Pradhan Mantri Suraksha Bima Yojana: ₹2 Lakh Accident Insurance at Just ₹20 a Year, Know Eligibility, Benefits and How to Apply

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme designed to provide affordable financial protection to bank account holders across India. Launched with the aim of ensuring social security for the masses, the scheme offers accidental death and disability cover at a very low annual premium, making it accessible to people from all income groups.

Here is a detailed and easy-to-understand overview of PMSBY, including eligibility, benefits, premium details, coverage period, and application process.

What Is Pradhan Mantri Suraksha Bima Yojana?

PMSBY is an accident insurance scheme that provides financial compensation in case of death or disability caused due to an accident. The scheme is linked to the subscriber’s bank or post office savings account and operates on an auto-debit basis.

It is especially useful for individuals who do not have access to private insurance policies and want basic financial security for their families at a minimal cost.

Premium Amount and Payment Method

Under PMSBY, subscribers are required to pay a premium of just ₹20 per year.

• The premium is automatically deducted from the linked bank or post office account

• Auto-debit takes place on or before 1st June every year

• The insurance remains active only if sufficient balance is maintained in the account

This low-cost structure makes PMSBY one of the most affordable accident insurance schemes in the country.

Coverage Period

The insurance coverage under PMSBY is valid for one year, starting from 1st June to 31st May of the following year, subject to successful payment of the annual premium.

Subscribers must ensure that their account remains active and funded to avoid policy lapse.

Insurance Benefits Under PMSBY

The scheme offers clear and fixed benefits in case of accidental death or disability:

• Accidental Death:
  The nominee receives ₹2 lakh

• Total and permanent disability (loss of both eyes, both hands, both feet, or loss of sight in one eye along with loss of one hand or foot):
  The subscriber receives ₹2 lakh

• Partial permanent disability (loss of sight in one eye or loss of use of one hand or foot):
  The subscriber receives ₹1 lakh

If a person is accidentally enrolled through more than one bank account, the total insurance cover will be restricted to ₹2 lakh, even if multiple premiums are deducted.

When Does the Insurance Cover End?

The PMSBY accident cover may terminate or become invalid under the following conditions:

• The subscriber attains the age of 70 years

• The linked bank or post office account is closed

• Insufficient balance leads to non-payment of premium

• Multiple enrollments are detected, limiting coverage to the maximum permissible amount

Eligibility Criteria

To enroll in PMSBY, the applicant must meet the following conditions:

• Must be an individual bank or post office account holder

• Age should be between 18 years and 70 years

• Must give consent for auto-debit of premium

• The bank or post office should be a participating institution under the scheme

How to Apply for PMSBY

Offline Application Process

1. Visit the bank branch where you hold a savings account

2. Alternatively, download the application form from the official Jan Suraksha website

3. Fill in the required details and submit the form along with necessary documents

4. After successful enrollment, the subscriber receives an Acknowledgement Slip and Insurance Certificate

Online Application Option

Some banks also offer online enrollment through net banking or mobile banking platforms, subject to availability.

Claim Settlement and Support

In case of an accident, claims can be filed through the concerned bank branch. The claim amount is directly credited to the nominee’s or subscriber’s bank account.

For assistance:

• National Toll-Free Numbers: 1800-180-1111 / 1800-110-001

• State-wise toll-free numbers are available on the official Jan Suraksha portal

Important Points to Remember

• PMSBY does not cover hospitalization expenses

• Claims related to suicide are not admissible

• FIR and police reports may be required for claim processing

• Coverage applies only for accidental death or disability

• The scheme works independently and can be held in addition to other insurance policies

Why PMSBY Matters

With rising uncertainties and increasing accident-related risks, PMSBY offers a simple yet powerful safety net. For just ₹20 a year, subscribers get peace of mind knowing that their family will have financial support in case of an unfortunate accident.

For millions of Indians, especially those without private insurance, Pradhan Mantri Suraksha Bima Yojana continues to be a crucial step toward inclusive financial protection and social security.