Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is arguably the world's most affordable accident insurance scheme. For just ₹20 per year (recently revised to ₹20 from ₹12), any Indian citizen with a savings bank account aged 18–70 years gets accidental death and permanent total disability cover of ₹2 lakh, and permanent partial disability cover of ₹1 lakh. The ₹20 premium is auto-debited from the enrolled bank account on 1st June every year.

The simplicity of PMSBY is its greatest strength. There is no health check, no complex underwriting, and no paperwork for enrolment. Simply walk into your bank or access net banking and opt-in for PMSBY. A single form or a simple SMS/net banking opt-in is all that is needed. The insurance is renewed automatically each year as long as your bank account has ₹20 on the debit date.

The claim process requires: FIR copy (for accident), death certificate and post-mortem report (for death claims), disability certificate from a government doctor (for disability claims), and bank account details of the nominee. Claims are processed by the insurer (public sector general insurance company) through the bank. As of 2026, over 44 crore people are enrolled in PMSBY, making it one of the largest insurance schemes in the world. Our editorial team verified premium, coverage, and claim procedure against the DFS (Department of Financial Services) official portal, July 2026.