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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana

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About Pradhan Mantri Suraksha Bima Yojana

    Pradhan Mantri Suraksha Bima Yojana has been announced by the Government of India as one of the three social security schemes. PMSBY is an insurance scheme that provides accidental death and disability coverage for one year. The renewal is done on an annual basis.
    With the minimum premium of Rs 20/- per annum, this policy is most beneficial to the poor and low-income sections of the society.
    Pradhan Mantri Suraksha Bima Yojana provides life coverage of Rs 2 lakh for the accidental demise or permanent total disability and Rs 1 lakh for permanent partial disability.
    Individuals within the age group of 18-70 years having a participating Savings Account can subscribe to this scheme. In case you have more than one Savings Account, you can subscribe to the scheme by using only one of them.

Benefits of PMSBY

a. Death Rs 2 lakh
b. 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 foot Rs 2 lakh
c. Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Rs 1 lakh

Scheme Details

Enrollment Period: The accidental death / disability cover period will be from 1st June to 31st May of next year. Subscriber can join the scheme anytime in this period and give consent for auto debit of premium. Along with enrollment, subscriber is also required to give consent for auto-debit of the renewal premium. The renewal premium is debited in the last week of May every year.

Premium: Rs 20/- per annum per member. The premium will be deducted from the account holder’s Savings Account through ‘auto debit’ facility in one installment on or before 1st June of each annual coverage period under the scheme. For enrolments done on or after 1st June'16, the cover shall commence from the date of enrolment into the scheme.

Eligibility Conditions: The Savings Account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.

Master Policy Holder: Participating Bank – AU Small Finance Bank will be the master policy holder.

Termination of cover: The accident cover for the member shall terminate on any of the following events and no benefit will be payable there under:

  • On attaining age 70 years (age nearest birthday).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
  • If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that may be laid down. During this period, the risk cover will be suspended, and reinstatement of risk cover will be at the sole discretion of insurance company.
  • Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the insurance company in that month itself.

How to Apply for PMSBY

Customer can enroll for PMSBY by visiting the nearest AU Small Finance Bank branch.

Note- For Joint Account Holders opting to enroll for PMSBY, request shall be given only at the AU Small Finance Bank Branch.


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