Ministry of Finance, Department of Financial Services, Government of India
PMSBY 2026: Pradhan Mantri Suraksha Bima Yojana Details
Objective
Provide affordable accidental death and disability insurance to all Indians, especially those in the unorganised sector, through a simple bank account-linked annual subscription.
Eligibility Criteria
- Age 18 to 70 years
- Must have a savings bank account with a participating bank
- Auto-debit consent required
- No medical examination required
- Multiple bank accounts: enrolment through one account only
- Joint account holders can each enrol separately by paying ₹20 each
Benefits & Features
- 1₹2 lakh paid on accidental death or total permanent disability
- 2₹1 lakh paid for partial permanent disability (loss of one eye, one hand, or one foot)
- 3Annual premium: ₹20 per year. One of the cheapest insurance products in the world
- 4Cover period: June 1 to May 31 every year, renewable annually
- 5Premium auto-debited from bank account every June 1
Required Documents
- Aadhaar card
- Savings bank account at a participating bank
- Nominee details (name, relationship)
- Auto-debit consent form
How to Apply
Official Portal & Helpline
Get instant scheme updates. Join our channels:
PMSBY 2026: what the scheme covers
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government accident insurance scheme that pays ₹2 lakh to the nominee on accidental death and permanent disability. The premium is ₹20 a year, auto-debited from your savings bank account. Any Indian aged 18 to 70 with a savings account and a signed consent form can enrol. The scheme has been running since May 9, 2015 and the FY 2026 budget kept the premium and cover unchanged.
Cost vs coverage: is ₹20 a good deal
Yes, and here is the simple math.
- Your annual premium: ₹20
- Payout on accidental death: ₹2,00,000
- Payout-to-premium ratio: 10,000 to 1
- A private accident insurance plan with the same ₹2 lakh cover costs ₹300 to ₹500 per year.
The government subsidises PMSBY through public sector insurers (New India Assurance, National Insurance, United India Insurance, Oriental Insurance) and select private insurers. Your ₹20 covers only a fraction of the actual actuarial cost.
What PMSBY covers and does not cover
| Event | Payout |
|---|---|
| Accidental death | ₹2,00,000 |
| Total permanent disability (both eyes, both hands, both feet, or one eye and one hand or foot) | ₹2,00,000 |
| Partial permanent disability (one eye, one hand, or one foot) | ₹1,00,000 |
PMSBY does not cover death or disability from illness. For life insurance you need PMJJBY. Suicide within the first year of enrolment, war-related deaths, and criminal acts committed by the insured are also excluded.
Eligibility and requirements for PMSBY 2026
You can enrol in PMSBY 2026 if all these are true:
- You are between 18 and 70 years old
- You have a savings bank account with a participating bank
- You give consent for the auto-debit of ₹20 from your account each year
- You submit the enrolment form with correct nominee details
The scheme does not require a medical test or health declaration for first-time enrolment during the annual enrolment window. If your policy lapses because of a failed auto-debit and you want to re-enrol later, a fresh self-declaration of good health is required.
NRIs are eligible if they have a valid NRO or NRE savings account with an Indian bank. Joint account holders can each enrol separately. One policy per person, not per account.
PMSBY vs PMJJBY vs private accident insurance
Most PMSBY questions come from people confusing it with related schemes. Here is how they differ.
| Feature | PMSBY | PMJJBY | Private accident cover |
|---|---|---|---|
| What it covers | Accidental death and disability | Death from any cause | Accidental death and disability |
| Cover amount | ₹2 lakh | ₹2 lakh | Usually ₹5 lakh to ₹1 crore |
| Annual premium | ₹20 | ₹436 | ₹300 to ₹5,000 depending on cover |
| Age eligibility | 18 to 70 years | 18 to 50 years | 18 to 65 years usually |
| Medical test | Not required | Not required | Sometimes required |
| Auto-renewal | Yes, June 1 each year | Yes, June 1 each year | Depends on plan |
Most financial planners recommend holding both PMSBY and PMJJBY together. Total premium ₹456 for ₹4 lakh combined cover from natural death and accidents.
How to enrol in PMSBY step by step
Three ways to enrol. Pick whichever is easiest for you.
Option 1: At your bank branch
- Visit the branch where your savings account is held.
- Ask the counter for the PMSBY enrolment and consent form.
- Fill in your name, Aadhaar number, mobile number, nominee name, and nominee relationship.
- Sign the auto-debit mandate authorising ₹20 per year deduction.
- Submit the form. Your cover starts immediately and runs from June 1 to May 31.
Option 2: Through net banking
- Log in to your bank's net banking portal.
- Look for "Insurance" or "Social Security Schemes" in the menu (exact label varies by bank).
- Select "PMSBY" and click Enrol.
- Confirm nominee details and auto-debit consent.
- Download the acknowledgement PDF.
Most major banks offer online enrolment: SBI, PNB, Bank of India, Canara Bank, HDFC, ICICI, Axis, Kotak, and others.
Option 3: Through mobile banking app
Many banks now offer one-tap PMSBY enrolment in their apps (SBI YONO, HDFC Mobile Banking, ICICI iMobile, Axis Mobile). Look under "Insurance" or "Government Schemes" inside the app.
Nominee update after enrolment
You can change your nominee any time by visiting the bank branch with a nominee change form. Common reasons include marriage, birth of a child, or the earlier nominee passing away. There is no fee for updating the nominee.
How to file a PMSBY claim
For accidental death:
- The nominee visits the bank where the deceased had the PMSBY-linked savings account.
- Submits the claim form along with FIR, post-mortem report, death certificate, and nominee's ID proof.
- The bank forwards the claim to the insurance company.
- On approval, ₹2 lakh is credited to the nominee's bank account within 30 days.
For permanent disability:
- The insured (or a representative if the insured is bedridden) submits the claim form at the bank.
- Attach FIR or accident report, medical certificate from a civil surgeon or government hospital, and disability certificate.
- Wait for insurance verification.
- Payout is credited directly to the insured's bank account.
Claim window: file within 30 days of the accident. Late claims may be rejected unless there is a valid reason.
What if the PMSBY claim is rejected
Common rejection reasons include insufficient documentation, policy lapse due to failed premium debit, and accidents outside the coverage definition. If your claim is rejected:
- Ask the insurance company for a written reason for rejection.
- Submit the missing documents or a written appeal to the bank's insurance officer.
- If the appeal fails, approach the Insurance Ombudsman for your state. This is a free service, no lawyer needed. Ombudsman offices are listed on ecoi.co.in.
Common mistakes to avoid
- Not keeping ₹20 in the account on June 1. Auto-debit failure means policy lapse. Set a reminder every May.
- Enrolling in multiple banks thinking cover stacks. Only one PMSBY policy is honoured per person. Extra premiums are refunded but only if you file for refund.
- Wrong nominee details. If the nominee's name in the form does not match ID proof exactly, the claim gets stuck for months.
- Not updating nominee after major life events. If your original nominee dies before you and you have not updated, the claim goes into legal succession, which delays payout by 6 to 12 months.
Frequently asked questions
Is PMSBY 2026 still active? Yes. PMSBY continues as an ongoing government scheme in 2026. The Union Budget 2026 kept the premium at ₹20 and coverage at ₹2 lakh unchanged.
Can I enrol in PMSBY without an Aadhaar card? Aadhaar is preferred for KYC but not strictly mandatory. You can enrol using any officially valid document (passport, voter ID, driving licence, or PAN card).
Is PMSBY premium tax deductible? The ₹20 premium is not separately eligible under Section 80C or 80D because it is well below standard limits and the scheme is treated as a general accident policy. However, the payout to the nominee is fully tax-free under Section 10(10D) of the Income Tax Act.
What happens to PMSBY if I close my savings bank account? The policy lapses on the date of account closure. To continue cover, open a new savings account with a participating bank and re-enrol in PMSBY. A fresh self-declaration of health may be required.
Can a minor be a PMSBY nominee? Yes, but you must appoint a guardian in the nominee section to receive the payout on behalf of the minor. The guardian holds the money in trust until the minor turns 18.
How do I check my PMSBY policy status? Log in to your bank's net banking, go to the Insurance section, and click PMSBY. Your enrolment date, next renewal date, and premium debit history will be shown. Alternatively, visit your bank branch with your account passbook.
Does PMSBY cover accidents outside India? Yes. PMSBY covers accidents anywhere in the world for the insured person, as long as the person is a resident Indian at the time of enrolment.
What is the difference between PMSBY and PMJJBY? PMSBY covers accidental death and disability at ₹20 per year. PMJJBY covers death from any cause (illness or accident) at ₹436 per year. Both provide ₹2 lakh sum assured. You can and should hold both.
Official sources
- Jan Suraksha official portal: jansuraksha.gov.in
- Ministry of Finance (Department of Financial Services): dfs.gov.in
- Toll-free helpline: 1800-180-1111 or 1800-110-001