There is a government-backed accident insurance scheme that protects you and your family from sudden financial shocks due to accidental death or disability.
It works through a quick auto-debit process and offers benefits many people are still unaware of.
Want to know if you qualify and how much you can receive? Here’s a clear breakdown.
What Is PM Suraksha Bima Yojana?
PM Suraksha Bima Yojana (PMSBY) is a low-cost accident insurance scheme supported by the Government of India.
It provides financial help to your family if an accident leads to your death or disability.
The best part is its affordability.
The premium is only Rs 20 per year, and it is automatically deducted from your bank or Post Office account on or before June 1.
Coverage stays active for one year, from June 1 to May 31, and renews automatically every year through auto-debit.
What the Scheme Covers
If the insured person dies in an accident, the nominee receives Rs 2,00,000 as compensation.
In case of severe disability, such as losing both eyes, both hands, both feet, or losing sight in one eye along with a hand or foot, the subscriber also receives Rs 2,00,000.
For partial disabilities like losing one eye or one hand or foot, the financial support is Rs 1,00,000.
Who Can Apply?
Anyone aged 18 to 70 with a bank or Post Office savings account can join the scheme.
You only need to give consent for auto-debit of the premium.
The coverage ends once the person turns 70, closes their bank account, or doesn’t have enough balance to pay the annual premium.
Even if someone is enrolled through multiple accounts, they are eligible for only one insurance cover of Rs 2 lakh.
Why PMSBY Is Worth It
For just Rs 20 a year, this scheme offers strong financial protection against unexpected accidents.
It ensures your family has support during difficult times, making it one of the most valuable and affordable government-backed insurance plans available.
