The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme offering affordable financial protection to Indian citizens aged 18–70 years with a savings bank account. For just ₹20 per year, it provides coverage of ₹2 lakh for accidental death or total disability and ₹1 lakh for partial disability. Enrollment is simple available both online through net/mobile banking and offline via banks or CSC centers requiring basic documents like Aadhaar, bank details, and nominee information.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored accident insurance scheme launched by Prime Minister Narendra Modi on 9th May 2015. It is designed to provide financial protection to individuals and their families in case of accidental death or disability. The scheme aims to bring affordable insurance coverage to the masses especially to people in the unorganized and low-income sectors for a nominal annual premium that’s automatically deducted from their bank accounts.
This initiative is managed through public and private sector banks in collaboration with public sector insurance companies like New India Assurance, Oriental Insurance, and National Insurance Company Ltd.
Objectives of PMSBY
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) aims to provide affordable accident insurance coverage to all Indian citizens aged 18–70 years, ensuring financial protection for families in cases of accidental death or disability. By linking enrollment directly with savings bank accounts, the scheme promotes financial inclusion and simplifies access to social security benefits for both rural and urban populations. It serves as a crucial tool for offering economic relief to low-income households during times of crisis, while also raising awareness about social protection among underprivileged communities. Furthermore, PMSBY strengthens India’s overall safety net programs under the Jan Suraksha Mission, working alongside other initiatives like PMJJBY and Atal Pension Yojana to build a comprehensive framework of financial security and inclusive growth
Key Features of PMSBY (2025 Edition)
Feature | Details |
Scheme Name | Pradhan Mantri Suraksha Bima Yojana (PMSBY) |
Launch Year | 2015 |
Administered by | Banks and general insurance companies |
Eligibility Age | 18 to 70 years |
Annual Premium (Updated) | ₹20 per annum per person |
Coverage Period | 1st June – 31st May (renewable annually) |
Auto-Debit Facility | Yes, from linked savings bank account |
Coverage Amount | ₹2 lakh (death/total disability), ₹1 lakh (partial disability) |
Mode of Enrollment | Online / Offline |
Claim Settlement | Through the bank and insurer jointly |
Premium and Coverage Details
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) stands out as one of the world’s most affordable accident insurance schemes, offering substantial protection for an annual premium of just ₹20. With this minimal yearly contribution, subscribers secure a valuable financial safeguard against unexpected mishaps. Under the scheme, the insured person or their nominee is entitled to receive ₹2 lakh in the unfortunate event of accidental death or total permanent disability, and ₹1 lakh in cases of partial permanent disability, such as the loss of one eye, one hand, or one foot.
The premium is auto-debited once every year from the subscriber’s registered savings bank account generally during May or June ensuring uninterrupted coverage without any manual renewal hassles.
In essence, PMSBY transforms a tiny annual investment into meaningful security, providing peace of mind and financial stability to millions of Indian families.
Is Natural Death Covered under PMSBY?
No, natural death is not covered under the Pradhan Mantri Suraksha Bima Yojana (PMSBY). The scheme only provides coverage for accidental deaths or disabilities caused by sudden and visible events like road accidents, drowning, or fires. Deaths due to natural causes, illness, old age, or suicide are not eligible for claims. 👉 For natural death coverage, individuals can opt for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which offers ₹2 lakh life cover at a yearly premium of ₹436.
Eligibility Criteria for PMSBY
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is open to all Indian citizens aged between 18 and 70 years who hold a savings bank account in any participating bank. To be eligible, the individual must give consent for the auto-debit of the annual premium of ₹20 from their account each year, usually between May and June. The savings account should be active and have sufficient balance at the time of renewal to ensure uninterrupted coverage. Both resident Indians and NRIs can enroll in the scheme; however, any claim amount will be paid only in Indian currency into an Indian bank account. Importantly, a person can hold only one PMSBY policy, even if they maintain multiple bank accounts. In essence, anyone aged 18–70 years with a valid savings account and consent for auto-debit can easily enroll and benefit from the affordable accident insurance protection offered by PMSBY.
Can I Enroll through Multiple Banks to Get More Coverage?
No, you cannot.
The PMSBY guidelines clearly state that a person can enroll in the scheme through only one bank account, even if they hold multiple accounts in different banks. Enrolling through multiple banks for “extra coverage” is not permitted. In case of duplicate enrollments, the insurer will process only one valid claim, and the other enrollments will be cancelled automatically. If you have accounts in SBI and HDFC and enroll in PMSBY through both, only one claim will be honored in case of an accident.
Documents Required for PMSBY
Step 1: Keep Your Documents Ready
Before starting the application, make sure you have the following:
- Aadhaar Card (linked with your bank account)
- Savings Bank Account Number
- Proof of Age (if not available in bank records)
- Nominee’s Name and Relationship
- Registered Mobile Number or Email ID for OTP verification and update
Step-by-Step Guide: PMSBY Online & Offline Application Process
Step No. | Online Application Process | Offline Application Process |
1 | Check eligibility (Age 18–70, active savings bank account) and keep necessary documents ready: Aadhaar, nominee details, and mobile number. | Collect documents – Aadhaar/Voter ID/PAN (as ID proof), address proof, bank passbook copy, and nominee declaration form. |
2 | Log in to your bank’s net banking portal or mobile banking app. | Visit your bank branch or the nearest Common Service Centre (CSC) offering PMSBY enrollment. |
3 | Navigate to Insurance / Government Schemes / Social Security and select “Pradhan Mantri Suraksha Bima Yojana (PMSBY)”. | Ask for the PMSBY enrollment form from the bank official or CSC representative. |
4 | Review and verify your details such as name, DOB, and bank account number. | Fill in the form with personal details, account information, and nominee name and relationship. |
5 | Enter or update nominee details if not already linked to your account. | Attach required documents – ID proof, address proof (if required), and bank passbook copy. |
6 | Provide consent for auto-debit of ₹20 annual premium from your bank account. | Sign the consent section authorizing the bank to auto-debit ₹20 yearly as the premium. |
7 | Click on “Submit” or “Enroll Now” to proceed. | Submit the filled form along with all attached documents to the bank or CSC officer. |
8 | Enter OTP received on your registered mobile/email to confirm enrollment. | Bank/CSC staff verifies your details and processes enrollment in the system. |
9 | Receive confirmation message via SMS or email after successful enrollment. | Receive acknowledgment or SMS confirmation from the bank once your registration is complete. |
10 | Download and save your digital insurance certificate for future reference. | Collect the physical insurance certificate or acknowledgment slip from the bank (if available). |
11 | Maintain at least ₹20 balance before May–June each year for renewal. | Maintain sufficient balance in your account for annual renewal before May–June. |
12 | Check policy status under the Insurance section of your bank’s portal (should show “Active”). | Verify coverage period (June 1 – May 31) and update nominee/contact details if needed |
Benefits of Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers affordable accident insurance to Indian citizens aged 18–70 years for just ₹20 per year. It provides ₹2 lakh coverage for accidental death or total disability and ₹1 lakh for partial disability. The premium is auto-debited annually from the subscriber’s bank account, ensuring hassle-free renewal. PMSBY’s simple online and offline enrollment makes it easily accessible to all, especially low-income and rural populations. Backed by the Government of India, it promotes financial inclusion and acts as a vital safety net for families facing unexpected accidents.
Claim Settlement Process
The claim settlement process under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is simple and quick. In case of accidental death, the nominee submits the claim form, death certificate, and accident report to the bank, which forwards it to the insurer for verification. After approval, ₹2 lakh is transferred directly to the nominee’s account. For disability claims, the insured provides a disability certificate and related documents to receive ₹2 lakh for total or ₹1 lakh for partial disability.
Recent Updates (2025)
As of 2025, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) continues to be one of India’s most successful social security initiatives, with over 45 crore citizens enrolled across the country. Since its launch in 2015, the Government of India has disbursed more than ₹3,000 crore in insurance claims, providing crucial financial support to families affected by accidental deaths or disabilities. To ensure the scheme’s sustainability and wider coverage, the annual premium was revised from ₹12 to ₹20 in 2022, helping maintain the program’s long-term viability. The government is also actively working to increase awareness and participation, particularly among women, self-employed individuals, and small business owners, to extend the benefits of affordable accident insurance to every section of society.
Final Thought
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) remains a cornerstone of India’s social security structure offering low-cost accident insurance to millions of citizens. While it doesn’t cover natural deaths, it provides a strong financial shield against accidental losses. For just ₹20 a year, PMSBY ensures that your loved ones are financially protected in case of unforeseen accidents. If you haven’t enrolled yet, visit your bank or log in online today your peace of mind is worth far more than ₹20.
Frequently Asked Questions (FAQs)
Q1. What is the premium for PMSBY?
Ans:The annual premium is ₹20, auto-debited from your bank account.
Q2. Is natural death covered under PMSBY?
Ans: No. Only accidental deaths are covered. Natural deaths are not included.
Q3. Can I enroll through multiple banks to get more coverage?
Ans: No. You can only enroll through one bank account. Multiple enrollments do not increase coverage.
Q4. How much coverage is provided under PMSBY?
Ans: ₹2 lakh for accidental death or total permanent disability, and ₹1 lakh for partial disability.
Q5. What happens if I fail to maintain sufficient balance?
Ans: If your account lacks sufficient funds, the policy will not renew for that year.
Q6. How can I check my PMSBY status?
Ans: Log in to your bank’s net banking portal, go to Insurance → PMSBY, and check the enrollment or renewal status.
Q7. Who can be my nominee?
Ans: Any family member or legal heir can be appointed as your nominee at the time of enrollment.
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