What this scheme offers
PMSBY is a one-year personal accident insurance policy, renewable annually, covering accidental death and disability. It pays ₹2 lakh to the nominee for accidental death or total permanent disability, and ₹1 lakh for partial permanent disability. The cover period runs 1 June to 31 May each year, with the ₹20 annual premium auto-debited from the subscriber's linked bank or post office account. Deaths from natural causes or illness are not covered under this scheme — for that, see PM Jeevan Jyoti Bima Yojana, which is often taken alongside PMSBY.
Who is eligible
- Any individual with a savings bank or post office account, aged 18 to 70.
- Enrolment (or renewal consent for auto-debit) must be given on or before 31 May for the coverage period starting 1 June.
- An individual can join PMSBY through only one bank account.
Not covered: death by suicide, and non-permanent (partial, recoverable) disability.
Documents required
- Savings bank or post office account
- Aadhaar card
- Nominee details
- Signed consent for annual auto-debit of the premium
How to apply
- Log in to your bank's net banking or mobile app and look for the government insurance schemes section, or visit your branch.
- Alternatively, some banks allow SMS-based enrolment — reply to the activation SMS with "PMSBY Y."
- Fill in your nominee details and confirm the account for auto-debit.
- Sign the consent for annual premium debit (₹20/year).
- Renewal is automatic each year as long as your account has sufficient balance at debit time.
- To claim, visit the bank branch where the policy was issued or the Jan Suraksha portal, and submit the claim form with a death or disability certificate.