Pradhan Mantri Suraksha Bima Yojana (PMSBY) is the cheapest accident insurance in India — ₹2 lakh of accidental death and disability cover for a premium of just ₹20 per year, auto-debited from your bank account. Anyone aged 18–70 with a savings account can enrol in minutes.
PMSBY — key facts
| Premium | ₹20 per year (auto-debit) |
| Accidental death / total disability | ₹2 lakh |
| Partial permanent disability | ₹1 lakh |
| Entry age | 18 – 70 years |
| Cover period | 1 June – 31 May, renewed yearly |
| Where to enrol | Any bank / post office savings account |
What is covered
- Death due to accident (road, rail, drowning, and most accidental causes)
- Total permanent disability — loss of both eyes/limbs or one eye and one limb
- Partial permanent disability — loss of one eye or one limb (₹1 lakh)
- Murder and natural-calamity deaths are treated as accidents; suicide is excluded
How to enrol
- Ask your bank branch for the PMSBY form, or enrol via net banking / mobile app (look under insurance or social security schemes)
- Give consent for the ₹20 yearly auto-debit around 1 June each year
- You receive an SMS/acknowledgement — the cover is active for the policy year
- Keep your nominee details updated in the enrolment
Enrol through your own bank — the premium is only ₹20/year.
How claims work
- Nominee/claimant informs the bank branch where the account is held as soon as possible
- Submit the claim form with FIR/post-mortem report (death) or disability certificate from a civil surgeon
- The bank forwards it to the insurer; the amount is paid to the nominee/account holder
Frequently asked questions
Can I have PMSBY from two banks?
No — only one PMSBY cover per person is admissible even if you enrol from multiple accounts; extra premiums are forfeited.
Does the cover continue after 70?
No, cover ends at age 70. The account must also stay open with balance for the auto-debit each June.
Is hospitalisation covered?
No — PMSBY pays only for accidental death or permanent disability, not medical bills. Pair it with Ayushman Bharat for hospitalisation.
Related schemes
Disclaimer: PMYojnaUpdates.com is an independent information portal, not affiliated with any government department. Always verify details on the official site jansuraksha.gov.in before applying.