Introduction
Accidents can happen at any time, leaving families in financial distress. For daily wage earners, farmers, drivers, and small business owners, even a single accident can disrupt their livelihood. To provide affordable insurance coverage to such individuals, the Government of India introduced the Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015. With an annual premium of just ₹20, this scheme offers significant financial protection to policyholders and their families.
What is PMSBY?
PMSBY is a government-backed accident insurance scheme designed to make coverage accessible for every citizen, especially those in the unorganized sector. It provides:
- ₹2 lakh coverage for accidental death or total permanent disability.
- ₹1 lakh coverage for partial permanent disability.
The premium is auto-debited from the insured person’s bank account once a year, ensuring hassle-free renewal.
Eligibility Criteria
To enroll in PMSBY, you must:
- Be an Indian citizen aged between 18 and 70 years.
- Have a savings bank account (single or joint).
- Consent to auto-debit of the annual premium.
- Link Aadhaar with your bank account for identification.
Key Benefits of PMSBY
- Affordable Premium: At ₹20/year, it’s one of the cheapest insurance schemes in the world.
- Wide Coverage: Covers accidents at home, on the road, or at the workplace.
- Direct Bank Transfer: Claims are settled quickly through the beneficiary’s bank account.
- Easy Enrollment: Available through banks, post offices, and Common Service Centers (CSCs).
How to Enroll in PMSBY
- Visit your bank branch, post office, or nearest CSC.
- Fill out the PMSBY enrollment form.
- Provide Aadhaar and bank details.
- Authorize annual auto-debit from your account.
- Receive confirmation from the bank via SMS.
Click here to apply or check official PMSBY details
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