by Summary Box: PMSBY is the Pradhan Mantri Suraksha Bima Yojana, a one-year personal accident insurance scheme. Learn about its ₹20 annual premium, ₹2 lakh maximum cover, eligibility, benefits and enrolment process.
What Is PMSBY?
PMSBY, short for Pradhan Mantri Suraksha Bima Yojana, is a government-backed personal accident insurance scheme that provides financial protection against accidental death and specified permanent disabilities. The cover is renewable every year, and eligible bank or Post Office account holders between 18 and 70 years can join by giving consent for auto-debit. The current annual premium is ₹20 per member.
The insurance period generally runs from 1 June to 31 May. The scheme is linked to the subscriber’s bank or Post Office account, making premium payment and renewal convenient through auto-debit. A person holding multiple eligible accounts can enrol through only one account.
PMSBY Benefits and Coverage
The amount payable depends on the type of accidental death or disability covered under the scheme. The maximum benefit is ₹2 lakh, while certain specified permanent partial disabilities carry a benefit of ₹1 lakh.
| Covered event | Insurance benefit |
|---|---|
| Accidental death | ₹2 lakh |
| Specified permanent total disability | ₹2 lakh |
| Specified permanent partial disability | ₹1 lakh |
Examples of qualifying permanent total disability include total and irrecoverable loss of both eyes or loss of use of both hands or feet. Specified permanent partial disability includes total and irrecoverable loss of sight in one eye or loss of use of one hand or foot.
Who Can Join This Accident Insurance Scheme?
Individual account holders of participating banks or Post Offices can enrol if they are 18 to 70 years old and satisfy the applicable conditions. Both single and joint account holders may be eligible. However, where an individual has multiple accounts, coverage can be taken through only one bank or Post Office account.
Table of Contents
The cover can also continue alongside other insurance schemes because this accident protection is not restricted to people who already have another insurance policy. However, the scheme only pays according to its own defined accident and disability conditions.
How to Enrol for PMSBY
Enrolment is connected to a participating bank or Post Office account. The subscriber provides consent and authorises the annual premium to be deducted through auto-debit. New eligible applicants can also join in later years, with risk cover beginning from the date the premium is auto-debited, subject to the scheme rules.
Simple Enrolment Steps
- Contact your participating bank or Post Office.
- Request enrolment in the accident insurance scheme.
- Complete the required consent or enrolment form.
- Provide nominee details as required.
- Authorise the ₹20 annual auto-debit.
- Keep sufficient balance for renewal.
- Retain your enrolment details for future claims.
What Is Not Covered?
This is an accident insurance scheme, so it should not be treated as comprehensive health or life insurance. Hospitalisation expenses following an accident are not reimbursed under the scheme. Suicide is also not covered, while death due to murder is covered according to the official FAQ.
If a claim involves a road, rail or similar vehicle accident, drowning or death involving a crime, the incident should be reported to the police. For incidents such as snake bites or falls from trees, immediate hospital records can be required as supporting evidence.
Frequently Asked Questions
What is the annual premium?
The current premium is ₹20 per member per year, collected through auto-debit from the designated account.
What is the maximum insurance benefit?
A benefit of ₹2 lakh is available for accidental death and specified permanent total disability. Certain specified permanent partial disabilities carry ₹1 lakh.
What is the eligible age?
The eligible age range is 18 to 70 years, subject to the scheme conditions.
Does it cover hospitalisation?
No. Hospitalisation expenses after an accident are not reimbursed under this scheme.
Conclusion
At ₹20 a year, this accident insurance programme provides a defined level of financial protection for eligible subscribers against accidental death and specified disabilities. Before enrolling, check the eligibility conditions, coverage limits, nominee details and auto-debit requirements carefully. For the latest rules, always refer to the official Department of Financial Services information.
Internal Link Suggestion:
PM Internship Scheme
Official External Link(s):
PMSBY – Department of Financial Services
PMSBY Official FAQ
