Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Investing a Rupee Every Month

4,80,652 road accidents happened in India in 2019, accounting for the lives of over 151,000 people.

Accidental deaths are common in the country. So back in 2015, the PM Modi Government unveiled the Pradhan Mantri Suraksha Bima Yojana (PMBSY) to support the aggrieved families financially. The policy is a personal accident insurance scheme that covers death or disability caused by accidents.

This article discusses everything you need to know about the Pradhan Mantri Suraksha Bima Yojana and why people should consider investing a Rupee every month in it.


The Pradhan Mantri Suraksha Bima Yojana covers individuals falling in the 18-70 years age group. The applicant must have a savings account with any partner bank and set up auto-debit for the annual deduction of the policy premium amount. There is no additional criterion for people applying for this policy.


Every year ₹ 12 is deducted from your bank between 25 May and 31 May automatically unless the holder has specified otherwise. It means you are paying ₹ 1 every month to get an accident cover for yourself and your family.


The PMSBY is an annual policy that begins on 1 June. The total sum covered is ₹ 2 lakh for every individual, and he can avail of it through a single bank account. Any person joining later than 1 June will receive coverage from the date of premium deduction to 31 May next year. If you are enrolling via a joint account, both holders are eligible to take part.

The Pradhan Mantri Suraksha Bima Yojana covers both death and disability because of an accident. In case of death and total disability, the nominee will receive ₹ 2 lakh. If it is partial disablement, the nominee is eligible to receive ₹ 1 lakh.

What is not covered?

The PMSBY is an accident and disability insurance policy that activates only on the death or disablement of an individual. So it doesn’t cover death by suicide and partial disability without irrecoverable loss unless mentioned otherwise.

How to enrol for the Pradhan Mantri Suraksha Bima Yojana?

The Public Sector General Insurance Companies (PSGICs) manage the Pradhan Mantri Suraksha Bima Yojana (PMSBY)) and general Indian insurance companies. They can partner with any participating bank to implement the scheme.

You can download the application form in English here –


Fill it up and submit it to your bank. If you want to do it online, you can use your net banking facility to enrol via an SMS-based enrolment process. If you are looking for the form in an alternate language, you can visit the Jana Suraksha website or request the same from your bank.

Spend a Rupee every month can help your family survive during tough times

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accidental cover policy with a simple intention. It doesn’t have riders or additional benefits to confuse people and follows a web-based system to inform the claimant throughout.

Can you find a better use of ₹ 1 every month?

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