How to activate Pradhan Mantri Suraksha Bima Yojana online

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Accidental death is one of the leading causes of death in India. In order to financially support the injured family, the Indian government provides a social security scheme called Pradhan Mantri Suraksha Bima Yojana (PMSBY). It is essentially an individual accident insurance plan offering protection against death or disability following an accident.

Eligibility criteria

  • The person must be between 18 and 70 years old.
  • The person must have a savings bank account and must set an automatic debit instruction for the policy premium deduction.

Application

In order to activate this social security scheme, the account holder must first log into the online banking of the bank where they have a savings account and go through the scheme application process accordingly.

Insurance cover

Insurance coverage is for a period of one year from June 1 to May 31. The total sum insured under the scheme is Rs 2 lakh.

Premium payment

The premium payable for the policy is only 12 per year and is automatically debited from the bank account. Each year between May 25 and May 31, the renewal premium will also be deducted from the bank account, unless the account holder has provided a cancellation instruction.

Point to note

  • A person can only benefit from the program through one bank account.
  • If a person joins the plan on or after June 1, insurance coverage begins from the date the premium was debited from the account until May 31 of the following year.

(The content on this page is courtesy of the Center for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava, and Labdhi Mehta.)



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