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Pradhan Mantri Suraksha Bima Yojana

In a move to provide accident insurance cover to every India, the Pradhan Mantri Suraksha Bima Yojana was launched as a government backed insurance scheme. Originally conceptualised in the budget speech of 2015 by the Finance Minister, the official announcement was made in Kolkata on 9th May 2015.

The salient features of the scheme interalia, include providing accident insurance upto Rs 2,00,000/- in case of death of the insured and in case of partial disability an amount of Rs 1,00,000/- is paid. The premium is attractive which is capped at Rs 12/- and an additional amount of 14% is levied as service tax over and above the Rs 12/-. The premium amount is deducted directly from the Bank account of the insured person.

The bank account opened as part of Pradhan Mantri Jan Dhan Yojana which were opened as zero balance initially will be linked to this scheme that will go a long way in ensuring reduction in the number of zero balance accounts.


There has been criticism amongst various quarters of the industry especially the bankers who mention that the premium collected under the scheme is too less which does not even cover the service costs.

Mode of Payment of Premium

At the time of enrolment into the scheme, auto debit mandate is received by banks, who deduct the amount directly from the bank account of beneficiary in one go on yearly basis. The auto debit option can also be chosen for longer periods till existence of the scheme with a clause of re-calibration from time to time.

Termination of Benefit Cover

The benefit under this scheme will be terminated on following instances

1) Upon the subscriber attaining the age of 70 years or nearest thereto. (2) Due to closure of bank account or insufficient balance in the account at the time of renewal (3) in case of multiple accounts and repeated premium paid on all accounts intentionally by the subscriber, then the benefit is restricted to only one account and premium paid on other accounts is forfeited. (4) If the insurance policy is withdrawn for insufficiency of balance in account or administrative reasons or any other reasons, the same can be revived at sole discretion of Insurance Company provided, full premium is paid and that the policy is issued with prospective effect. During such revival period, the benefits under this scheme will be suspended. The renewed insurance over and risk cover is issued later on by the insurance company.

The participating banks under the Pradhan Mantri Suraksha Bima Yojana are mandated to auto-debit the premium amount from subscribers preferably in month of May every year or the month of commencement of policy. Further, the amount is debited has to be remitted by the banks to insurance company within the same month.