PM Suraksha Bima Yojana: ₹2 lakh accidental death and disability insurance for just ₹20 per year — India's cheapest accident cover for all bank account holders.Premium: ₹20/year. Cover: ₹2 Lakh. Subscribers: 34+ Crore. Age: 18–70 years.Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accidental death and disability insurance scheme launched on 9 May 2015. For an annual premium of just ₹20 (less than ₹2 per month), it provides ₹2 lakh insurance cover against accidental death and permanent total disability, and ₹1 lakh for permanent partial disability.
Active SchemeUpdated: March 2026
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PM Suraksha Bima Yojana
₹2 lakh accidental death and disability insurance for just ₹20 per year — India's cheapest accident cover for all bank account holders
Premium
₹20/year
Cover
₹2 Lakh
Subscribers
34+ Crore
Age
18–70 years
📖What is PM Suraksha Bima Yojana?
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accidental death and disability insurance scheme launched on 9 May 2015. For an annual premium of just ₹20 (less than ₹2 per month), it provides ₹2 lakh insurance cover against accidental death and permanent total disability, and ₹1 lakh for permanent partial disability.
The scheme is available to all Indian citizens between 18 and 70 years of age who have a savings bank account with Aadhaar linked. The ₹20 premium is auto-debited from the linked bank account annually (between May and July). The coverage period is from June 1 to May 31 each year, renewable annually.
PMSBY is one of the cheapest insurance products in the world. Despite the nominal premium, it covers accidental death due to any cause — road accidents, falls, drowning, electrocution, animal attacks, or any other accidental cause. It does NOT cover death due to illness, natural causes, suicide, or self-inflicted injuries.
As of 2026, over 34 crore people have enrolled in PMSBY. The scheme has paid out claims to lakhs of families, with the average claim processing time being 30-60 days. Every bank in India offers PMSBY enrollment — it's usually a one-page form and takes 5 minutes.
✅Eligibility
Age18 to 70 years
Bank accountMust have a savings bank account with Aadhaar linked
Multiple accountsIf you have accounts in multiple banks, you can enroll through only ONE bank
Premium₹20 per year — auto-debited from bank account annually (May-July)
Coverage periodJune 1 to May 31 each year — must renew annually (auto-renewal if auto-debit is set)
DocumentsNo documents needed for enrollment — just sign the consent form at your bank. Aadhaar must be linked to the bank account.
📋What is Covered and What is NOT
COVERED — ₹2 lakh payout for: Accidental death (road accident, drowning, fall from height, electrocution, fire, animal attack, train accident, any other accidental cause). Permanent total disability — loss of both eyes, or loss of use of both hands or both feet, or loss of one eye AND one hand/foot.
COVERED — ₹1 lakh payout for: Permanent partial disability — loss of one eye, OR loss of use of one hand or one foot.
NOT COVERED: Death due to illness or disease (heart attack, cancer, COVID-19, etc.), natural death, suicide or attempted suicide, self-inflicted injuries, death under influence of alcohol or drugs, death while committing a crime, death due to war or nuclear events.
Important: PMSBY is ONLY for accidents. If you want life insurance that covers death from any cause (including illness), you need PM Jeevan Jyoti Bima Yojana (PMJJBY) which costs ₹436/year for ₹2 lakh cover. Many people enroll in both PMSBY + PMJJBY for complete coverage at just ₹456/year total.
📝How to Enroll
1
Visit your bank branch or use net banking
Go to any branch of the bank where you have a savings account. Ask for PMSBY enrollment form. Many banks also allow enrollment through net banking, mobile banking app, or SMS. For SBI: send SMS 'PMSBY Y' to 9223588888 from your registered mobile.
2
Fill the one-page consent form
Provide your name, bank account number, Aadhaar number, and nominee details (who will receive ₹2 lakh in case of your death). Sign the auto-debit consent for ₹20/year.
3
Premium is auto-debited
₹20 will be debited from your account between May 25 and June 1 each year. Ensure your account has at least ₹20 balance during this period. If debit fails, your coverage lapses and you'll need to re-enroll.
4
Coverage starts from June 1
Your insurance cover is active from June 1 to May 31. It renews automatically each year as long as the premium is successfully debited. Keep your Aadhaar and bank details updated.
📄How to File a Claim
1
Notify the bank immediately
In case of accidental death or disability, the nominee or the insured person should visit the bank branch where PMSBY was enrolled. Inform them about the accident and request the claim form.
2
Collect and submit documents
For death claim: FIR copy, post-mortem report, death certificate, nominee's Aadhaar and bank details, PMSBY certificate/enrollment proof. For disability claim: FIR copy, medical certificate from government hospital confirming permanent disability, Aadhaar, bank details.
3
Bank forwards to insurance company
The bank verifies documents and forwards the claim to the insurance partner. Processing takes 30-60 days typically.
4
Claim amount credited
₹2 lakh (death/total disability) or ₹1 lakh (partial disability) is credited to the nominee's or insured person's bank account. If the claim is rejected, reasons are communicated in writing and can be escalated to the insurance ombudsman.
⚖️PMSBY vs PMJJBY — Which Do You Need?
| Feature | PMSBY (Accident) | PMJJBY (Life) |
|---|---|---|
| Premium | ₹20/year | ₹436/year |
| Cover amount | ₹2 lakh | ₹2 lakh |
| What's covered | Accidental death and disability ONLY | Death from ANY cause (illness, accident, natural) |
| Age limit | 18-70 years | 18-55 years (cover till 55) |
| Best for | Accident protection | Complete life cover |
| Recommendation | Essential for everyone — costs nothing | Essential if you have dependents |
💡Why ₹20 is the Best Insurance Investment You'll Ever Make
Let's put this in perspective: ₹20 per year is less than the cost of one cup of tea. For this amount, you get ₹2 lakh insurance cover. If you're a daily wage worker earning ₹500/day, ₹2 lakh represents 400 days of income for your family — more than a year's earnings protected for the price of a tea.
Even if you already have private insurance or employer insurance, PMSBY is worth enrolling in because: (1) ₹20 is negligible, (2) it's additional cover on top of your existing insurance — the two don't cancel each other, (3) it remains active even if you change or lose your job (unlike employer insurance), (4) the claim process is simpler than private insurance.
The only people who should NOT enroll: Those above 70 years (not eligible). Everyone else between 18-70 should have PMSBY — it's almost free money in terms of risk coverage.
📝How to Apply
1
Go to your bank or use net banking
Visit any branch where you have a savings account. Alternatively, enroll through your bank's net banking portal or mobile app.
2
Fill consent form with nominee details
One-page form — your details, nominee name and relationship, auto-debit consent.
3
Ensure ₹20 balance in May-June
Premium is auto-debited annually. Keep minimum ₹20 balance during May 25-June 1.
4
Coverage active from June 1
You're covered for one year. Renews automatically each year via auto-debit.
ℹ️PMSBY covers ONLY accidental death and disability — NOT illness or natural death. For complete life cover, also enroll in PM Jeevan Jyoti Bima Yojana (PMJJBY) at ₹436/year. Both together cost just ₹456/year for ₹4 lakh total cover.
📅Important Dates & Schedule
EnrollmentOpen throughout the year
Premium debitMay 25 – June 1 each year (₹20 auto-debit)
Coverage periodJune 1 to May 31 annually
Claim timeline30-60 days from document submission
❓Frequently Asked Questions
🔗Related Schemes
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PM Jeevan Jyoti Bima Yojana
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HealthAyushman Bharat PMJAY
InsuranceTerm Insurance Guide
PMSBY — Financial Services Portal
financialservices.gov.in/insurance-divisions/Government-Sponsored-Socially-Oriented-Insurance-Schemes/Pradhan-Mantri-Suraksha-Bima-Yojana(PMSBY)