PMSBY Scheme Details: Features, Eligibility and Coverage

Pradhan Mantri Suraksha Bima Yojana is one of the flagship social security schemes of the Government of India, which aims to cover accident insurance at a very affordable premium. It was officially launched in May 2015, with an aim to provide financial security in case of death or disability due to any accident. PMSBY ensures, with a minimum premium amount to be paid annually, that the economically weaker citizens, too, can ensure their families against any sudden mishaps. PMSBY is one of three big social security schemes under the Jan Suraksha Yojana umbrella, along with PMJJBY(Pradhan Mantri Jeevan Jyoti Bima Yojana) and APY(Atal Pension Yojana).

What is PMSBY?

Pradhan Mantri Suraksha Bima Yojana, popularly known as PMSBY, is an accident insurance scheme underwritten by the Government of India. It provides accidental death and disability cover to all savings bank account holders in the age group of 18-70 years. It is an annually renewable scheme and shall be offered through public sector and private banks. Auto-debit facility of premium from subscriber’s bank account on a date during the month of renewal.

Salient Features of PMSBY

Feature	Details
Scheme Name	Pradhan Mantri Suraksha Bima Yojana(PMSBY)
Launched By	Government of India
Launch Date	9 May 2015
Implemented Through	Banks and Insurance Companies
Type of Scheme	Accidental Death and Disability Insurance
Annual Premium	₹20 per annum(auto-debited)
Coverage Period	1 year(renewable every year, June to May)
Risk Coverage	Accidental Death or Disability
Minimum Age	18 years
Maximum Age	70 years
Mode of Payment	Auto-debit from linked bank account

For more information you can checkout similar type of blog: Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) Explained

Coverage and Benefits under PMSBY

Event	Insurance Coverage Amount
Death due to Accident	₹2,00,000
Total and Irreversible Disability	₹2,00,000
Partial and Irreversible Disability	₹1,00,000

The coverage provides financial stability to the insured’s family in case of accidental death or permanent disability. This ensures that even after an unfortunate event, dependents are not left financially vulnerable.

Eligibility Criteria for PMSBY

Following are the eligibility criteria for enrolment under the PMSBY Scheme:

Must be an Indian citizen.
Aged between 18 to 70 years.
Should have a Saving Bank account.
Must give consent to the auto-debit of the annual premium.
Should not be covered under multiple PMSBY policies from different banks.

In case a person has more than one bank account, she/he can subscribe to PMSBY under only one account.

Official ministry behind PMSBY’s launch and regulation: Ministry of Finance – Government of India

How to Enroll in PMSBY

The enrollment process for PMSBY is very simple and can be done online or offline.

Online Enrollment:

Log in with your details to your net banking/mobile banking platform.
Go to the Insurance / Government Schemes section.
Select Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Please confirm the details and authorize auto-debit of ₹ 20 per year.
You will get a confirmation message when you have registered successfully.

Offline Enrollment:

Approach the bank branch and fill up the application form for PMSBY.
Submit it, along with a copy of your Aadhaar card and consent for auto-debit.
Once processed, you are covered for the next annual cycle.

Renewal Process

Validity of PMSBY Policy PMSBY policy is valid from 1st June to 31st May every year. The renewal is automatically done before 31st May by auto-debit of the premium of ₹20 from your account. If the balance is insufficient, then a lapse of the required balance will lead to the policy's termination, although you can rejoin after one year on payment of the premium amount.

Exclusions under PMSBY

Although PMSBY offers wide coverage, the following are some of the exclusions:

Death by natural causes or disease.
Suicide or self-inflicted injuries.
Accidents due to intoxication or under the influence of a drug.
Participation in hazardous or adventurous sports.
Criminal activities or violation of law.

Comparison with Other Government Insurance Schemes

Feature	PMSBY	PMJJBY	APY
Type	Accident Insurance	Life Insurance	Pension Scheme
Eligibility	18–70 years	18–50 years	18–40 years
Annual Premium	₹20	₹436	Variable
Coverage Amount	₹2 lakh(death/disability)	₹2 lakh(death)	Pension up to ₹5,000/month
Payment Mode	Auto-debit	Auto-debit	Auto-debit
Launched	2015	2015	2015

Why PMSBY is Important for Indian Citizens

In a country where many families rely on a single breadwinner, an accident can lead to severe financial distress. PMSBY ensures affordable risk coverage for everyone — from daily wage earners to small business owners.

The low annual premium of ₹20 makes it one of the most accessible social insurance schemes globally.

Moreover, it encourages financial inclusion by connecting citizens to the formal banking and insurance ecosystem — a key vision of the Government’s Jan Dhan to Jan Suraksha mission.

For more information you can check : Swasthya Suraksha Yojana (PMSSY) Explained

FAQs

Is PMSBY mandatory?

No, it is a voluntary scheme, though many banks recommend it as part of financial security.

Can I leave the scheme and then join later?

Yes, you can always exit anytime and re-enroll in subsequent years.

When does the coverage start?

Coverage starts from 1st June after the successful enrollment with premium deduction.

Who can claim the benefit?

In case of death, the nominee receives the insurance amount. In case of disability, the insured person can claim directly.

Which bank or insurance company provides PMSBY?

The scheme is offered through both public and private banks, in collaboration with insurance providers like New India Assurance, Oriental Insurance, and others approved by the government.

Conclusion

The Pradhan Mantri Suraksha Bima Yojana(PMSBY) is more than an insurance policy — it’s a step toward financial empowerment and inclusion. With just ₹20 a year, individuals can protect themselves and their families from the unpredictable consequences of accidents.

By encouraging every citizen to enroll, the government aims to build a safer, more resilient financial ecosystem. If you haven’t yet registered under PMSBY, contact your bank or log in to your net banking portal today — because financial security begins with awareness and action.