The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the Government of India's affordable social security schemes that offers accidental death and disability insurance at an annual premium of just ₹20. Here's everything you need to know about eligibility, benefits and the application process.

The Government of India launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY) to provide affordable accident insurance coverage to people across the country. The scheme is designed to offer financial support to the insured person's family in the event of accidental death or permanent disability.

With an annual premium of only ₹20, PMSBY remains one of the country's most economical government-backed insurance schemes.

What is PMSBY?

Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme available through participating banks.

The insurance policy is valid from 1 June to 31 May each year. Eligible account holders can enroll through their bank, and the premium is automatically debited from their savings account if the auto-debit facility is enabled.

Eligibility Criteria

To enroll in PMSBY, applicants must:

• Be between 18 and 70 years of age.


• Have an active savings bank account.


• Provide consent for annual premium auto-debit.


• Complete the enrollment process through a participating bank.

Even if you have multiple bank accounts, you can enroll under the scheme through only one account.

Annual Premium

The annual premium under the scheme is:

• ₹20 per year

The amount is deducted once every year from the registered bank account to renew the policy, subject to sufficient account balance and continued enrollment.

Insurance Benefits

PMSBY provides financial assistance in the event of an accident.

Event Insurance Cover

Accidental death	₹2 lakh
Permanent total disability (loss of both eyes, both hands, both feet, or similar permanent disability)	₹2 lakh
Permanent partial disability (loss of one eye, one hand or one foot)	₹1 lakh

The benefit is payable to the nominee or insured person, as applicable, subject to the scheme's terms and conditions.

No Maturity Benefit

Unlike traditional savings-oriented insurance products, PMSBY does not offer:

• Maturity benefits


• Surrender value


• Investment returns

It is purely an accident insurance scheme intended to provide financial protection against accidental risks.

How to Apply for PMSBY

Eligible customers can apply through their bank using online or offline channels.

Online Application

Log in to your bank's Internet Banking or Mobile Banking app.

Open the Insurance or Government Schemes section.

Select Pradhan Mantri Suraksha Bima Yojana (PMSBY).

Choose the bank account for premium deduction.

Accept the scheme terms and auto-debit mandate.

Submit the application.

Download or save the acknowledgment receipt.

Offline Application

Applicants may also visit their bank branch, fill out the PMSBY enrollment form and submit the required details.

Key Features of PMSBY

• Government-backed accident insurance scheme.


• Annual premium of just ₹20.


• Coverage up to ₹2 lakh.


• Easy enrollment through banks.


• Auto-renewal option available through annual premium deduction.


• Available to eligible savings account holders across India.

Final Takeaway

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers affordable accident insurance protection at a nominal annual premium of ₹20. With coverage of up to ₹2 lakh for accidental death or disability, the scheme aims to provide financial security to individuals and their families. Eligible bank account holders can enroll through participating banks using online or offline methods.

Disclaimer: Insurance benefits are subject to the official terms and conditions of the Pradhan Mantri Suraksha Bima Yojana. Applicants should carefully read the scheme guidelines issued by their bank or the Government of India before enrolling.