Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers affordable accident insurance to millions of Indians. Launched in 2015, it provides crucial financial protection against unforeseen mishaps.​

Scheme Overview

PMSBY is a government-backed personal accident insurance program under the Ministry of Finance. It targets individuals aged 18-70 with a bank or post office savings account, ensuring broad accessibility. The scheme renews annually from June 1 to May 31 via auto-debit of a nominal premium.​

Coverage Details

Policyholders receive Rs. 2 lakh for accidental death or total permanent disability, such as loss of both eyes, limbs, or paralysis. Partial permanent disability, like loss of one limb or eye, qualifies for Rs. 1 lakh. Coverage applies solely to accidents, excluding natural death or illness.

Eligibility and Enrollment

Eligible participants must hold an individual savings account in any participating bank or post office. Enrollment occurs automatically through opt-in forms, with premiums of Rs. 20 per year (sometimes Rs. 19 for digital modes) debited annually. NRIs with qualifying accounts can join, receiving claims in Indian rupees.

Impact and Statistics

Since its inception, PMSBY has enrolled over 22 crore subscribers in peak years, disbursing billions in claims. It integrates with Pradhan Mantri Jan Dhan Yojana for seamless reach to underserved populations. Recent targets aim for 37 crore active users, enhancing financial security for low-income and rural workers.