The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one-year personal accident insurance scheme of the Central Government, renewable every year. It was launched on 9 May 2015 by Prime Minister Narendra Modi from Kolkata — along with the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana, as part of the Jan Suraksha social security initiative. A savings bank or post office account holder gets accident cover of up to ₹2 lakh for a premium of just ₹20 a year.
How much cover is given
On accidental death, the nominee receives ₹2 lakh. On total and permanent disability caused by an accident — such as total and irrecoverable loss of both eyes, both hands or feet, or one eye and one limb — ₹2 lakh is paid. On partial disability — such as loss of one eye, one hand or one foot — ₹1 lakh is paid. The premium is only ₹20 a year, deducted from the account by auto-debit. The cover period runs every year from 1 June to 31 May.
Who can enrol
Any person aged 18 to 70 years with an active savings bank or post office account in a participating bank or post office can enrol. The account holder must name a nominee at the time of enrolment. The scheme is administered by Public Sector General Insurance Companies and other general insurance companies in collaboration with the participating banks and post offices.
What is not covered — important to understand
PMSBY is accident-only insurance — death from illness or natural causes is not covered. The separate scheme PMJJBY is the life insurance one, paying ₹2 lakh on death due to any cause. Death by suicide is also not covered under PMSBY. So do not treat the two schemes as the same — PMSBY is for accidents, PMJJBY is for life cover.
How to enrol
Visit your bank branch or post office — the PMSBY form is available there, or download it from jansuraksha.gov.in and submit the filled form. The form needs account details and the nominee’s information. Once enrolled, the ₹20 premium is auto-debited before 1 June every year, and the cover runs until 31 May of the next year. Keep enough balance in the account so the premium does not fail.
Frequently Asked Questions
Q1: What is the annual premium under PMSBY?
A: Just ₹20 a year — deducted from the account by auto-debit.
Q2: How much is paid on accidental death?
A: ₹2 lakh to the nominee; ₹2 lakh also for total permanent disability, and ₹1 lakh for partial disability.
Q3: Who can join this scheme?
A: Anyone aged 18 to 70 years with an active savings bank or post office account in a participating bank or post office.
Q4: What is the cover period?
A: Every year from 1 June to 31 May — a one-year cover, renewable year after year.
Useful links
- Jan Suraksha official portal: https://jansuraksha.gov.in/
- Pradhan Mantri Suraksha Bima Yojana on MyScheme: https://www.myscheme.gov.in/schemes/pmsby
- Next Action: see all 726 Central Government schemes
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