Pradhan Mantri Suraksha Bima Yojana (PMSBY)

✦Key Features

• ₹2 lakh cover for accidental death or total permanent disability; ₹1 lakh for partial permanent disability
• Annual premium: ₹20/year only (auto-debited June 1 each year)
• 51.06 crore cumulative enrollments (Apr 2025) — world's largest accident insurance scheme
• ₹3,121.02 crore paid in 1.57 lakh claims by Apr 2025
• Eligibility: 18-70 years; bank/post office account; renewed annually
• Part of Jan Suraksha trinity with PMJJBY (life) and APY (pension)
• No exclusion for pre-existing conditions; covers all accident types

✓Eligibility Criteria

• Individuals between the age group of 18 years to 70 years
• Possession of a savings bank account or a post office account is mandatory
• Consent for auto-debit of the annual premium from the linked bank account
• Aadhaar should be linked to the bank account to facilitate seamless claim settlement

★Benefits

• Risk coverage of ₹2 lakh in the event of accidental death of the insured person
• Payment of ₹2 lakh for total and irrecoverable loss of both eyes or both hands or feet
• Coverage of ₹1 lakh for permanent partial disability such as loss of one eye or limb
• Highly affordable annual premium of ₹20 per member for a one-year cover period

▶Application Process

• Submit the simplified PMSBY application or consent form to the concerned bank branch
• Activate the auto-debit facility to allow the deduction of the annual premium of ₹20
• Receive an acknowledgement slip or policy certificate as proof of insurance coverage
• Ensure the account is funded every year before May 31st for the next year's renewal

₹ Budget Allocation

300

Funding Ratio (Centre:State): Premium-based; self-funded by subscribers. Government handles administrative costs.

Historical Context

Launched in June 2015 along with PMJJBY to increase insurance penetration from the then-low level of <1%.