The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme that provides financial protection in case of accidental death or disability. The scheme is available at a very low annual premium of just Rs 20 per member.
The premium is automatically deducted from the member's bank or post office account on or before June 1 every year. The insurance cover remains valid for one year, from June 1 to May 31.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
ALSO READ: Your Debit Card May Have Rs 2 Lakh Insurance. Does Your Family Know About It?
Key Things To Know:
1. The scheme is open to any Indian between the age of 18 and 70 years. You need to be a bank holder and consent to an auto-debit facility to be enrolled in the scheme.
2. The PMSBY insurance cover ends when a member reaches 70 years of age or closes their bank account. The cover may also stop if there is insufficient balance to pay the premium.
3. If a person joins through multiple bank accounts, the total accident cover will be limited to Rs 2 lakh.
4. In case of the policyholder's death, the nominee will get Rs 2 lakh insurance.
5. Under PMSBY, a subscriber will receive Rs 2 lakh for total and irrecoverable loss of both eyes, both hands or feet, or loss of one eye along with one hand or foot.
6. For permanent loss of sight in one eye or use of one hand or foot, the benefit amount is Rs 1 lakh.
7. The scheme does not have any provision for reimbursement of hospitalisation expenses following an accident that results in death or disablement.
8. In cases of road or railway accidents, drowning or death involving crime, the incident must be reported to the police. For incidents like snake bites or falls from trees, immediate hospital records are required to support the cause of the accident.
9. PMSBY covers deaths and disabilities caused by natural calamities, as these are considered accidental events under the scheme.
ALSO READ: No More One-Size-Fits-All: How The New IRDAI Framework Will Reshape Your Motor Insurance Bill
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.