Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Up to ₹2 lakh cover for death or disability in an accident, for around ₹20 a year
This is accident insurance that costs about ₹20 for the whole year. If you die in an accident, or are permanently disabled by one, the payout is up to ₹2 lakh. Any bank account holder between 18 and 70 years of age can join, and the premium is taken automatically from the account once a year.
Who can apply
- Holder of a savings bank account
- Aged 18 to 70 years
- Must agree to the yearly premium being auto-debited from the account
Who cannot apply
- Death or disability from causes other than an accident
What to take with you
- Bank account details
- Aadhaar card
- Consent and auto-debit form given by the bank
- Nominee details
How to apply
Ask your bank branch or your bank's mobile app to enrol you in PMSBY and give consent for the yearly auto-debit. Scheme details are at jansuraksha.gov.in.
Rejected or still waiting? Check these first
Most applications fail for a correctable reason, not because the applicant was ineligible. Before assuming you do not qualify, check each of these:
- Not enough balance in the account on the auto-debit date, so the cover lapses
- Claim is for an illness or a non-accidental death, which this scheme does not cover
- Nominee details not recorded with the bank
Still stuck after checking all of these? Tell us what happened and we will help you work out which office to approach.