Pradhan Mantri Suraksha Bima Yojana (PMSBY)

iAbout This Scheme

PMSBY is a renewable one-year accident insurance scheme providing ₹2 lakh coverage for accidental death and permanent total disability, and ₹1 lakh for permanent partial disability, at an annual premium of just ₹20. It is the most affordable accident insurance scheme in India, available to bank account holders aged 18–70.

🎁Key Benefits

₹2 lakh cover for accidental death and permanent total disability
₹1 lakh cover for permanent partial disability
Annual premium of only ₹20
Auto-debited from savings bank account
Available to ages 18–70
Covers accident anywhere in the world

✅Eligibility Criteria

1
Savings bank account holders
2
Aadhaar linked account preferred

Min Age

18 years

Max Age

70 years

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📝How to Apply

1

Contact Your Bank

Visit bank branch or use net banking/mobile app to enroll

2

Auto-debit Consent

Give consent for ₹20 auto-debit on June 1 annually

3

Get Coverage

Coverage active from June 1 to May 31 each year

❓Frequently Asked Questions

Can I enrol in PMSBY if I am above 70 years?

No. PMSBY is available only to bank account holders aged 18–70 years. Once you turn 70, the coverage ceases and renewal is not possible.

What happens if my bank account has insufficient balance for the ₹20 premium?

If there is insufficient balance for auto-debit, the policy lapses. It can be reinstated by paying the pending premium. You should ensure ₹20 balance on June 1 (auto-debit date) each year.