Secure Your Future with Pradhan Mantri Suraksha Bima Yojana – Affordable Accident Insurance for Financial Protection in India

Secure Your Future with Pradhan Mantri Suraksha Bima Yojana – Affordable Accident Insurance for Financial Protection in India

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a pivotal government initiative aimed at enhancing the financial security of individuals in India by providing affordable accident insurance. Launched in May 2015 as part of the government’s broader social security agenda, PMSBY seeks to protect citizens from the economic impact of unforeseen accidents.

Key Features:

Comprehensive Coverage: PMSBY offers substantial coverage of ₹2 lakh for accidental death and permanent total disability. For those experiencing permanent partial disability due to an accident, the scheme provides ₹1 lakh in benefits, ensuring a wide range of protections.

Eligibility Criteria: The scheme is accessible to all Indian citizens aged between 18 and 70 years who possess a savings bank account. This inclusivity aims to reach a diverse demographic across urban and rural areas.

Affordable Premium: With an annual premium of just ₹12, PMSBY is designed to be economically viable, making it an attractive option for individuals seeking financial safety without significant financial burden.

Simple Enrollment Process: Participants can enroll easily through participating banks and financial institutions, requiring minimal documentation. This streamlined process encourages widespread adoption among the population.

Efficient Claim Mechanism: In the event of an accident, beneficiaries or their nominees can file claims directly with the insurance provider. The claim process is designed to be user-friendly, ensuring timely support for families in distress.

Benefits:

Financial Security: PMSBY serves as a crucial safety net, offering immediate financial assistance to families affected by accidental deaths or disabilities, thereby mitigating the economic fallout from such incidents.

Enhanced Accessibility: The low premium and straightforward enrollment process ensure that even individuals from economically disadvantaged backgrounds can secure protection, fostering greater participation in the scheme.

Awareness and Education: The government has undertaken efforts to raise awareness about PMSBY, emphasizing the importance of accident insurance and encouraging people to take proactive steps toward securing their financial future.

MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES

LOK SABHA

UNSTARRED QUESTION No. 2686
ANSWERED ON MONDAY,17 MARCH, 2025/PHALGUNA 26, 1946 (SAKA)

PM Suraksha Bima Yojana (PMSBY)

Smt. Harsimrat Kaur Badal

Will the Minister of FINANCE be pleased to state:

(a) the current number of active Pradhan Mantri Suraksha Bima Yojana (PMSBY) enrollment in Punjab, district-wise;

(b) the number of claims filed under PMSBY in Punjab since its inception and the total number of claims that have been successfully settled;

(c) the measures undertaken by the Government to promote awareness and understanding of PMSBY among the rural and urban populations of Punjab;

(d) whether the Government has identified specific obstacles hindering the effective rollout of PMSBY in Punjab, such as issues related to banking infrastructure, beneficiary identification or premium collection;

(e) whether the Government has any collaboration with the State Government of Punjab to enhance the scheme’s reach and efficacy; and

(f) the details of the key areas of focus and support being provided to address the identified challenges?

ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE

(SHRI PANKAJ CHAUDHARY)

(a) to (f): The district wise details of active enrolments under Pradhan Mantri Suraksha Bima Yojana (PMSBY) in state of Punjab, as on 19.02.2025 are annexed.

The details of cumulative number of claims filed and number and amount of claims settled under PMSBY in Punjab since inception as on 19.02.2025 are as under:-

Regular campaigns are being held from time to time at village level, in order to increase coverage under financial inclusion schemes including PMSBY, with active participation of banks and local administration. A website namely, www.jansuraksha.gov.in, which hosts all relevant material / information including forms, rules etc. related to this scheme in English, Hindi and regional languages, has been created. The progress of settlement of claims under the schemes is monitored regularly by the Government.

Annexure referred in reply of Lok Sabha Unstarred Question No. 2686 for 17.03.2025

Source: Banks

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