Get ₹2 Lakh Insurance for Just ₹20! Know the Full Details of PM Suraksha Bima Yojana (PMSBY)

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.

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💡 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.

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✅ 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

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🛡️ What Is Covered Under PMSBY?

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⚠️ 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.

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📝 How to Apply for PMSBY?

Offline Method:

1. Visit your nearest bank branch where you have a savings account.

2. Ask for the PMSBY application form.

3. Fill out the form, attach Aadhaar (if not already linked), and give your consent for auto-debit.

Online Method (Net Banking / Mobile App):

1. Login to your net banking or mobile banking app.

2. Look for the option “Apply for PMSBY”.

3. Confirm details and allow auto-debit of ₹20.

4. Once processed, you’ll receive a confirmation message and insurance certificate.

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📅 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

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💰 Claim Process

1. Inform the bank or insurance company immediately after the incident.

2. Submit the claim form, disability/death certificate, and FIR (if applicable).

3. The nominee will receive the insured amount upon verification.