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PMJJBY, PMSBY & deposit insurance: what bank-linked covers really pay

Banks distribute a handful of very low-cost government insurance schemes, and your deposits themselves are insured. Here is what each one covers — and where these claims often go wrong.

PMJJBY — life cover

Pradhan Mantri Jeevan Jyoti Bima Yojana pays ₹2 lakh on death from any cause, for a ₹436/year premium auto-debited from your account. It is open to account-holders aged 18–50 (cover continues to age 55 if you joined before 50). These figures are per the PMJJBY scheme (Dept. of Financial Services / jansuraksha.gov.in) — confirm the current premium and eligibility there, as they are revised periodically.

PMSBY — accident cover

Pradhan Mantri Suraksha Bima Yojana pays ₹2 lakh for accidental death or permanent total disability, and ₹1 lakh for partial disability — for just ₹20/year, auto-debited. Source: Dept. of Financial Services PMSBY scheme.

DICGC — your deposits

Money in your bank is insured up to ₹5 lakh per depositor per bank, covering both principal and interest, by DICGC — a wholly-owned subsidiary of the RBI. Source: RBI FAQs on DICGC.

Where these claims get denied

The two most common reasons are simple: the annual premium was not auto-debited (so the cover had quietly lapsed), or no nominee was registered. Check your bank statement for the premium debit each year, and keep your nomination updated.

Two different complaint desks

If the insurer rejected the claim itself, escalate through IRDAI: insurer → Bima Bharosa → Insurance Ombudsman. If instead the bank failed to debit the premium or service the account, that is a bank-service failure — complain to the bank, then escalate to the RBI Integrated Ombudsman (toll-free 14448, cms.rbi.org.in).

Source: Dept. of Financial Services (PMJJBY/PMSBY); RBI FAQs on DICGC; Reserve Bank – Integrated Ombudsman Scheme 2026. General guidance — verify the current figures with DFS / RBI.

Frequently asked

Why was my PMJJBY or PMSBY claim rejected?

The two most common reasons are simple: the annual premium was never auto-debited (so the cover had quietly lapsed), or no nominee was registered. Check the yearly premium debit in your bank statement and keep the nomination updated.

How much do PMJJBY and PMSBY pay?

PMJJBY pays ₹2 lakh on death from any cause (₹436/year premium). PMSBY pays ₹2 lakh for accidental death or permanent total disability and ₹1 lakh for partial disability (₹20/year). Confirm the current figures on the DFS scheme pages — they are revised periodically.

Is the money in my bank account itself insured?

Yes — up to ₹5 lakh per depositor per bank, covering both principal and interest, via DICGC, a wholly-owned subsidiary of the RBI.

Do I complain to the insurer or the bank?

If the insurer rejected the claim itself: insurer → Bima Bharosa → Insurance Ombudsman. If the bank failed the service (a missed auto-debit, an account issue): the bank first, then after 30 days the RBI Integrated Ombudsman — toll-free 14448, cms.rbi.org.in.

Dept. of Financial Services (PMJJBY/PMSBY scheme pages); RBI FAQs on DICGC (₹5 lakh); Reserve Bank – Integrated Ombudsman Scheme 2026 (in force 1 Jul 2026) · As of 2026-07-04