Financial security is one of the biggest concerns for every family. In India, millions of households struggle to find affordable insurance coverage. To solve this issue, the Government of India launched the Pradhan Mantri Suraksha Bima Yojana (PMSBY) — an accidental insurance scheme that provides ₹2 lakh cover at just ₹20 annually.
This initiative ensures that even low-income families can access accidental insurance and protect their loved ones without worrying about high premiums. Whether you are a student, a salaried employee, a small business owner, or a farmer, PMSBY offers universal access to insurance coverage.
In this blog post, we’ll cover everything about PMSBY — its benefits, eligibility, enrollment, claim process, comparison with PMJJBY, and why it has become one of the most popular government insurance schemes in India.
What is Pradhan Mantri Suraksha Bima Yojana?
Launched in 2015 by the Government of India, the PMSBY is a social security scheme aimed at providing affordable accident insurance. The scheme is available through banks and digital payment platforms, making enrollment simple for everyone.
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Premium: ₹20 per year (auto-debited from your bank account)
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Coverage:
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₹2 lakh in case of accidental death
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₹2 lakh for total permanent disability
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₹1 lakh for partial permanent disability
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This makes it one of the cheapest and most accessible accidental insurance schemes in the world.
Key Features of PMSBY 2025
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Low Premium – Just ₹20 yearly, deducted automatically from your linked bank account.
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Wide Coverage – Accidental death and disability benefits up to ₹2 lakh.
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Easy Enrollment – Available through SBI, HDFC, ICICI, PNB, BOB, Canara Bank, Union Bank, Kotak, Axis, and even Airtel Payment Bank.
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Eligibility – Anyone aged 18 to 70 years with a savings bank account can join.
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Nationwide Availability – From urban to rural banks, including Assam Gramin Vikash Bank, the scheme is accessible everywhere.
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Auto Renewal – Policy is renewed automatically every year unless opted out.
How PMSBY Protects Your Family
Life is unpredictable, and accidents can happen at any time. For families who cannot afford expensive insurance, PMSBY provides financial protection that acts as a safety net.
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If the policyholder dies in an accident, the nominee receives ₹2 lakh.
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If the policyholder suffers a permanent disability, the coverage ensures financial support during recovery.
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Affordable premium ensures that even low-income families can stay insured.
This makes PMSBY not just an insurance plan, but a lifeline for millions of Indians.
How to Enroll in PMSBY
Enrollment is simple and available both online and offline:
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Online: Through NetBanking, mobile banking apps, or UPI-based apps.
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Offline: By visiting your bank branch and filling out the PMSBY form.
Major banks like SBI YONO, HDFC, ICICI, PNB, Canara Bank, Union Bank, Bank of Baroda, and digital banks like Airtel Payment Bank provide quick enrollment options.
Once enrolled, the premium is auto-debited every year, so you don’t need to remember renewals.
Claim Process for PMSBY
In case of an accident, the nominee or policyholder can apply for a claim by:
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Filling out the PMSBY claim form (available online and at bank branches).
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Submitting relevant documents such as accident report, death certificate, disability certificate, and bank details.
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Claim settlement is generally processed by the bank and insurance provider within weeks.
This hassle-free claim process makes PMSBY more reliable compared to private insurance policies.
Why PMSBY is Still Relevant in 2025
Even after several years, PMSBY remains one of the most searched and widely adopted schemes in India. Reasons include:
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Ultra-low cost (₹20/year)
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Wide availability across banks and digital platforms
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Simple process for enrollment and claims
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Financial safety net for low-income families
With accidents on the rise, having such an affordable insurance plan provides peace of mind to millions.
FAQs on PMSBY
Q1. What is PMSBY premium amount?
👉 Only ₹20 per year.
Q2. How much coverage does PMSBY provide?
👉 ₹2 lakh for accidental death or permanent disability, ₹1 lakh for partial disability.
Q3. Can I apply for PMSBY online?
👉 Yes, through NetBanking, mobile banking apps, or UPI-based apps.
Q4. Can I have multiple PMSBY policies?
👉 No, one policy per person regardless of number of bank accounts.
Q5. Can I check PMSBY status online?
👉 Yes, via bank apps like SBI YONO, HDFC NetBanking, PNB, and Canara Bank portals.
Final Thoughts
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a game-changer in social security schemes. For just ₹20 annually, it offers financial security worth ₹2 lakh. With easy enrollment, wide coverage, and simple claims, it has become the first choice for millions of Indians.
If you haven’t enrolled yet, visit your bank today or apply online. A small premium today can safeguard your family’s future tomorrow.
👉 Watch the full video on my channel BeWithPrem to understand the step-by-step enrollment and claim process in simple Hindi.