Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme in India designed to provide affordable financial security to citizens in case of unforeseen accidents.

​As of 2026, it remains one of the most cost-effective insurance plans available, specifically focusing on accidental death and disability.

​Key Features and Benefits

​The scheme offers a one-year cover that is renewable annually. The benefits are structured based on the severity of the accident:

Eligibility & Premium

• ​Age Limit: 18 to 70 years.
• ​Premium: ₹20 per year (revised from the original ₹12).
• ​Payment Mode: The premium is auto-debited from your linked savings bank or post office account once a year, usually between May 25th and May 31st.
• ​Policy Period: June 1st to May 31st of the following year.

​How to Enroll

​You can easily join the scheme through any of the following methods:

1. ​Internet/Mobile Banking: Most major banks (like SBI, ICICI, HDFC, Axis, etc.) allow you to enroll instantly through their apps or websites under the "Social Security Schemes" or "Insurance" section.
2. ​SMS Service: Some banks allow enrollment by sending a specific SMS code from your registered mobile number.
3. ​Bank Branch/Post Office: You can visit your home branch and submit a simple Consent-cum-Declaration form.

​Important Note: To keep the insurance active, ensure your bank account has a sufficient balance (at least ₹20) during the last week of May for the auto-renewal.

When does the cover end?

​The insurance will terminate if:

1. ​You turn 70 years old.
2. ​The bank account is closed.
3. ​The account has insufficient balance to pay the annual premium.

​Would you like me to help you find the specific enrollment steps for your particular bank?