Pradhan Mantri Suraksha Bima Yojana policy (PMSBY) Premium 2016-17

Published Date - 11 September 2017 05:29:18 Updated Date - 25 October 2017 06:17:02

Pradhan Mantri Suraksha Bima Yojana (PMSBY), launched in May 2015, is a government backed accidental-death insurance scheme. As of May 2015, only 20% of India’s population has any kind of insurance and this scheme aims to increase this number.

However, Suraksha Bima Yojana is available for all but was launched keeping in mind the people belong to the below poverty line category or under-privileged and those who are not able to afford any kind of insurance plans available with private or even public sector insurance companies.

Suraksha Bima Yojana is for the people who are not covered under any kind of insurance scheme, especially in the rural areas of the country.

PMSBY (Pradhan Mantri Suraksha Bima Yojana) premium for the year 2016-17 has been kept unchanged. The interested candidates will have to pay same amount as the premium for the financial year 2016-17.

Details of PM Suraksha Bima Yojana Premium 2016-17

Total Premium: Rs. 12/- per annum per member
Appropriation of Premium:

  1. Insurance Premium to LIC / insurance company : Rs. 10/- per annum per member
  2. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs. 1/- per annum per member
  3. Reimbursement of Administrative expenses to participating Bank: Rs. 1/- per annum per member

The period of the insurance would be same as before, i.e. 1st June to 31st May.

As on 6 April 2016, about 94 Million people have subscribed for Pradhan Mantri Suraksha Bima Yojana as per the stats below:

Total Subscribers: 94,093,191 as on 6 April 2016
Number of Subscribers in Rural India
Male: 29,642,403
Female: 19,958,070

Number of Subscribers in Urban India
Male: 28,112,776
Female: 16,379,942

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