Pradhan Mantri Suraksha Bima YOJANA (PMSBY)

Pradhan Mantri Suraksha Bima Yojana

As a step towards social secuirty at a nominal cost to the millions of countrymen, The worthy Prime Minister of India Sh. Narinder Modi Ji has launched a "Pradhan Mantri Suraksha BimaYojana” which provide accidental insurance to individual in any unfortunate event causing death or disability of the policy holder. This scheme is designed to provide utmost convenience with auto debit facility from the bank account of subscriber.

The Patiala Central Coop. Bank Ltd. has also implemented this scheme for its valuable customers and other eligible persons through all its 42 branches across the district from 1st June 2015.

The scheme will be administered by bank and be guided by the scheme rules as specified by the Govt. of India from time to time. At present last date for enrolment is upto 31st May 2016.

In brief the scheme is as follows:


Age at Entry

Min: 18 years (Age last birthday)  
Max: 70 years (Age nearest birthday)

Maximum Maturity Age

70 years (Age nearest birthday)

Policy Term

One year renewable

Sum Assured

Rs. 200,000 (Two lakhs only)

Premium Amounts

Rs. 12 /-



Death Benefit: 
In the event of death or disability due to accident of the insured member during the period of cover, the sum assured will be paid Rs.2.00 lacs in case of death and  Rs.1.00 lacs in case of disability. 

The death benefit for a member under Pradhan Mantri Suraksha Bima Yojana cannot exceed               Rs. 200,000 even in case the member is covered through multiple bank accounts or through multiple insurers. In such an event, the claim will be payable for the first application (based on the date of enrolment) and the premium on the subsequent covers is liable to be forfeited. 

Maturity/ Surrender Benefit:
There is no maturity or surrender benefit under this plan.

The policy commencement date is 1st June, 2015 and the period of initial cover will be up to 31st May 2016. Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium to your bank account. The premium amount of Rs.12/-  is payable for the cover period of 1st June to 31st May. This premium is subject to change as specified by the Government of India from time to time. 

In case members wish to join the scheme post policy commencement date, he/ she can do so with the payment of full year’s premium and submission of self certificate of good health. The enrolment rules would be as specified by the Government of India from time to time. 

No Exclusions.

Tax Benefits:
Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details