Pradhan Mantri Suraksha Bima Yojana(PMSBY) Gujarat

The Scheme 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 isRs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

New Delhi: What’s good at Rs 12 these days? Even a cup of good tea costs Rs. Not found in 12. In such a situation, if the cost of insurance cover is only Rs 12, is it a matter of happiness? We are talking about the Prime Minister’s Security Insurance Scheme (PMSBY). This is a plan that is insuring the common man at a very low premium. The goal of the scheme in the days of this Koro epidemic is that even the poorest person in the country can get insurance so that there is no financial hardship during any accident in his life.

Pradhan Mantri Suraksha Bima Yojana(PMSBY)

Under ‘Suraksha’ PMSBY for Rs 12

you get accident insurance of Rs 2 lakh. The special thing is that you can avail the benefits of this scheme by investing only Rs 12 per year.

Payment will be made in three cases 2 lakh will be paid on death in accident.

In case of permanent disability in an accident: In case of loss of both eyes or both arms or both legs or in case of loss of one eye and one arm or one leg a person will be paid Rs 2 lakh. In case of permanent partial disability in an accident: loss of sight in one eye or inability to use one arm or one leg, Rs. 1 lakh will be paid.

Who will get the benefit of this scheme?

The benefits of Pradhan Mantri Suraksha Bima Yojana can be availed by any citizen from the age of 18 to 70 years. In this plan, the insurer has to pay a premium of Rs. 1 per month.

How to avail the benefits of this scheme?

The application form can be downloaded from the website of Financial Services or from the link Download Form . Or visit the bank. The form is available in English, Hindi, Gujarati, Bengali, Kannada, Oriya, Marathi, Telugu and Tamil. You can take this insurance through any bank. In the public sector, private banks have also provided complete information related to their websites. The applicant must have a bank account to avail this scheme. Thus the premium amount is deducted from your account only. The bank will automatically deduct the premium amount from your account every year. It is important that you always keep a minimum amount in the savings account as per the rules of the bank. If for some reason the auto debit of the premium fails, your insurance cover will expire.
  • Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) are:
  • Eligibility: ICICI Bank Savings Bank (SB) Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme.
  • Policy period: The cover shall be for one year starting from June 1 to May 31 of next year. For the Saving Account holder joining on or after June 1, the cover shall commence from the date of premium debit and end on May 31 of next year.
  • Premium: Rs. 12 per annum.
  • Payment Mode: The premium will be directly auto-debited by the Bank from the subscribers savings account held with the Bank. This is the only mode available. For renewal of the policy, it will be auto debited between May 25 and May 31, unless the customer has given a cancellation request to the Bank for the policy.
  • Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.
Table of Benefits Sum Insured
  • I. Death Rs. 2 Lakh
  • II. 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 one hand or one foot Rs. 2 Lakh
  • III. Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot Rs. 1 Lakh
The total amount that can be claimed under the policy is INR 2 lakh only

The cover is subject to exclusions of the policy.


Major Exclusions: Intentional self injury, suicide or attempted suicide whilst under the influence of intoxication liqour or drugs, Any loss arising from an act made in breach of law with or without criminal intent.” For more details, please refer the Master Policy wordings.

Terms and conditions:
  • If a customer is having multiple saving account with the Bank, then only one PMSBY policy will be issued. In case multiple policies are found to exist, the premium(s) of such multiple policies shall be refunded to the customer’s respective account and no claims would be paid for such additional policy requests. The cover shall commence from the date of premium debit
  • Customer will have to pay full annual premium even if he/she joins the Scheme after the commencement of the Group Policy.
  • The membership in the Scheme will remain in force as long as all premium due are paid until attaining age of 70 years as on Annual Renewal Date.
  • Policy shall not be issued if mobile number is not updated in savings account. The Bank shall provide no separate intimation for the same.
  • The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account.
  • The personal details, as required, regarding admission into the Pradhan Mantri Suraksha Bima Yojana will be shared with ICICI Lombard General Insurance Company Ltd., under Group Policy Number 4005/151804272/00/000 certifying coverage as per the Scheme, and in accordance to the information available in your account and your authorisation for the auto deduction of the premium amount.
  • Any information provided by the customer if found to be untrue, the membership to the Scheme shall be treated as cancelled from the date of joining the scheme and all premium paid in respect thereof shall stand forfeited.
  • Renewal Premium of Rs. 12 (including GST) will be auto debited from the Savings Account between May 25 and May 31 of every year. Customers, who desire to cancel the auto renewal, need to submit such request before April 30 of the year. Renewal premium will be debited until the eligible age of the insured as per the scheme norms.
  • Joint account holder(s) can enrol for the PMSBY scheme by submitting a separate request for enrolment at ICICI Bank Branch only.


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