Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one-year personal accident insurance cover that costs ₹20 a year. It pays ₹2 lakh for accidental death or total permanent disability and ₹1 lakh for partial permanent disability. Anyone aged 18 to 70 with a savings bank or post office account can join, and the premium is debited automatically once a year.
What PMSBY covers
PMSBY is an accident policy, not a life policy. It pays only when death or disability follows an accident — defined in the scheme documents as “a sudden, unforeseen and involuntary event caused by external, violent and visible means”. Death from illness is not covered.
The benefit table is fixed, per the official PMSBY rules:
| Event | Sum insured |
|---|---|
| Accidental death | ₹2 lakh |
| Total and irrecoverable loss of both eyes, or loss of use of both hands or both feet, or loss of sight of one eye plus loss of use of one hand or foot | ₹2 lakh |
| Total and irrecoverable loss of sight of one eye, or loss of use of one hand or one foot | ₹1 lakh |
The cover runs for a policy year stretching from 1 June to 31 May and renews annually. It is administered by public sector general insurance companies and other general insurers tied up with banks and post offices. Your bank is the master policyholder. The Department of Financial Services reports cumulative enrolment of 50.15 crore under the scheme (verified July 2026).
Who can join
- Any individual bank or post office account holder aged 18 (completed) to 70 (age nearer birthday).
- Aadhaar is the primary KYC for the underlying account.
- One person may join through one account only, even if they bank in several places.
If premium is somehow received from two accounts, the cover is restricted to one account and the duplicate premium is liable to be forfeited. There is no way to stack the cover to ₹4 lakh.
What it costs
₹20 per year per member. That is the whole price. Unlike its life-insurance sibling, PMSBY has no quarterly pro-rata table: if you join after 31 May, you pay the full annual premium and the cover starts from the date the premium is actually auto-debited.
Of the ₹20, the entire amount goes to the insurer as premium; the ₹1 commission to business correspondents and the ₹1 administrative fee to the bank are paid by the insurer, not added to your bill. Where you enrol yourself electronically, the saved commission is passed back by reducing the insurance premium.
The rules state plainly that the premium may be reviewed based on annual claims experience, so treat ₹20 as the current price rather than a permanent one.
How to enrol, step by step
- Choose one savings account with valid KYC and a working balance.
- Look for PMSBY inside your bank’s net banking or mobile app, usually under “Insurance”, “Social Security Schemes” or “Jan Suraksha”. Self-enrolment through this route is the cleanest.
- Or visit the branch or a business correspondent and ask for the PMSBY enrolment-cum-auto-debit consent form. Forms are also on the Jan Suraksha portal.
- Name a nominee and, if the nominee is a minor, an appointee. Get the spelling and relationship right — this is the line a claim turns on.
- Give the auto-debit mandate. You may give an indefinite or longer-term option so that ₹20 is debited every year without a fresh form.
- Keep the acknowledgement slip, which doubles as the certificate of insurance.
Enrolment closes for the policy year on 31 May, but joining later in the year is allowed on payment of the full ₹20, with cover starting from the auto-debit date.
When the cover ends
The accident cover terminates, and nothing is payable, on any of these:
- On attaining age 70 (age nearest birthday).
- On closure of the account, or insufficiency of balance to keep the insurance in force.
- Where a member is covered through more than one account — the cover is restricted to one account and the duplicate premium may be forfeited.
If cover ceases for a technical reason such as a failed debit, it can be reinstated on receipt of the full annual premium. Reinstatement is at the insurer’s discretion, and the risk cover stays suspended in the meantime.
How a claim is made
For a disability claim, the insured member files the claim themselves. For a death claim, the nominee files it — or the appointee if the nominee is a minor, or the legal heir where there is no nomination. The claim-cum-discharge form should be submitted to the bank or post office branch preferably within 30 days of the accident.
For accidental death, attach:
- Proof of death — the death certificate from the registrar of births and deaths, or a hospital discharge summary or certificate, or a certificate from the last attending registered medical practitioner countersigned by a gazetted officer or bank official; plus the FIR or panchnama; plus the post-mortem report.
- Alternatively, a certificate issued by the District Magistrate, Collector, Deputy Commissioner or an authorised Executive Magistrate in the prescribed form.
- For deaths such as snake bite or a fall from a tree, the hospital record giving the member’s name, parentage, address and the date, time and cause of death can stand in place of the three documents above.
For permanent disability, attach the FIR or panchnama, a disability certificate issued by the civil surgeon, and the supporting hospital record.
In both cases you also need a KYC document for the claimant, the first two pages of the passbook or a cancelled cheque of the account where the money should land, and the signed advance receipt for discharge of claim. The bank fills in Part 3 of the form from its own enrolment data — account number, date the premium was debited, date it was remitted to the insurer — and certifies it before forwarding the claim.
PMSBY and PMJJBY: which does what
Banks usually offer both at the same counter, and the ₹456 combined annual cost puts both within reach of nearly every account holder. They are not substitutes.
| Feature | PMSBY | PMJJBY |
|---|---|---|
| Risk covered | Accidental death and permanent disability | Death from any cause |
| Annual premium | ₹20 | ₹436 |
| Maximum benefit | ₹2 lakh | ₹2 lakh |
| Partial benefit | ₹1 lakh for specified partial disability | None — single sum assured |
| Entry age | 18–70 years | 18–50 years |
| Cover ends at | 70 years | 55 years |
| Waiting period | None | 30-day lien for non-accidental death |
| Late joining | Full ₹20, cover from debit date | Pro-rata premium by quarter |
The detailed companion guide to PM Jeevan Jyoti Bima Yojana explains the life cover, its lien period and its claim route. The third scheme in the same Jan Suraksha family is Atal Pension Yojana, which builds a guaranteed pension from the same account. For a wider view of what else you may be entitled to, see the list of government schemes.
Frequently Asked Questions
Is the PMSBY premium still ₹20 a year?
Yes. The premium is ₹20 per annum per member as of July 2026, per the Department of Financial Services and the scheme rules effective from 1 June 2022. The rules allow it to be reviewed against claims experience, so confirm at the branch before enrolling.
Does PMSBY cover death by illness or a heart attack?
No. PMSBY pays only for death or disability caused by an accident — a sudden, unforeseen and involuntary event caused by external, violent and visible means. A natural death or death from disease falls outside the cover. For that risk you need PMJJBY.
Is there a waiting period in PMSBY?
No. Unlike PMJJBY, PMSBY has no lien period. The cover starts from 1 June for regular renewals, and from the date of premium auto-debit for late joiners.
What counts as a partial disability claim?
Total and irrecoverable loss of sight in one eye, or loss of use of one hand or one foot, pays ₹1 lakh. Loss of both eyes, both hands or both feet — or one eye plus one hand or foot — pays the full ₹2 lakh. Injuries that heal, however serious, do not qualify; the loss has to be permanent and irrecoverable.
Can I hold PMSBY and PMJJBY at the same time?
Yes, and most people do. They cover different risks, cost ₹456 together, and are usually enrolled through the same form and the same account.
What if the accident happens abroad?
The scheme documents do not restrict cover by geography, but claim documents such as the FIR, post-mortem report and civil surgeon’s disability certificate are framed for Indian procedure. Speak to the insurer through your bank branch before assuming an overseas accident will be processed the same way.
How do I check whether my PMSBY is active?
Look for the ₹20 debit in your account statement around May or June, or check the insurance or social security section of your bank’s app. Branches can also print the enrolment status from their core banking record.
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