Pradhan Mantri Suraksha Bima Yojana is a government-run scheme that provides accidental insurance cover of up to ₹2 lakh for a premium of less than ₹2 per month. Learn who can benefit from the scheme and its terms and conditions.
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In today’s world, no one knows when and to whom something untoward may happen. In such circumstances, insurance becomes the greatest source of financial security. However, many people are unable to purchase insurance due to high premiums. To address this problem, the government offers a very affordable accidental insurance scheme for the general public, called the Pradhan Mantri Suraksha Bima Yojana (PMSBY).
The premium for this scheme is so low that even a small child can afford it from their pocket money. Yes, it can be purchased for just ₹20 annually, or less than ₹2 per month. This premium provides a family with support during difficult times and provides assistance of up to ₹2 lakh. Learn more about it here.
What is the Pradhan Mantri Suraksha Bima Yojana?
PMSBY is an accident insurance policy made available by the government to the general public at a very low premium. The premium for this scheme was initially ₹12, which was increased to ₹20 from June 2022. The scheme aims to ensure that everyone, especially those in low-income groups, can receive financial assistance in the event of an accident.
Who can avail of this scheme? (Eligibility)
Any Indian citizen between the ages of 18 and 70 can purchase this plan. Applicants must have an active savings bank account. Consent is required for premium auto-debit. If the account is closed, the scheme will automatically terminate.
How much insurance cover will be available and when?
| Situation | sum insured |
|---|---|
| Accidental death | ₹2,00,000 |
| Total permanent disability (such as loss of both arms, legs, or eyes) | ₹2,00,000 |
| Partial permanent disability (loss of one arm/leg/eye) | ₹1,00,000 |
The claim is given to the nominee or the insured person himself as per the rules.
How does renewal happen?
The ₹20 premium is valid for one year. This premium is auto-debited from your account around June 1st each year. Failure to renew on time may result in the scheme being discontinued.
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