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{{Use dmy dates|date=January 2016}}
{{Use Indian English|date=January 2016}}
{{Infobox project
| country = [[India]]
| primeminister = [[Narendra Modi]]
| ministry = [[Ministry of Finance (India)|Finance]]
| key_people = Late [[Arun Jaitley]]
| launched = {{Start date and age|2015|05|09|df=y}}
| current_status = Active
}}
'''Pradhan Mantri Suraksha Bima Yojana''' (PMSBY, translation: ''Prime Minister's Safety Insurance Scheme'') is a government-backed [[Accidental death and dismemberment insurance|accident insurance]] scheme in [[India]]. It was originally mentioned in the [[2015 Union budget of India|2015 Budget speech]] by Finance Minister Late [[Arun Jaitley]] in February 2015.<ref>{{Cite news|url=https://www.business-standard.com/article/current-affairs/jan-suraksha-social-security-for-masses-pricing-woes-for-insurers-115050900786_1.html|title=Jan Suraksha: Social security for masses, pricing woes for insurers|last=Reporter|first=B. S.|date=2015-05-09|work=Business Standard India|access-date=2020-01-31}}</ref> It was formally launched by Prime Minister [[Narendra Modi]] on 8 May in [[Kolkata]].<ref>{{Cite web|url=https://www.livemint.com/Money/n6uNxsGr1kytGMNBXklVTI/Banks-advertise-Pradhan-Mantri-Bima-Yojana-ahead-of-the-roll.html|title=Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out|last=Vishwanathan|first=Vivina|date=2015-05-08|website=Livemint|language=en|access-date=2020-01-31}}</ref>

==Provisions==
Pradhan Mantri Suraksha Bima Yojana is available to people (Indian Resident or NRI) between 18 and 70 years of age with bank accounts. It has an annual premium of {{INRConvert|12}} exclusive of taxes. The GST is exempted on Pradhan Mantri Suraksha Bima Yojana. The amount is automatically debited from the account. This insurance scheme can have one year cover from 1 June to 31 May and would be offered through banks and administered through public sector general insurance companies.<ref>{{Cite web|url=https://revexpo.com/review/pradhan-mantri-suraksha-bima-yojana-pmsby/|title=Pradhan Mantri Suraksha Bima Yojana (PMSBY)-accidental insurance|website=revexpo.com|language=en-US|access-date=2020-01-31}}</ref>

In case of unexpected death or full disability, the payment to the nominee will be {{INRConvert|2|l}} and in case of partial Permanent disability {{INRConvert|1|l}}. Full disability has been defined as loss of use in both eyes, hands or feet. Partial Permanent disability has been defined as loss of use in one eye, hand or foot.<ref name="Woes">{{citation|title=Jan Suraksha: Social security for masses, pricing woes for insurers|date=8 May 2015|url=http://www.business-standard.com/article/current-affairs/jan-suraksha-social-security-for-masses-pricing-woes-for-insurers-115050900786_1.html|work=[[Business Standard]]}}</ref><ref name="Advertise">{{citation|title=Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out|date=8 May 2015|url=http://www.livemint.com/Money/n6uNxsGr1kytGMNBXklVTI/Banks-advertise-Pradhan-Mantri-Bima-Yojana-ahead-of-the-roll.html|work=[[Live Mint]]}}</ref> Further, death due to suicide, alcohol, drug abuse, etc. are not covered. A person joined under this scheme is eligible for claim only after 45 days of joining to the scheme.

This scheme will be linked to the bank accounts opened under the [[Pradhan Mantri Jan Dhan Yojana]] scheme. Most of these account had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.<ref name=ZeroBalance>{{cite news|title='Jan Suraksha schemes to help eliminate Jan Dhan's zero balance accounts'|url=http://www.business-standard.com/article/news-ians/jan-suraksha-schemes-to-help-eliminate-jan-dhan-s-zero-balance-accounts-115050801384_1.html|access-date=9 May 2015|work=[[Business Standard]]|date=8 May 2015}}</ref> Now all Bank account holders can avail this facility through their net-banking service facility at any time of the year.<ref name=AllAccountWithNetBanking>{{cite news|title='Pradhan Mantri Suraksha Bima Yojana: Accidental death, disability cover@Rs 12 p.a'|url=http://economictimes.indiatimes.com/wealth/insure/pradhan-mantri-suraksha-bima-yojana-accidental-death-disability-coverrs-12-p-a/articleshow/54458290.cms|access-date=22 September 2016|work=[[The Economic Times|Economic Times]]|date=22 September 2016}}</ref>

==Criticism==
A rising [[loss ratio]] has forced general insurers to urge the government to hike the premium for the scheme.<ref>{{cite web|url=http://www.financialexpress.com/industry/banking-finance/state-run-insurers-seek-to-increase-pmsby-premium/562951/|title=State-run insurers seek to increase PMSBY premium|work=[[The Financial Express (India)]]|access-date=22 April 2017}}</ref><ref name="ZeroBalance" />

==Results==
As of 31 March 2019, 15.47 crore people have already enrolled for this scheme. 32,176 claims have been disbursed amounting to {{INRConvert|6.4352|b}}.<ref>{{cite web|url=https://indianexpress.com/article/explained/enrolment-and-claims-in-flagship-life-accident-insurance-schemes-6158854/|title=Telling Numbers: Enrolment and claims in flagship life, accident insurance schemes| website=Jan Suraksha|access-date=30 April 2017}}</ref>

In April 2017, [[Government of Haryana|Haryana Government]] has announced that all Haryana residents in the age group of 18–70 years will be covered by PMSBY, wherein the state government would reimburse the premium to the beneficiary.<ref>{{cite web|url=http://timesofindia.indiatimes.com/city/chandigarh/haryana-extends-accidental-insurance-cover-to-all-residents/articleshow/58250152.cms/|title=Haryana extends accidental insurance cover to all residents|work=[[The Times of India]]|access-date=22 April 2017}}</ref>

==See also==
* [[Pradhan Mantri Jan Dhan Yojana]]
* [[Pradhan Mantri Jeevan Jyoti Bima Yojana]]
* [[Atal Pension Yojana]]

==References==
{{reflist}}

{{Government Schemes in India}}

[[Category:Modi administration initiatives]]
[[Category:Government schemes in India]]
[[Category:Social security in India]]
[[Category:Insurance in India]]
[[Category:2015 introductions]]

Pradhan Mantri Suraksha Bima Yojana - Revision history

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