In today’s time, where ₹20 barely buys a cup of tea, the Government of India offers a life-changing insurance plan—Pradhan Mantri Suraksha Bima Yojana (PMSBY)—that provides accident insurance cover of ₹2 lakh for just ₹20 annually. Yes, for less than ₹2 per month, you can financially secure your family in case of an unforeseen accident. Let’s understand how it works, its benefits, who is eligible, and how you can enroll today.
💡 What Is Pradhan Mantri Suraksha Bima Yojana?
Launched in 2015, PMSBY is a central government scheme aimed at providing accident insurance to citizens at an ultra-affordable cost. With over 51 crore enrollments so far, it is among the most successful social security schemes in India.
Premium: ₹20 per year
Coverage:
₹2 lakh in case of accidental death or full disability
₹1 lakh in case of partial disability
The premium is auto-debited from your savings bank account once a year, making the process hassle-free.
✅ Eligibility Criteria for PMSBY
To avail the benefits of the scheme, you must meet the following conditions:
Age should be between 18 to 70 years
You must have an active savings bank account
You should permit auto-debit of the premium from your account
Aadhaar should ideally be linked to your bank account
🛡️ What Is Covered Under PMSBY?
| Incident | Coverage |
|---|---|
| Accidental Death | ₹2,00,000 |
| Total and Irreversible Disability (e.g. loss of both eyes or both limbs) | ₹2,00,000 |
| Partial and Irreversible Disability (e.g. loss of one eye or one limb) | ₹1,00,000 |
⚠️ What’s Not Covered?
Suicide is not covered under PMSBY.
Death or disability due to non-accidental causes (like natural illness or disease) is not eligible for claims.
✅ However, deaths caused by natural disasters (earthquakes, floods, storms) or murder are eligible for claim settlement.
📝 How to Apply for PMSBY?
Offline Method:
Visit your nearest bank branch where you have a savings account.
Ask for the PMSBY application form.
Fill out the form, attach Aadhaar (if not already linked), and give your consent for auto-debit.
Online Method (Net Banking / Mobile App):
Login to your net banking or mobile banking app.
Look for the option “Apply for PMSBY”.
Confirm details and allow auto-debit of ₹20.
Once processed, you’ll receive a confirmation message and insurance certificate.
📅 Policy Term & Renewal
The policy is valid for one year: 1st June to 31st May
It is auto-renewable every year with timely premium deduction
Make sure your account maintains at least ₹20 balance in May
💰 Claim Process
Inform the bank or insurance company immediately after the incident.
Submit the claim form, disability/death certificate, and FIR (if applicable).
The nominee will receive the insured amount upon verification.
Author Profile
- My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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