Prime Minister Suraksha Bima Yojana (PMSBY)

Bank has executed MOU with UIIC (United India Insurance Co. Ltd.) on 21.4.2015 to implement this scheme.
PMSBY was announced during Union Budget 2015-16 under which Rs. 2 lakh will be paid in case of accidental death and total permanent disability. In case of partial disability, the coverage would be to the extent of Rs.1 lakh.
The PMSBY is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 20 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment.

Frequently Asked Questions

1. What is the Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

PMSBY is a government-backed accident insurance scheme that provides financial protection against accidental death and disability at a very affordable premium.

2. What is the insurance coverage under PMSBY?
The scheme offers:

₹2 lakh for accidental death or total permanent disability
₹1 lakh for partial permanent disability

3. What is the annual premium for PMSBY?
The premium is ₹20 per year, which is auto-debited from the subscriber’s savings bank account.

4. Who is eligible to enroll in PMSBY?
Individuals aged 18 to 70 years with a savings bank account can enroll in the scheme.

5. What is the policy period of PMSBY?
The policy is valid for one year (1st June to 31st May) and is renewable annually.

6. How can I enroll in PMSBY through Bank of Maharashtra?
You can enroll by:

Submitting the consent form at the branch
Enabling auto-debit from your savings account
Completing KYC (Aadhaar is preferred)

7. Is Aadhaar mandatory for PMSBY?
Aadhaar is recommended as the primary KYC document for seamless enrollment and claim processing.

8. Can I have multiple PMSBY policies?
No, an individual can enroll in PMSBY through only one savings bank account, even if they hold multiple accounts.

9. How is the premium paid?
The premium is automatically debited from your bank account once a year in a single installment.

10. What happens if I do not have a sufficient balance for the premium deduction?
If the premium cannot be deducted due to insufficient balance, the policy may lapse for that year.

11. Can I exit the PMSBY scheme?
Yes, you can opt out anytime by informing the bank. However, the coverage will stop after cancellation.

12. What documents are required to file a claim?
Typically required documents include:

Claim form
Death/disability certificate
FIR or accident report (if applicable)
Bank account details of nominee

13. Who receives the claim amount?
In case of death, the nominee receives the claim amount. In case of disability, the insured person receives the benefit.

14. When does the risk coverage start?
Coverage begins from 1st June, provided the premium is successfully debited before the cut-off date.

15. Which insurance company is associated with Bank of Maharashtra PMSBY?
Bank of Maharashtra has partnered with United India Insurance Company Ltd. for implementing PMSBY.