Insurance Plan

India’s Most Affordable Insurance Plan: Get ₹2 Lakh Cover for Just ₹20 Under PMSBY

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Insurance Plan
In a nation where millions struggle with basic financial security, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) emerges as a life-changing initiative. Launched by the Government of India in 2015, this accident insurance scheme offers a substantial ₹2 lakh cover at an annual premium of just ₹20 — making it the cheapest insurance plan in the country.

Financial Protection for the Underprivileged

PMSBY has been tailored specifically to benefit individuals from economically weaker sections who often lack access to formal insurance. With a minimal investment of ₹20 per year, the scheme ensures that policyholders and their families are financially protected in case of unforeseen accidents.

What the Scheme Offers

Under PMSBY, the following benefits are available:

  • ₹2 lakh insurance payout in case of accidental death or complete disability

  • ₹1 lakh compensation for partial disability due to an accident

These payouts are provided directly to the nominee or policyholder, ensuring immediate financial relief during emergencies.

Who Can Apply?

Any Indian citizen aged between 18 and 70 years with a savings bank account is eligible to enroll in PMSBY. The age limit is inclusive, ensuring that both young adults and senior citizens can benefit from this scheme.

Validity and Premium Deduction

The insurance coverage period is from June 1 to May 31 every year. To continue receiving benefits, the ₹20 premium is auto-debited from the subscriber’s bank account annually. This automatic deduction ensures that there’s no disruption in coverage due to missed payments.

Easy Enrollment Process

Joining PMSBY is quick and hassle-free. Interested individuals can:

  • Visit their bank branch or nearest Common Service Centre (CSC)

  • Fill out a short enrollment form

  • Give consent for auto-debit of the annual premium

Once enrolled, the policy remains active as long as the account holder maintains sufficient balance for the yearly premium.

A Step Toward Financial Inclusion

PMSBY is part of the government’s broader goal of financial inclusion and social security. For just ₹20 a year, it provides peace of mind and critical support when families need it most. In an age where commercial insurance premiums can cost thousands, PMSBY offers unmatched value and reach — proving that essential protection doesn’t have to come at a high price.

If you haven’t yet enrolled in PMSBY, now is the time to act. For a mere ₹20, you’re not just buying insurance — you’re securing your family’s future.

Author Profile

Kuldeep Singh Chundawat
Kuldeep Singh Chundawat
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.