Saiteja
PMSBY (Pradhan Mantri Suraksha Bima Yojana) is a Government of India scheme that gives ₹2 lakh accident insurance for only ₹20 a year.
Did you know you can get ₹2 lakh insurance cover for just ₹20 a year? Two Government of India schemes, PMSBY and PMJJBY, give low-cost insurance to every person with a bank account.
In this guide we explain both schemes in simple words, who can join, and how to enroll from your bank app in a few minutes.
Table of Contents
PMSBY vs PMJJBY at a Glance
| Feature | PMSBY | PMJJBY |
|---|---|---|
| Full name | Pradhan Mantri Suraksha Bima Yojana | Pradhan Mantri Jeevan Jyoti Bima Yojana |
| Type | Accident insurance | Life insurance |
| Yearly premium | ₹20 | ₹436 |
| Cover | ₹2 lakh (death / total disability), ₹1 lakh (partial disability) | ₹2 lakh on death due to any reason |
| Entry age | 18 – 70 years | 18 – 50 years (cover up to 55) |
| Payment | Auto debit from bank account | Auto debit from bank account |
PMSBY: ₹2 Lakh Accident Cover for ₹20
- Accidental death: ₹2 lakh to the nominee
- Total and permanent disability: ₹2 lakh
- Partial permanent disability: ₹1 lakh
- Anyone aged 18 to 70 with a savings bank account can join
PMJJBY: ₹2 Lakh Life Cover for ₹436
- Pays ₹2 lakh to the nominee on death due to any reason
- Entry age is 18 to 50 years
- Cover continues up to age 55 if renewed every year
- Very useful as a basic life cover for the family
How to Join PMSBY and PMJJBY
- Bank app: open your bank’s mobile app and look for Insurance, Jan Suraksha or Social Security Schemes
- Net banking: many banks have a PMSBY / PMJJBY enrolment option
- Bank branch: fill the enrolment form and submit it with your account number and nominee details
- Give consent for auto debit of the yearly premium
Renewal and Auto Debit
The cover period is one year, and the premium is auto debited from your account every year at renewal. Keep enough balance in your account at renewal time, otherwise the policy may lapse.
PMSBY Eligibility and Cover Details
- Age: 18 to 70 years
- Needs a savings bank or post office account with auto-debit consent
- Premium: ₹20 per year, debited around 1 June every year
- Accidental death: ₹2 lakh to the nominee
- Total permanent disability (both eyes, both hands or both feet): ₹2 lakh
- Permanent partial disability (one eye or one hand or one foot): ₹1 lakh
The scheme covers death or disability due to an accident only. It does not cover natural death or illness. That is where PMJJBY helps, because it covers death due to any reason.
PMSBY vs Private Accident Insurance
A private personal accident policy with ₹2 lakh cover usually costs much more than ₹20. This scheme is the cheapest accident cover available in India, which makes it a smart extra layer of protection for every family.
- No medical test needed
- Joining takes 2 minutes in most bank apps
- Cover renews automatically every year
- The nominee gets the claim amount directly into the bank account
How to Claim PMSBY Insurance
- Inform the bank branch where the account is held as soon as possible
- Collect the claim form from the bank or the insurer website
- Submit FIR copy, post-mortem report or disability certificate, and the death certificate in case of death
- The bank forwards the claim to the insurance company and the amount is credited to the nominee
Keep the nominee details updated in your bank account so that the claim is settled without delay.
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Real-Life Example: How the ₹20 Cover Helps a Family
Imagine a 35-year-old delivery worker who rides a two-wheeler every day. He has a savings account and joined the accident scheme through his bank app by paying just ₹20. One year later, he meets with a road accident and does not survive.
His wife is the nominee on the policy. She visits the bank branch with the death certificate, FIR copy and post-mortem report. Within a few weeks, ₹2 lakh is credited to her account. For a family that depends on daily income, this money pays for rent, school fees and daily needs during a very difficult time.
If he had also joined PMJJBY for ₹436, the family would have received another ₹2 lakh, because the life cover pays for death due to any reason, including an accident. Together, both schemes cost less than ₹460 a year but can give the family up to ₹4 lakh.
- Join both schemes for wider protection
- Tell your nominee that you have these policies
- Keep the bank SMS or certificate of insurance safely
- Check every June that the premium was debited
Many families never claim this money simply because they do not know the policy existed. Share this information with parents and relatives who have a bank account, so they do not miss this low-cost protection.
Frequently Asked Questions
Can I join both PMSBY and PMJJBY?
Yes. You can join both schemes. Together they give accident cover and life cover for a very low yearly cost.
Can I join through more than one bank?
No. You can be covered under each scheme through only one bank account.
How does the nominee claim?
The nominee should contact the bank branch where the account is held, fill the claim form and submit the death certificate and other documents asked by the bank.
What happens if my account has no balance on the renewal date?
The premium will not be debited and your cover will stop. Keep at least ₹20 in the account before 1 June every year.
Is PMSBY premium tax deductible?
The premium is very small. Please check with a tax advisor for the current rules.
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Official source: Jan Suraksha official portal. Always verify the latest rules on the official website.
Conclusion
For less than the cost of one cup of tea a year, PMSBY gives your family ₹2 lakh accident protection. Add PMJJBY for life cover. Enroll today from your bank app and tell your family members to do the same.
Disclaimer: This article is for information purposes only and is not insurance advice. Premium, age limits and rules may change. Please check jansuraksha.gov.in or your bank for the latest details.
