PMSBY: ₹2 Lakh Accident Cover for ₹20 a Year
Last verified: June 2026. Rates, premiums and rules change — small-savings rates are reviewed quarterly; confirm current terms before investing. General information, not financial advice.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) gives ₹2 lakh of accident cover for just ₹20 a year — effectively the price of a cup of tea for a year’s personal-accident protection.
Key features
- Cover: ₹2,00,000 for accidental death or total permanent disability; ₹1,00,000 for partial permanent disability.
- Premium: ₹20 per year, auto-debited.
- Eligibility: ages 18–70 with a participating bank/post-office savings account.
- Renewal: annual, auto-renewable.
What it covers (and doesn’t)
PMSBY pays only for accidental death or disability — not illness or natural death. It’s a personal-accident cover, not life or health insurance.
How to enrol
Give consent for the auto-debit through your bank. You can hold it alongside PMJJBY — together they give cheap life + accident cover. Keep your nominee details updated.
Who it suits
Everyone, given the negligible cost — especially earning members of lower-income households. But ₹2 lakh is modest; those with dependants should also hold proper term insurance and a fuller personal accident policy.
FAQs
What does PMSBY cover?
₹2 lakh for accidental death/total disability and ₹1 lakh for partial disability, for ₹20 a year.
Does PMSBY cover illness?
No — only accidents. It’s a personal-accident cover, not health or life insurance.
Can I have both PMSBY and PMJJBY?
Yes — together they give cheap accident plus life cover.
