PMSBY at a glance
| Premium | ₹20 a year, auto-debited |
|---|---|
| Accidental death | ₹2 lakh |
| Total, permanent disability | ₹2 lakh |
| Partial, permanent disability | ₹1 lakh |
| Who can join | Ages 18–70, with a bank or post office savings account |
| Cover year | 1 June to 31 May, renewed every year |
| Insurer | Public sector general insurers and others tied up with your bank |
What is covered and what is not
| Event | Paid |
|---|---|
| Death in an accident | ₹2,00,000 |
| Loss of both eyes, both hands, both feet, or one eye and one hand or foot | ₹2,00,000 |
| Total loss of sight in one eye, or loss of one hand or foot | ₹1,00,000 |
| Death from illness, or suicide | Not covered |
Accidents include road, rail and workplace accidents, falls, drowning and natural disasters.
Why it is worth ₹20
Twenty rupees a year is less than one cup of tea a month, for cover that would otherwise cost several hundred rupees as a private personal accident policy. Kept from 25 to 70, the premiums add up to just ₹900. For families who depend on one earner travelling to work every day, it is one of the cheapest protections available.
How to enrol
Fill in the PMSBY form at your bank or post office, or enrol through your bank’s app, net banking or SMS where offered, and name a nominee. The ₹20 is auto-debited each year by 31 May; make sure the account has the balance on that date, or the cover lapses for the year. Cover is allowed through one account only.
How to claim
- Inform the bank or post office as soon as possible after the accident.
- Submit the claim form with the FIR or police report and, for a death, the post-mortem report and death certificate; for disability, a certificate from a civil surgeon.
- The bank sends the claim to the insurer, which pays the nominee or the injured subscriber directly into their account.
PMSBY with other schemes
- PMJJBY covers death from any cause for ₹436 a year, ages 18–50 (cover to 55).
- Jan Dhan RuPay cards carry ₹2 lakh of accident cover too, if the card has been used in the 90 days before the accident.
- Atal Pension Yojana adds a guaranteed pension through the same account.
Frequently asked questions
What is the PMSBY premium?
₹20 a year, auto-debited from your savings account by 31 May for cover from 1 June to 31 May. It has been ₹20 since 1 June 2022.
What does PMSBY cover?
Accidental death and total, permanent disability (loss of both eyes, both hands or feet, or one eye and one hand or foot) for ₹2 lakh, and loss of one eye, one hand or one foot for ₹1 lakh. Death from illness is not covered.
Who can join PMSBY?
Anyone aged 18 to 70 with a savings account in a bank or post office who agrees to auto-debit of the premium. Cover ends at 70.
Does PMSBY cover death in a road accident?
Yes. Death in any accident, including road, rail and workplace accidents, drowning and natural disasters, is covered. Suicide is not.
How do I claim under PMSBY?
Inform the bank or post office promptly, then submit the claim form with the FIR or police report, the post-mortem report and death certificate (or, for disability, a civil surgeon’s certificate) at the branch that holds the account.
Can I have PMSBY and PMJJBY together?
Yes, and many do. PMJJBY (₹436) covers death from any cause up to age 55; PMSBY (₹20) covers accidents up to 70. On an accidental death the family receives both, ₹4 lakh in all.
Sources
- Jan Suraksha portal – Pradhan Mantri Suraksha Bima Yojana
- Department of Financial Services – social security schemes
Last checked on 6 October 2026. Premiums were last revised on 1 June 2022.