PM Suraksha Bima Yojana (PMSBY) is a government accident insurance scheme that pays Rs 2 lakh for accidental death or full permanent disability and Rs 1 lakh for partial permanent disability, for a premium of just Rs 20 a year. Anyone aged 18 to 70 with a savings bank or post office account can join, and the premium is auto-debited each year. For a student who has turned 18 and has a bank account, it is one of the cheapest forms of cover available.
Key takeaways
- Type: Personal accident insurance, one year, renewable.
- Premium: Rs 20 per year (revised in 2022).
- Cover: Rs 2 lakh for accidental death or full disability; Rs 1 lakh for partial disability.
- Age: 18 to 70 years.
- Cover period: 1 June to 31 May.
PM Suraksha Bima Yojana: scheme details
| Feature | PMSBY |
|---|---|
| Type | Personal accident insurance, one year, renewable |
| Premium | Rs 20 per year (revised in 2022) |
| Cover | Rs 2 lakh for accidental death or full disability; Rs 1 lakh for partial disability |
| Age | 18 to 70 years |
| Cover period | 1 June to 31 May |
| Premium payment | Auto-debit from your bank account |
| Launched | 2015 |
What it does and does not cover
PMSBY pays out when an accident causes death or disability. It does not pay for illness, hospital bills or medicines, so it is not a health insurance policy. A student who needs hospital cover should look at separate health insurance or a family floater. Think of PMSBY as a cheap safety net on top of whatever else you hold.
How to join
- Visit your bank branch or use net banking or the mobile app, where your bank offers it, and ask for the PMSBY enrolment option.
- Give consent for auto-debit of the annual premium from your account. Consent should be given on or before 31 May for the cover year starting 1 June.
- Keep at least Rs 20 in the account at the time of renewal.
- Save the confirmation. Nominee details are part of the form, so name someone you trust.
Reports say late joiners pay the full Rs 20 with cover starting from the debit date, but confirm with your bank because practice can differ.
PMSBY and PMJJBY compared
| Point | PMSBY | PMJJBY |
|---|---|---|
| Type | Accident cover | Term life cover |
| Premium | Rs 20 | Rs 436 |
| Benefit | Rs 2 lakh death or full disability | Rs 2 lakh on death from any cause |
| Entry age | 18 to 70 | 18 to 50 |
Claims and what to keep ready
If an accident happens, the nominee or the insured person informs the bank branch where the account is held. The claim form, a copy of the death or disability certificate, the police report or FIR where relevant, the post-mortem report in case of death and identity papers are typically required, and the bank forwards the claim to the insurer. Time matters, so tell the branch quickly and keep copies of everything. Because the premium is debited automatically each year, check your passbook around the end of May to confirm that the debit went through and the cover is active. If it failed, ask the bank how to rejoin.
Take a moment to tell your family the scheme exists. Many claims go unmade simply because relatives never knew the cover was there.
PM Suraksha Bima Yojana: common mistakes
- Not having enough balance on the renewal date, which can lapse the cover.
- Having several accounts and enrolling in more than one; cover is not multiplied across accounts, so enrol through one.
- Forgetting to tell the family that the cover exists and who the nominee is.
- Believing it replaces health insurance.
The scheme is useful when combined with other basics such as a bank account linked with Aadhaar and documents saved in DigiLocker. If you are weighing larger financial decisions like borrowing for study, read our PM Vidyalaxmi scheme guide.
Rules, dates and amounts for PM Suraksha Bima Yojana can change, so confirm the latest official notice before you act.
Frequently asked questions
How much is the PMSBY premium?
Rs 20 per year, debited automatically from your bank account.
Who can join PM Suraksha Bima Yojana?
Individuals aged 18 to 70 with a savings bank or post office account.
What does it pay?
Rs 2 lakh for accidental death or full permanent disability, and Rs 1 lakh for partial permanent disability.
Is it health insurance?
No. It covers accidental death and disability only, not illness or hospital bills.
When does the cover year run?
From 1 June to 31 May, renewed each year.