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Explained: What Is Pradhan Mantri Suraksha Bima Yojana And How To Apply
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The scheme is especially helpful for economically weaker sections who may not be able to afford high insurance premiums.
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme aimed at providing affordable financial protection to India's working population. Launched in 2015, the scheme has seen a 443 per cent growth in enrolment, rising from 9.40 crore in March 2016 to 51.06 crore by April 2025, according to the Ministry of Finance.
Ensure financial stability for your loved ones with PM Suraksha Bima Yojana! Cumulative enrolments under PMSBY have risen by 443%, from 9.40 Cr in March 2016 to 51.06 Cr in April 2025. Affordable security at just ₹20 per year! #10YearsofJansurakshaSchemes #10YearsofPMSBY — Ministry of Finance (@FinMinIndia) May 9, 2025
What Does PMSBY Offer?
PMSBY offers accident insurance coverage at a very low cost:
– Premium: Rs 20 per year
Coverage:
– Rs 2 lakh in case of accidental death or total disability
– Rs 1 lakh for partial permanent disability
The scheme is especially helpful for economically weaker sections who may not be able to afford high insurance premiums.
Who Can Apply?
Anyone can apply who:
– Is between 18 and 70 years of age
– Holds a savings account in a bank or post office
The policy is renewed annually and the premium is automatically deducted every year from the account holder's linked bank account.
How to Apply?
You can apply both offline and online.
Offline Method:
– Visit your bank branch or post office where you hold a savings account.
– Ask for the PMSBY form or download it from your bank's website or
– Fill in your personal details like name, address, DOB, nominee name and relationship and account number.
– Submit the form and consent for auto-debit of the Rs 20 premium.
Online Method:
– Log in to your bank's net banking portal.
– Locate the PMSBY option under insurance or services.
– Follow the instructions and give auto-debit consent.
In case of a claim due to death or disability, the following documents are needed:
– Aadhaar card
– e-Shram card or UAN
– FIR copy of the accident
– Death or disability certificate
– Medical certificate
– Cause of death statement (if applicable)
Who Runs the Scheme?
PMSBY is offered through public and private insurance companies, in tie-up with scheduled commercial banks, regional rural banks and cooperative banks. The government regularly monitors claim settlements and addresses complaints with the help of banks and insurers.
Key Initiatives for Wider Coverage
To promote enrolment and awareness:
– Local Gram Panchayat-level campaigns
– Financial literacy driven by the RBI's Centre for Financial Literacy
– Around 13 lakh Banking Correspondents (BCs) help with the last-mile service
– 107 Digital Banking Units provide doorstep services
Online platforms like Jan Samarth, PSB Loans in 59 Minutes and Stand-Up Mitra make credit and schemes easily accessible
PMSBY is part of the government's broader push for financial inclusion and social security for all. With growing enrolments and increased awareness, the scheme aims to offer every citizen a basic safety net at a minimal cost.
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