Frequently Asked Questions on PRADHAN MANTRI SURAKSHA BIMA YOJANA
1. What is the nature of the scheme?
- The scheme will be a one year cover Personal Accident Insurance Scheme,
renewal from year to year, offering protection against death or disability due to
2. What would be the benefits under the scheme and premium payable?
- The benefits are as follows:
Table of Benefits
Rs. 2 Lakh
||Total and irrecoverable loss of both eyes or loss of use of both hands or feet loss of sight of one eye and loss of use of hand or foot
Rs. 2 Lakh
||Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot
Rs. 1 Lakh
Premium payable is Rs. 12/- per annum per member.
3. How will the premium will be paid?
- The premium will be deducted from the account holder’s saving bank
account through ‘auto debit’ facility in one installment, as per the option to be
given on enrolment. Members may also give one- time mandate for auto debit every
year till the scheme in the force, subject to re-calibration that may be deemed
necessary on review of experience of the scheme from year to year.
4. Who will offer/administer the scheme?
- The scheme would be offered / administered through the Public Sector
General Insurance Companies (PSGICs) and other General Insurance companies willing
to offer the product with necessary approvals on similar term, in collaboration
with participating Banks. Participating banks will be free to engage any such general
insurance company for implementing the scheme for their subscribers.
5. Who will be eligible to subscribe?
- All savings bank account holders in the age 18 to 70 years in participating
banks will be entitled to join. In case of multiple saving bank accounts held by
an individual in one or different banks, the person would be eligible to join the
scheme through one savings bank account only.
6. Whether Joint Account holders can join the Scheme?
- Yes, provided separate premium is paid for each of the Account holders.