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Pradhan Mantri Suraksha Bima Yojana has been announced by the Government of India as one of the three social security schemes.
PMSBY is an insurance scheme that provides accidental death and disability coverage for one year. The renewal is done on an annual basis.

With a minimum premium of ₹20/- per annum, this policy is most beneficial for the poor and low-income sections of the society.

Pradhan Mantri Suraksha Bima Yojana provides life coverage of ₹2 lakh for accidental demise or permanent total disability and ₹1 lakh for permanent partial disability.

Individuals within the age group of 18-70 years having a participating savings account can subscribe to this scheme. In case you have more than one savings account, you can subscribe to the scheme by using only one of them.

Death Benefit Worth ₹2 Lakh

Get sum assured in case of an untimely demise of the policy holder

Premium As Low As ₹20 Per Annum

To be deducted from the account holder’s bank account through ‘auto-debit’ facility in one instalment

Enrolment Period

The accidental death/disability cover period will be from June 1 to May 31 of next year

Disability Cover Worth Up To ₹2 Lakh

In case of injury to eyes or limbs

Wide Range Of Eligibility Age

Between 18 years (completed) to 70 years (age nearer birthday)

Termination Of Assurance

Between 18 years (completed) to 70 years (age nearer birthday)

How to get insured?

AU customers and non-AU customers can buy insurance via these modes:

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Things to know

How to apply

Customer can enroll for PMSBY by visiting the nearest AU Small Finance Bank branch.

Note- For Joint Account Holders opting to enroll for PMSBY, request shall be given only at the AU Small Finance Bank Branch.
 

PMSBY `Claim` Form
PMSBY `Claim` Form Hindi
PMSBY `FAQ`

Eligibility

The Savings Account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.

Master Policy Holder

Participating Bank – AU Small Finance Bank will be the master policy holder.

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Death benefit worth ₹2 lakh

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    The accidental death/disability cover period will be from June 1 to May 31 of the next year.

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    A subscriber can join the scheme anytime during this period and give consent for auto-debit of premium. Along with enrollment, the subscriber is required to give consent for auto-debit of renewal premium. The renewal premium is debited in the last week of May every year.

Premium as low as ₹20 per annum

For enrolments done on or after June 1, 2016, the cover shall commence from the date of enrolment into the scheme.

Enrolment period

The accidental death / disability cover period will be from 1st June to 31st May of next year. Subscriber can join the scheme anytime in this period and give consent for auto debit of premium. Along with enrollment, subscriber is also required to give consent for auto-debit of the renewal premium. The renewal premium is debited in the last week of May every year.

Disability cover worth up to ₹2 lakh

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    Cover of ₹1 lakh, for permanent partial disability (Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot)

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    Cover of ₹2 lakh, for the accidental demise or permanent total disability (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 hand or foot)

Termination of assurance

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    On attaining age 70 years (age near birthday).

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    In case a member is covered through more than one account and the premium is received by the insurance company inadvertently, insurance cover will be restricted to one and the premium shall be liable to be forfeited.

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    If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of appropriate premium, subject to conditions that may be laid down. During this period, this risk cover will be suspended and the re-instatement risk cover will be at the sole discretion of the insurance company.

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    Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably May of every year and remit the amount due to the insurance company in that month itself.
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