Accidental Insurance at ₹20 Premium Per Year

What is PMSBY?

Pradhan Mantri Suraksha Bima Yojana is an accidental insurance contributory scheme that provides 1 year’s coverage and is renewable yearly.

What Does the Scheme Cover?

2 lakhs death benefit to the nominee. 2 lakhs coverage on complete disability to the subscriber. 1 lakh coverage on partial disability to the subscriber.


The subscriber has to contribute ₹200/month till 60 years of age, after which they will get an assured pension of ₹3000/- month.

Eligibility & Premium

The insurance scheme applies to people aged 18-70 who have enabled the auto-debit option for their premium of ₹20 per year.

How to Subscribe to PMSBY Via Internet Banking?

Step 1: Login to your bank acc. Step 2: Go to the insurance section. Step 3: Choose the account for premium payment.

How to Subscribe to PMSBY Via Internet Banking?

Step 4: Review details & confirm. Step 5: Download confirmation receipt and note the reference provided.

Banks that Offer the PMSBY Policy

SBI                            PNB Kotak Bank             HDFC Bank ICICI Bank               IDBI Bank Axis Bank                Canara Bank UCO Bank Union Bank of India

Documents Required

Duly filled PMSBY form. Aadhar card

How to Claim the PMSBY?

Accidental death should be reported to the police with the necessary records. Then, the beneficiary mentioned in the police enrolment form by the policyholder can file the claim.


How to Claim the PMSBY?

In case of disability, the sum assured will be transferred to the policyholder’s account.


Tax Deductions

The subscriber will get a tax deduction under Section 80C & the sum insured will remain non-taxable under Section 10 (10D) of the Income Tax Act.

Final Thoughts

PMSBY is a government-sponsored insurance scheme providing financial protection to the families of the deceased belonging to low-income and vulnerable groups.