About Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed personal accident insurance scheme launched in 2015 to provide affordable financial protection against accidental death and disability. It is one of the three major Jan Suraksha schemes of the Government of India.
The scheme is available to eligible bank and post-office account holders between 18 and 70 years of age. It provides accident insurance at a premium of only ₹20 per year, which is generally collected through auto-debit from the subscriber’s bank or post-office account.
PMSBY provides cover for one year, from 1 June to 31 May, and the cover can be renewed every year by continuing the required premium payment and consent for auto-debit.
The scheme is administered through participating banks and post offices in collaboration with public-sector general insurance companies and other eligible general insurance companies.
Insurance Benefits Under PMSBY
PMSBY provides financial compensation in case of accidental death or specified permanent disabilities.
1. Accidental Death
If the insured person dies due to an accident, the nominee or eligible claimant receives ₹2 lakh.
2. Permanent Total Disability
A benefit of ₹2 lakh is payable in cases such as:
- Total and irrecoverable loss of both eyes
- Loss of use of both hands or both feet
- Loss of sight of one eye along with loss of use of one hand or one foot
3. Permanent Partial Disability
A benefit of ₹1 lakh is payable for:
- Total and irrecoverable loss of sight of one eye
- Total and irrecoverable loss of use of one hand or one foot
The exact disability conditions and claim requirements are governed by the scheme’s insurance terms.
Key Features of PMSBY
Affordable Annual Premium
The annual premium under PMSBY is ₹20 per member. The premium is generally deducted automatically from the subscriber’s designated bank or post-office account in one instalment.
Age Eligibility
Individual account holders of participating banks or post offices between 18 and 70 years can enrol in the scheme, subject to the applicable conditions.
One-Year Accident Cover
PMSBY provides accident insurance for one year at a time. The coverage period normally runs from 1 June to 31 May and is renewable annually.
Coverage Through Bank or Post Office Account
Subscribers can enrol through participating banks or post offices and authorise automatic deduction of the annual premium.
Only One Account Can Be Used
If a person has multiple bank or post-office accounts, they can enrol in PMSBY through only one account. Multiple enrolments do not provide multiple insurance benefits under the scheme.
Accident-Focused Protection
PMSBY specifically provides protection against accidental death and specified permanent disabilities. It is therefore different from a life insurance scheme that covers death from any cause.
Recent Amendments & Developments
Premium Increased to ₹20
One of the major changes to PMSBY was the first revision of its premium rate, effective 1 June 2022. The annual premium was increased from ₹12 to ₹20 to help maintain the financial sustainability of the scheme in view of its claims experience.
The current official PMSBY information continues to list the premium at ₹20 per year.
Expansion of Enrolment
PMSBY has continued to expand its reach since its launch. According to the Government of India’s 2026 update, cumulative PMSBY enrolments exceeded 58.09 crore as of 29 April 2026. The government reported that ₹3,667.52 crore had been paid for 1,84,662 claims by that date.
Continued Focus on Affordable Social Security
In 2026, the Government highlighted PMSBY as part of the Jan Suraksha framework aimed at extending affordable insurance protection, particularly to people who may have limited access to conventional insurance products.
Digital and Banking-Based Enrolment
The scheme continues to operate through participating banks and post offices, with auto-debit remaining the primary mechanism for collecting the annual premium. This makes renewal relatively simple for eligible account holders who provide the required consent.
Conclusion
Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides low-cost accident insurance to eligible individuals aged 18–70 years. For an annual premium of ₹20, the scheme offers up to ₹2 lakh for accidental death or specified permanent total disabilities and ₹1 lakh for specified permanent partial disabilities. Its continued expansion and enrolment demonstrate its role within India’s wider social-security framework.
