Key Points

The scheme provides financial stability and affordable security in case of accidents and loss of lives at just Rs 20 per year.

“Ensure financial stability for your loved ones with PM Suraksha Bima Yojana! Cumulative enrolments under PMSBY have risen by 443 per cent, from 9.40 Cr in March 2016 to 51.06 Cr in April 2025. Affordable security at just Rs 20 per year!” the Ministry of Finance said in a post on social media platform X.

Launched in 2015 by Prime Minister Narendra Modi, the Pradhan Mantri Suraksha Bima Yojana has become a cornerstone of the government’s efforts to provide financial safety to the public.

The scheme was officially launched on May 8, 2015, in Kolkata. It covers all Indian residents and non-resident Indians (NRIs) between the ages of 18 and 70, provided they have a valid bank account.

In the unfortunate event of partial disability due to an accident, the scheme offers Rs 1 lakh directly to the individual’s account.

In the tragic case of death caused by a road accident or any other unfortunate incident, the family or heirs of the deceased are entitled to a financial support of Rs 2 lakh.

The scheme requires an annual premium of just Rs 20, which is automatically deducted from the account of the policyholder. It offers a one-year coverage period, running from June 1 to May 31. The policy is administered through public sector insurance companies, making it accessible to the masses.

In the event of death or full disability, the nominee is entitled to Rs 2 lakh. Full disability is defined as the complete loss of use of both eyes, hands, or feet. Partial permanent disability, such as the loss of one eye, hand, or foot, is eligible for a payout of Rs 1 lakh.

However, claims are not accepted in cases of death caused by suicide, alcohol, or drug abuse. In addition, a person must be enrolled in the scheme for at least 45 days before being eligible to make a claim.

- IANS