The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed, one-year renewable personal accident insurance scheme. Provides protection against death or disability resulting from sudden, unforeseen, and involuntary accidents (including partial disability such as loss of sight in one eye or use of one limb)
Available to individuals aged 18–70 with a bank/post office account, it costs ₹20/year,
Key Features
♦ The premium is ₹20/- per annum per member, deducted in one installment through auto-debit
♦ Term: The policy covers a period of one year, starting from June 1 to May 31, renewable annually.
♦ ₹2 lakh coverage for accidental death/permanent total disability and ₹1 lakh for permanent partial disability
♦ Eligibility: Individuals aged 18 to 70 years (completed) with a savings bank account