Indian Overseas Bank

FAQs on PMSBY

Q - What is the nature of Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

Ans. - The PMSBY scheme is a one year cover personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.

Q. - How much insurance coverage is available under PMSBY?

Ans. - The benefits payable under the scheme on death or disability due to accident are as follows:

Q. - What is the premium payable to join PMSBY?

Ans. - Rs. 20 per annum.

Q. - What is the age criteria to join PMSBY?

Ans. - 18 - 70 Years.

Q. - What if I Join the scheme from two different banks and pay premium from both the accounts.

Ans. - In case a member is covered through more than one account and premium is received by insurance company inadvertently, insurance cover will be restricted to one account and the premium paid for duplicate insurance(s) shall be liable to be forfeited.

Q. - I have already purchased other accidental insurance policies. Can I avail PMSBY now? Will I get additional cover in such case?

Ans - Yes, this cover will be in addition to other accidental insurance schemes availed by subscriber.

Q. - I have a joint account with my wife. Can we both join PMSBY from same account?

Ans. - In case of a joint account, all holders of the said account can join the scheme provided they satisfy its eligibility criteria and pay the premium at the rate of Rs.20 per person per annum through auto-debit. 

Q. - Can eligible individuals who fail to join the scheme in the initial year or those who joined but later on exited, can join the scheme now?

Ans. - Yes. However, risk cover would start from the date of auto debit of premium from the subscriber's account.

Q. - Are NRIs eligible for coverage under PMSBY?

Ans. - Yes, any NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMSBY cover through this account subject to fulfilment of the terms and conditions relating to the scheme. However, in case a claim arises the claim benefit will be paid to the beneficiary/nominee only in Indian Currency.

Q. - Does the PMSBY cover death / disability resulting from natural calamities such as earthquake, flood and other convulsions of nature?

Ans - Natural calamities being in the nature of accidents, any death / disability (as defined under PMSBY) resulting from such natural calamities is also covered under PMSBY.

Q. - Does the PMSBY cover death due to suicide / murder?

Ans. - While death due to suicide is not covered, that from murder is covered.

Q. - Is there any provision for reimbursement of hospitalisation expenses following accident resulting in death or disablement?

Ans - No.

Q. - Is it necessary to report accidents to Police and obtain FIR for claiming benefits under the policy?

Ans - In case of incidents like road, rail and similar vehicular accidents, drowning, death involving any crime etc, the accident should be reported to police. In case of incidents like snake bite, fall from tree etc, the cause should be supported by immediate hospital record.

Q. - If the insured is missing and death is not confirmed, will the legal heirs get benefit of insurance?

Ans. - PMSBY covers deaths due to accident as confirmed by documentary evidence only.

Q. - What benefit will be payable if a person suffers partial disability without irrecoverable loss of sight of one eye or loss of use of one hand or foot?

Ans - No benefit will be payable.

Q. - When can the accident cover assurance terminate?

Ans - The accident cover of the member shall terminate / be restricted accordingly on any of the following events:

1) On attaining age 70 years (age near birth day).

2) Closure of account with the Bank/Post Office or insufficiency of balance to keep the insurance in force.

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