How Have PMSBY’s Cumulative Enrolments Increased by 443% Since 2016?
Click to start listening
Synopsis
The Pradhan Mantri Suraksha Bima Yojana has shown an astonishing rise in enrolments, reaching over 51.06 crore since its inception. This affordable accident insurance scheme, launched by PM Modi, continues to provide financial security at an incredibly low cost. Learn how this initiative is transforming lives across India!
Key Takeaways
- Enrolments under PMSBY have increased by 443% since 2016.
- The scheme offers coverage for accidents at just Rs 20 per year.
- Financial support of Rs 1 lakh for partial disability.
- In case of death, the nominee receives Rs 2 lakh.
- Eligibility requires individuals to be enrolled for at least 45 days.
New Delhi, May 9 (NationPress) The cumulative enrolments under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), an accident insurance initiative, have witnessed a remarkable growth of 443 percent since 2016, according to the Union government on Friday, coinciding with the scheme's tenth anniversary.
This initiative offers financial stability and affordable protection in the event of accidents and loss of life for just Rs 20 per year.
“Secure financial peace for your family with the PM Suraksha Bima Yojana! Cumulative enrolments under PMSBY have escalated by 443 percent, from 9.40 Cr in March 2016 to 51.06 Cr in April 2025. Enjoy affordable coverage at merely Rs 20 a year!” stated the Ministry of Finance in a post on the social media platform X.
Inaugurated by Prime Minister Narendra Modi in 2015, the Pradhan Mantri Suraksha Bima Yojana has become a vital part of the government’s mission to ensure financial protection for the populace.
The scheme was officially initiated on May 8, 2015, in Kolkata, catering to all Indian residents and non-resident Indians (NRIs) aged between 18 and 70, provided they maintain a valid bank account.
In the unfortunate event of partial disability resulting from an accident, the scheme guarantees a payout of Rs 1 lakh directly to the individual's bank account.
In the tragic occurrence of death due to a road accident or other unfortunate incidents, the family or heirs of the deceased are eligible for Rs 2 lakh in financial support.
The policy demands an annual premium of just Rs 20, which is automatically deducted from the policyholder's account. It provides a coverage period of one year, running from June 1 to May 31, and is managed through public sector insurance companies, ensuring widespread accessibility.
In cases of death or total disability, the nominee can claim Rs 2 lakh. Total disability is defined as the complete loss of use of both eyes, hands, or feet. Partial permanent disability, such as the loss of one eye, hand, or foot, qualifies for a payout of Rs 1 lakh.
However, claims are not accepted for deaths resulting from suicide, alcohol, or drug abuse. Additionally, individuals must be enrolled in the scheme for at least 45 days before they can make a claim.
Point of View
It is vital to recognize the profound impact of the Pradhan Mantri Suraksha Bima Yojana on millions of lives across India. With a sharp increase in enrolments, this initiative reflects the government's commitment to ensuring financial security for its citizens. The scheme not only bolsters economic resilience but also promotes awareness about the importance of accident insurance in today's world.
NationPress
09/05/2025
Frequently Asked Questions
What is the Pradhan Mantri Suraksha Bima Yojana?
The Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme aimed at providing financial security to individuals in case of accidents or loss of life.
How much does it cost to enroll in PMSBY?
The annual premium for the PMSBY is just Rs 20, making it highly affordable for individuals across India.
What is the coverage amount for death or full disability?
In the event of death or full disability due to an accident, the nominee is entitled to a payout of Rs 2 lakh.
Are there any exclusions for claims under PMSBY?
Yes, claims are not accepted for deaths resulting from suicide, alcohol, or drug abuse.
How long must one be enrolled before making a claim?
Individuals must be enrolled in the scheme for at least 45 days before they are eligible to make a claim.
