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Pradhan Mantri Suraksha Bima Yojana 

The Pradhan Mantri Suraksha Bima Yojana is an initiative taken up by the government of India. It was first proposed during the 2015 Budget Speech by Finance Minister late Arun Jaitley in February 2015. 

After he proposed this Scheme, it was approved by the Prime Minister of India on 8 May 2015. The Scheme was publically launched on this day by Mr Narendra Modi. The PMSBY is an accident insurance scheme which claims to provide financial security to the policyholder. 

This project aims to provide affordable insurance facilities to poor and underprivileged people. Anyone looking for a cheap and secure insurance policy can opt for this government scheme. 

What is the purpose of Pradhan Mantri Suraksha Bima Yojana? 

The PMSBY project is an entire government-backed accident insurance program that intends to provide coverage to this Scheme’s subscribers. In case of death, it promises to deliver all kinds of benefits to the policyholder. But in the absence of the policyholder, the nominee of the account holder. 

The government aims to provide financial support to lower and middle-class society. It is introducing this Scheme among the rural and suburban masses of India. It is estimated that this Scheme will be able to bring positive change to the insurance market. 

A substantial number of benefices comprise women from all over India. According to the latest report by PIB, a significant portion of this is occupied by women. And this is perceived as a progressive measure on behalf of the government. 

It shows that more women are purchasing vehicles of their own. But also, they are learning how to drive safely. And with this scheme’s support, more people are encouraged to come forward and participate in this policy. 

Mission and Vision of Pradhan Mantri Suraksha Bima Yojana 

The mission and vision of Pradhan Mantri Suraksha Bima Yojana are as follows. 1. The Pradhan Mantri Suraksha Bima Yojana aims to provide the policyholder with a life cover of two lakhs rupees for one year.

2. The beneficiary can only enjoy the life cover if they encounter an accident that causes death or lifetime injury. 

3. The Scheme is open so that, in simple terms, every single citizen of this country can enjoy the benefits of this Scheme. 

4. In case the policyholder is an NRI, then the scheme’s benefits will be provided to the nominee in terms of Indian currency. 

5. In case of death for natural reasons, the account holder’s nominee gets to enjoy all the benefits of this Scheme. 

What are the Eligibility Criteria For Enrolling on Pradhan Mantri Suraksha Bima Yojana? 

Let us look at the eligibility criteria for enrolling on Pradhan Mantri Suraksha Bima Yojana, which is as follows. 

● The Maximum age limit for a policyholder is 70 years for the PMSBY scheme. ● The Minimum age limit for enrolling in this Scheme is 18 years. 

● The primary document an applicant should carry while applying for the PMSBY is an Aadhaar card. ● The policyholder’s bank account should be linked with the Aadhaar card. 

● In case the policy holder’s bank account is not linked with Aadhaar Card. They should attach a copy of the Aadhaar card and the application form. 

● A total of 12 rupees should be deposited annually. 

● The validity period of this Scheme is for one year, but you can reissue this Scheme at the end of the year. 


What are the Benefits of Pradhan Mantri Suraksha Bima Yojana? 

The PMSBY comes with a list of benefits that make it immensely popular, and they are as follows.

● Suppose the beneficiary of this Scheme dies due to an accident. In that case, the nominee will be entitled to two lakh rupees as coverage. 

● Correspondingly, suppose the subscriber meets a severe accident which leads them to partial or permanent loss of significant parts. In that case, they are also eligible to get two lakhs rupees. 

● According to the PMSBY project, if you meet an accident which leads to loss of hands or foot, which ultimately results in an irrecoverable situations as such, the subscriber will get one lakh rupees under this Scheme. 

● Another exciting feature of this Scheme is that you can avail of deduction under Section 80C for the premium they have paid. 

● But if the accounting hole commits suicide, they will not be entitled to any of this Scheme’s benefits. According to the government’s policy, no suicidal deaths will benefit from the PMSBY scheme. 

The Silent Features of Pradhan Mantri Suraksha Bima Yojana 

Let’s look at the list of features that comes along with the Pradhan Mantri Suraksha Bima Yojana. 

1. The PMSBY promises to provide renewable accidental death insurance coverage yearly. 

2. The amount that has to be paid annually is Rupees 12. This excludes the service tax, which is 14% as of now. 

3. According to the Scheme, the nominee, has entitled to rupees 2 lakhs as coverage in case the subscriber dies in an accident. Or, worst case scenario, they become disabled due to the accident. 

4. The premium is debited automatically from the bank account of the scheme holder or the subscriber. 

5. The best feature of the PMSBY scheme is that anyone can enter the Scheme at any time. Meanwhile, you can exit from the Scheme whenever you feel like it.

How Can You Spread Awareness Regarding Pradhan Mantri Suraksha Bima Yojana 

1. The traditional forms of media like radio, television and newspapers are the best way to communicate with this country’s rural and suburban populations. Since these types of communication mediums are commonly seen in rural and urban villages. 

2. Hence the government should consider developing structured programs that will promote their upcoming schemes with the extensive use of these traditional media. This way, the mass will be connected on a larger scale without much interpretation of the message. 

3. With the growth of internet users in India, social media platforms are in fashion these days. The government can set up its page and inform p[people about this Scheme. This will not only help in promoting the government’s policy. But at the same time, it will bring more engagement to their social media handle. 

4. Connecting with the rural population by visiting them can be another option. The government can send a small team of officials who will interact with the masses on behalf of the government and inform them of the latest policy trends. 


The Pradhan Mantri Suraksha Bima Yojana envisions reducing the number of deaths due to accidents. The government wants to ensure that people from the lower income group of society should be able to afford healthcare treatment with the help of this money. Thus the government wants to reach out to more people so that fewer people die on the roads due to accidents. 

Unlike any other government insurance policy, the main goal is the same for Pradhan Mantri Suraksha Bima Yojana. The best part about this type of government-sponsored Scheme is that people enjoy various facilities that would help them lead a decent life without any financial burden. It also helps in improving the standards of living as well.

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