Imagine this: for the price of a cup of chai or a packet of snacks, you could secure your family’s future. Sounds unbelievable? That’s exactly what the Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers—accident insurance coverage for just ₹12 a year.
Launched in 2015, this government-backed scheme has quietly been transforming lives, especially for those who have never had access to formal insurance before. Let’s break down how this simple, affordable plan works—and why it might be one of the smartest financial decisions you can make.
What Is PMSBY All About?
The Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme designed for people aged 18 to 70 years, provided they have a savings bank account. Once enrolled, you’re covered for accidental death or disability—all for just ₹12 annually, which is auto-debited from your account.
Here’s what you get:
- ₹2 lakh in case of accidental death or total permanent disability
- ₹1 lakh for partial permanent disability
And yes, all this at the cost of less than ₹1 per month!
Why PMSBY Is a Game-Changer
1. It’s unbelievably affordable
Let’s be honest—most people hesitate to get insurance because they think it’s expensive. But with PMSBY, affordability is not a barrier. At ₹12 a year, this scheme is one of the most budget-friendly in the world.
2. It covers real risks
Accidents can happen to anyone, anytime—whether you’re commuting, working, or even just walking down the street. This plan ensures that if something unfortunate happens, your family isn’t left struggling financially.
3. It’s made for the masses
Whether you live in a metro city or a remote village, PMSBY is accessible through thousands of banks across India. It’s especially impactful for people in rural and low-income communities who often can’t afford traditional insurance.
4. It’s easy to enroll
You don’t need to go through long forms or medical checkups. Just visit your bank, fill out a simple form, and enable auto-debit. You’re covered from June 1st to May 31st each year, with the option to renew annually.
Who Should Get PMSBY?
Honestly, everyone should. But this scheme is particularly useful for:
- Daily wage workers and people with risky jobs
- Small business owners and gig workers
- People who can’t afford expensive insurance policies
- Anyone looking for basic, no-fuss accident coverage
If you’re young and healthy, you might think you don’t need it. But insurance isn’t for when things go right—it’s for the times they don’t.
How to Sign Up
Getting started is simple:
- Visit the bank where you hold your savings account.
- Fill in the PMSBY enrollment form.
- Submit your Aadhaar as identity proof.
- Allow auto-debit of ₹12 annually from your account.
- Done! You’ll receive a confirmation and your coverage will begin.
Why This ₹12 Could Mean Everything
Accidents don’t come with a warning. For many families, the sudden loss or disability of a breadwinner can throw life into chaos. PMSBY offers a safety net, a little cushion that can mean the difference between despair and dignity.
It’s not just about insurance. It’s about empowering every Indian to feel financially protected, regardless of income or background.
So if you’re not already enrolled—or if your loved ones aren’t—take a moment to spread the word. Sometimes, the simplest decisions have the biggest impact.