New Delhi, 9 May (IANS). Cumulative enrollment under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) has registered an increase of 443 percent from 2016. The central government on Friday gave information about the enrollment on the completion of 10 years of this accident insurance scheme.
The scheme provides financial stability and inexpensive security in terms of accidents and loss of life or property, which costs only Rs 20 per year.
The Finance Ministry said in a post on social media platform X, “Ensure financial stability for your loved ones with PM Suraksha Bima Yojana! Cumulative enrollment under PMSBY has increased by 443 percent, which has increased from 9.40 crores in March 2016 to 51.06 crore in April 2025. Cheap security at only 20 rupees per year.”
The Pradhan Mantri Suraksha Bima Yojana launched by Prime Minister Narendra Modi in 2015 has become the foundation stone of the government’s efforts to provide financial security to the public.
The scheme was officially launched in Kolkata on 9 May 2015.
The plan covers all Indian residents and NRIs between 18 and 70 years of age, provided they have a valid bank account.
Unfortunately, in the case of partial disability due to the accident, the scheme directly provides an amount of Rs 1 lakh to the person’s account.
In a sad case of death due to road accident or any other unfortunate incident, the family or heir of the deceased gets financial assistance of Rs 2 lakh.
For this scheme, only an annual premium of Rs 20 is to be paid, which is automatically deducted from the policyholder’s account.
It provides a one -year coverage period from 1 June to 31 May.
This policy is operated through public sector insurance companies, making it accessible to the common people.
In the event of death or complete disability, the nominee has the right of Rs 2 lakh.
Complete disability is defined as a complete loss of both eyes, hands or feet.
Partial permanent divinity, such as one eye, hand or leg loss, is eligible for payment of Rs 1 lakh.
However, claims are not accepted in cases of death caused by suicide, alcohol or drug abuse.
In addition, the person must be enrolled in the plan for at least 45 days before being eligible to claim.
-IANS
SKT/ABM
