Pradhan Mantri Suraksha Bima Yojana

This scheme is a government based accident insurance scheme in our country. Our Finance minister, Mr. Arun Jaitley first mentioned it in February 2015 in the budget speech. Our Prime Minister, Mr. Narendra Modi announced it formally on May 9, 2015 in Kolkata.

Premium Amount: The premium amount for this scheme is Rs. 12 per head yearly.

Enrollment Period /Modality:

  • The coverage shall be for the period of one year from June 1 to May 31.It will require the option to pay through 'auto-debit' from any saving bank account, to be given till May 31 every year.
  • Any person who leaves the scheme can join again by paying an installment of the annual premium amount. Individuals who couldn't join the scheme earlier can also join anytime.
  • The coverage would end on May 31 of every year, irrespective of the joining date.
  • The coverage shall be started from the debit date of the premium amount from 1 June, 2016 onwards.

Pradhan Mantri Suraksha Bima Yojana Renewal:

The renewal premium amount would be deducted automatically by the bank before 1st June of every year. It may be according to the instructions of Ministry of Finance (MOF).

Pradhan Mantri Suraksha Bima Yojana Coverage:

Under this scheme, Rs 2 lakh will be paid on the death of the insured person or any accident causing irrecoverable loss.

Conditions that Lead to Automatic Termination of the Policy:

If the following situations occur, then they can lead to automatic termination of policy:

  • If the age of insured person exceeds 70 years.
  • If the insured person does not have sufficient balance in his bank account to pay the premium.
  • If the insured person is using two or more policies from his/her bank account, then only one policy will be considered.

How to File Claim?

One must submit the claim form to the branch of the bank in which the insured person had the account that was used for paying the premium of policy, within thirty days of the accident.