finance).
  • A long-term policy or an annual renewal option is available.
  • The money will be given to the nominee if the policyholder dies.

What PMSBY Scheme Covers? 

Rs. 2 lakh is available to the policyholder as an insurance benefit in case of the accidental death of the policyholder under the Pradhan Mantri Suraksha Bima Yojana.

In addition, Rs. 2 lakh is granted in case of complete disability of the subscriber of the scheme such as irreversible or complete loss of both eyes or total loss of use of hands and feet, paralysis, etc.

PMSBY scheme coverage is in addition to any other insurance plans available to the subscriber. Because it is a pure life insurance plan, the scheme does not provide any mediclam, i.e. the scheme does not provide reimbursement of hospital costs in the event of an accident

PMSBY Scheme Eligibility

All individual between the age of 18-70 years having bank account individually or jointly is eligible to participate in the PMSBY program.

  • If an individual has multiple accounts in more than one bank, he will only have access to the system from one bank account.
  • In the case of joint account holders, all the holders can subscribe to the scheme.  
  • NRIs can also take the scheme, however, if a claim arises, the beneficiary/nominee will only be paid in Indian currency.

Also Read: Ayushman Bharat Bima Yojana

Documents Required for PMSBY Scheme

The documents required to subscribe to the PMSBY scheme are as follows:

  • Duly completed Pradhan Mantri Suraksha Bima scheme application form containing information such as name, contact information, Aadhaar number and policyholder’s information, nominee details, etc. The scheme form is available in nine regional languages, including Hindi and English, making it easy for the public to understand.
  • If the applicant’s Aadhaar card information is not linked to his/her savings account, a copy of the Aadhaar card must be provided. The equivalent must be submitted with the PMSBY application form. 

How to Subscribe to PMSBY Scheme through SMS?

  • Eligible customers will receive a text message requesting a response to “PMSBY <space> Y”.
  • To register for the scheme, the customer must reply to the text message “PMSBY <space> Y”.
  • In response to the customer’s text message, a confirmation message is sent to the customer.
  • For further processing, the application must contain information about the customer’s name, date of birth, marital status, etc.
  • Data is taken directly from the bank accounts of the participating customer.
  • If the required customer information is not available in the bank books, the confirmation process will not proceed and the customer must physically register at the nearest branch.
  • If the automatic debit fails due to insufficient balance, the insurance guarantee expires, but the insurance is valid.

How to Subscribe for PMSBY Scheme through Online Banking

  • Go to the official insurance website and click on the insurance tab.
  • Select the account through which you want to pay the premium. 
  • Depending on the selected account, the display shows the amount of insurance coverage, information about the nominee, and the amount of insurance premium. You can choose a nominee of a savings bank account or add a new nominee.
  • After entering the name of your nominee, click on the following information: –
  • Information about the plan, terms, and conditions
  • “I don’t have the same other policy”
  • After clicking the continue button, the details of the policy will be displayed.
  • Verify the information and click on confirm.
  • You will receive an acknowledgment receipt with a unique identification number.
  • Be sure to save the confirmation number.

PMSBY Scheme Claim Process

You can claim from PMSBY in the event of partial or complete disability. If death occurs, the nominee can make a claim. If the nominee is not selected, the amount of compensation is awarded to the legal heirs of the deceased policyholder. Here is the claim process.

  • To make a claim the policyholder/nominee must contact the bank or insurance company from which the policy was purchased.
  • Get a claim form and fill it out. This includes information such as name, address, contact information, hospital information, etc. The claim form can be downloaded from jansuraksha this form is available in several languages. 
  • If the nominee raises a claim he/she must submit the claim form with supporting documents like a disability certificate or death certificate. 
  • The insurance company confirms the details.
  • If the documents prove to be correct, the amounts of benefits will be transferred to the specified bank account and the claim will be settled.


The purpose of the PMSBY scheme is to provide people with accident insurance at a much lower price than commercial insurance companies. This is an annual policy and includes deaths and disability under the terms and conditions of the plan.

With all the advantages and features of this scheme and the minimum premium, the PMSBY scheme is one of the best social security plans. This provides low-income people with life protection without significantly damaging their savings. 

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