In today’s time, when uncertainties follow us at every step in the hustle and bustle of life, a small step can give us and our family a big support. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) of the Government of India is one such initiative, which provides the benefit of accident insurance to the common people at a low cost. The aim of this scheme is to provide financial security to every person, especially the economically weaker sections. In this article, we will talk about this scheme in detail – what it is, what are its benefits, who can avail it, and how to start it. So, let’s get started!

What is PMSBY?

Pradhan Mantri Suraksha Bima Yojana was launched by the Government of India in May 2015. Its purpose was to provide insurance benefits to those people of the country who cannot afford expensive insurance plans. This is an accident insurance scheme, which provides financial security to the people at a very low premium. The special thing about this scheme is that it is open to every person who has a bank account, and it is extremely affordable.Under this scheme, if a person dies in an accident or becomes completely disabled, then he or his family gets financial help of Rs 2 lakh. If there is partial disability in the accident, such as not being able to use one hand or one leg, then an amount of Rs 1 lakh is given. And all this at an annual premium of just Rs 20.

Features of the Scheme

There are certain things that make PMSBY so popular. Let us understand them one by one:

• Low premium, big cover: In this plan, you have to pay a premium of only Rs 20 every year. That is, less than Rs 2 per month! At such a low cost, you get an insurance cover of up to Rs 2 lakh. This is very beneficial for those who want to take insurance but are unable to do so due to the expensive premium.
• Easy enrollment: It is very easy to join this scheme. If you have a savings account, you can apply for this scheme by visiting your bank or online. The premium amount is automatically deducted from your account every year, i.e. auto-debit facility. All you have to do is ensure that you have at least Rs 20 in your account by May 31, so that the premium can be deducted.
• One year policy, renewable every year: This plan is for one year, which runs from 1 June to 31 May every year. If you want to continue it further, then premium has to be paid every year. If there is not enough balance in the account, the policy may get cancelled, but it can be restarted by paying the premium.
• Scope of coverage: This plan provides coverage for death due to accident, total permanent disability (such as loss of vision in both eyes or loss of use of both limbs), and partial permanent disability (such as loss of use of one eye or one limb). However, this plan does not cover cases like suicide but does cover death due to murder.
• Open to all: People between the ages of 18 and 70 can avail the benefits of this scheme, provided they have a bank account. This scheme is specially designed for people in rural and unorganized sectors, where insurance facilities and awareness are low.

Who can take advantage of this?

There are some basic conditions to avail the benefits of PMSBY:

• Age: Your age should be between 18 to 70 years.
• Bank account: You must have an active savings account. If you have more than one account, you can join the scheme through just one account.
• Premium Payment: You have to give consent for auto-debit so that Rs 20 can be deducted from your account every year.
• Citizenship: The scheme is open to all citizens of India.

For this you do not need many documents. You just have to fill a form in which you have to give your name, address, Aadhaar number, and nominee details. In some banks, you can also join this scheme through online banking.

Pradhan Mantri Kisan Samman Nidhi (PM-KISAN): A helping hand for farmers

How to Apply?

It is very easy to join PMSBY. You can apply in the following ways:

• Visiting a bank branch: Visit your nearest bank branch where you have a savings account. Ask for the PMSBY form, fill it up, and give consent for auto-debit. In the form, you will have to provide your basic information and nominee details

• Apply online: Many banks, such as Bank of India and Bank of Baroda, offer the facility to enrol in PMSBY through their internet banking facility. All you need to do is login to your internet banking portal, select the option of ‘Insurance’ or ‘Pradhan Mantri Bima Yojana’, and fill the form.

• jansuraksha.gov.in portal: You can also visit this official website to get information about the scheme and download the form.

After applying, ensure that your account has a balance of Rs 20 by 31 May every year so that the premium can be deducted. If the balance falls short, the policy may be cancelled.

How to Claim?

If an accident occurs, making a claim is also easy. You need to follow the following steps:

• Report within 30 days: In case of an accident, you must report to your bank within 30 days.
• Submit required documents: You need to submit the claim form, death certificate (in case of death), medical certificate (in case of disability), and other required documents.
• Bank and Insurance Company Process: Your bank will coordinate with the insurance company, and the claim amount will be credited to your or your nominee’s account.

The process is simple and transparent, so you can get help quickly when you need it.

Impact of the scheme and statistics

PMSBY has brought a big change in the lives of millions of people. By 2025, more than 34 crore people have enrolled in this scheme. So far, more than 1,60,840 claims have been settled, and an amount of more than Rs 3,194 crore has been paid. These figures show that this scheme is really becoming a strong financial support for the people.

Especially in rural areas, where people depend on seasonal employment and medical facilities are limited, this scheme has proved to be a boon. It not only provides financial security but also provides emotional support to families in difficult times.

Some precautions

Although PMSBY is a very good scheme, there are a few things to keep in mind:

• Account Balance: Keep at least Rs 20 in your account by May 31 every year so that the premium can be deducted.
• Be aware: Some banks have been accused of deducting premiums from customers’ accounts without their consent. So, keep checking your bank statements and contact the bank if you have any doubts.
• Provide correct information: Provide correct information and nominee details in the application form so that there is no problem at the time of claim.

Conclusion

Pradhan Mantri Suraksha Bima Yojana is a scheme that provides a big security cover at a low cost. It is specially designed for those who are unable to take insurance due to financial constraints. It is really a great opportunity to get an insurance cover of Rs 2 lakh at an annual premium of just Rs 20. This scheme not only provides financial security but also gives confidence and stability to the weaker sections of the society.If you have a savings account and are between the age of 18 to 70 years, contact your bank today and become a part of this scheme. This small step can secure the future of you and your family. After all, life is precious, and a small amount of Rs 20 is not a big price to keep it safe.Have you enrolled in this scheme? Or do you have any questions? Share your thoughts and questions with us, we will try to help you!