Pradhan Mantri Suraksha Bima Yojana – Life Insurance [Click Here]

Pradhan Mantri Suraksha Bima Yojana is backed by the Government as an accidental insurance scheme for India. It was worked out as the scheme that will cover the basic methods of the insurance for the accidental system.

This scheme was originally decided on 2015 Budget Speech by Finance Minister Arun Jaitley on the month of February 2015. Before that it was launched by Narendra Modi on 9th May in 2015 in Kolkata. Till this date only 25% of the population has any kind of insurance.

Pradhan Mantri Suraksha Bima Yojana – What is It?

Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana

Also Read: Annapurna Scheme 

  • The PMSBY or Pradhan Mantri Suraksha Bima Yojana is an accidental insurance scheme that is provided to the people of India and that are aged between 18-70 years.
  • This scheme will move forward with the help of Indian Banking System through Indian Banks.
  • The Annual premium that the person has to pay who are enrolled in this scheme is just ₹12 per annum and this scheme is available on all major banks.
  • The Pradhan Mantri Suraksha Bima Yojana will provide cover for the whole family even after something happens for the main enroller of the insurance.

Main Features of PMSBY:

There are many great benefits that the people will get who will enrol into the Pradhan Mantri Suraksha Bima Yojana. These people will get great advantages that will be in PMBSY. Here are the main features of PMSBY:

  • The main perspective of the PMBSY is that it will help the government in covering the people who still not taken any kind of insurance and covering the population.
  • The premium paid annually for the accidental insurance is really low and easy to pay and this helps the person who cannot afford high-end insurances.
  • The scheme of PMSBY is available for the ager group between 18-70 years but they need to have a savings bank account.
  • The savings bank account holders have to just give their consent for the Pradhan Mantri Suraksha Bima Yojana and the extremely low annual amount will be deducted automatically from your Bank Account.
  • Under the PMSBY scheme the following is served. Risk coverage of 2 Lakhs for death under accident or total permanent disability and ₹1 Lakh for Partial disability.
  • This scheme is available on all major General Insurance Companies and Public sector General Insurance Companies.
  • The banks that are participating will be the major Policy Holder for the insurance.

How to apply for PMSBY? How to apply for Pradhan Mantri Suraksha Bima Yojana

  • To enrol for this scheme you need to download
  • After downloading the form fill it.
  • Now you have to submit this to particular bank in which you have your savings account.
  • Once the bank receives this form your Insurance will get activated and you premium will get deducted automatically from the Bank Account.
  • You can also enrol this through SMS based systems on your phone.

Final Verdict:

Today we learnt about PMBSY (Pradhan Mantri Suraksha Bima Yojana) and how you can apply for this scheme. If you have any queries leave those in the comment box below.

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