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Pradhan Mantri Suraksha Bima Yojana: Rs.2 lakh Accident Insurance Cover for Rs.12/year

Accidents can strike anytime and it is one of the leading causes of death. Accidents can also cause partial and full disability of the victim. Disability and death caused because of accidents, especially of the sole breadwinner of the family, can lead to financial distress in the family. To keep your family financially protected in the event of an untoward incident, Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides accidental insurance cover to individuals.

What is Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana is an accidental insurance cover. Prime Minister Narendra Modi introduced it on 9th May 2015.

It is an affordable insurance policy that financially safeguards the policyholder’s family and dependents in the case of any disability or death of the policyholder because of accident. 

Who can take the policy?

  • Individuals in the age group of 18 years to 70 years can take this policy. 70 years is the age limit to access PMSBY.
  • Individual with a savings bank account
  • Interested policy holders should give consent to enable auto debit of the insurance premium from their savings account.

How to enrol for the policy?

Interested individuals can enrol for the Pradhan Mantri Suraksha Bima Yojana through banks or general insurance companies. The general insurance companies offer the policies through banks.

 You can enrol for PMSBY through online and offline procedure. If you have opted for internet banking facilities, you can take the insurance policy online by logging in to your bank’s net banking platform with your credentials.

Depending on your bank, you can send a message on a particular number to take the policy. You can also visit your nearest bank branch to take the policy.

What is the premium and premium payment process?    

The annual premium of the policy is affordable. Customers need to pay an annual premium is Rs.12 exclusive of taxes that is directly auto-debited from your bank account every year between May 25 and May 31.

What is included in the policy?

The policy covers death because of death and physical disabilities such as loss eyesight (one eye and both eyes), or loss of use hands (one and both hands) or feet (one foot or both).

What are the benefits of Pradhan Mantri Suraksha Bima Yojana?

The total sum insured under this policy is Rs. 2 lakhs. For partial disability, the policy holders get a coverage of Rs.1 lakh.

Table of BenefitsSum Insured
DeathRs. 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 FootRs. 2 Lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot            Rs. 1 Lakh

What are excluded from the PMSBY benefits?

Intentional self-injury, suicide or attempted suicide under the influence of alcohol and drugs are some major exclusions in the policy.

How to apply for Pradhan Mantri Suraksha Bima Yojana through your savings bank account

Pradhan Mantri Suraksha Bima Yojana(PMSBY) – SBI

Offline Process:

  1. SBI savings account holders can apply for the PMSBY by filling up an application form.
  2. Consent form of auto-debit of premium needs to be submitted with the form.
  3. After the policy holder submits the application form and consent form, the bank will decide whether to or not to approve the enrolment. After the bank approves the enrolment, the premium will be  deducted from the SBI savings account.

Online Process:

  1. Visit and log in with your credentials.  
  2. Click on My Accounts sections
  3. Select social security scheme
  4. Opt for Pradhan Mantri Suraksha Bima Yojana
  5. Select your account number from the drop down box that you want to be registered with the policy.
  6. Choose your CIF number and click on submit
  7. In the next step, an online form will be displayed. Few of the details will be auto-populated. Fill the other required details.
  8. Add your nominee details such as name and relationship with the nominee. Click on Submit.

You have now registered with the SBI PMSBY.  

You can click on ‘Status’ option to see the branch code, reference number, etc.  

Pradhan Mantri Suraksha Bima Yojana(PMSBY)- ICICI Bank

ICICI Bank savings account holders can apply for the policy through internet banking, phone banking (through IVR) and branch banking.

Apply online through Internet Banking:

Log in to ICICI Bank’s net banking platform to enrol for the PM insurance policy.

Through Phone Banking

  1. Call ICICI Bank Customer Care
  2. Select IVR option 5 for PMSBY Scheme
  3. Choose option 2 to enrol

Visit the bank branch    

Interested ICICI Bank savings account customers can enrol for the PMSBY policy by visiting the nearest bank branch. 

Pradhan Mantri Suraksha Bima Yojana- Kotak Mahindra Bank

Net Banking, sending an SMS and visiting a bank branch are three ways that Kotak customers can enrol for the insurance policy.  

Kotak Net Banking:

Customers can log in to Kotak Net Banking with their credentials to apply.

  1. Log in to the Kotak Net Banking.

  2. Select ‘Banking’ available in the top menu section.

  3. Select ‘Enroll in PMJJY and PMSBY’ in Quick Links.

  4. Select the PMSBY.

  5. Select Savings account from where the premium amount will be debited.

  6. Add your nominee name and your relationship with the nominee.

  7. Click on ‘Submit’.

Through SMS

Individuals can write SURAKSHA and send the SMS to 5676788 to get started.

Visit bank branch

Bank customers can also visit the nearest Kotak bank branch to apply for the insurance policy.


HDFC Bank savings customers can enrol for this accident insurance policy through SMS, internet banking facilities or by visiting the nearest bank branch.

Activate the insurance policy through SMS

  • HDFC Bank will send an SMS to eligible customers asking them whether they will be interested in applying for the PM Suraksha Bima Yojana.
  • If interested, the customer can reply ‘PMSBY <space> Y’.
  • Individuals will receive an acknowledgement message.
  • To activate the policy, the bank will check the demographic details and nominee details. Nominee detail is essential for the application to be approved.

Through HDFC NetBanking

  • Log in to HDFC NetBanking with your credentials
  • Click on the ‘Insurance’ tab.
  • Select the PMSBY policy.
  • Choose the savings account that you want to link with the policy.
  • Details such as policy cover amount, premium amount and nominee details will be displayed. Individuals can choose to continue with their savings account nominee or add a new nominee.
  • Accept the various declarations.
  • Hit ‘Continue’. Customers can now see the complete details of their insurance scheme.
  • Click on ‘Confirm’.  
  • Acknowledgement document will carry your unique reference. Download the document and save it for future reference.

Things to remember while applying for accident insurance cover

  • Customers can only enrol for the PM Suraksha Bima Yojana with one savings bank account. If bank authorities find out that the policy is linked to another savings account, the policy will become inactive.
  • Aadhaar is the basic KYC document to apply for the insurance policy.
  • Individuals between 18 years and 70 years can apply for this PM insurance policy.
  • Policy holders remain active as long as the yearly premium is paid or till 70 years. 
  • The customer should allow auto-debit from their savings account.  

FAQs on Pradhan Mantri Suraksha Bima Yojana

What is the nature of the Pradhan Mantri Suraksha Bima Yojana?

The PM Suraksha Bima Yojana is a personal accident insurance policy offered by the government of India. It offers financial protection to dependents of the policy holder in case of death or disability (partial or full) due to accident.

What are the benefits and premium payable of this policy?

The annual premium is Rs.12. The maximum cover of this policy is Rs.2 Lakh.

How will I pay the premium?

The premium will be auto deducted from your linked savings bank account. Customers have to opt for the auto debit function or submit auto debit consent form along with the application form.

Can I enrol in this policy?


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