Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one-year personal accident insurance Scheme, renewable from year to year. It offers coverage for death/disability due to an accident and is available to people in the age group of 18 to 70 years having a bank account and who give their consent to join and enable auto-debit.
- Annual premium is Rs 20 per year;
- Risk Cover period: 1st June to 31st May;
- Benefit of Rs. 2 Lakh payable on death or permanent total disability and Rs. 1 Lakh on partial disability. Simple claim settlement procedure / process involving minimum documentation has been put in place;
- It involves convenient bank account linked enrolment with implementation in IT mode and premium payment through auto-debit from the bank account of the subscriber;
- The Scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose.
Progress under PMSBY (as on 28.02.2025):
Cumulative enrolment : 50.15 crore