Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Brief
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed, highly affordable personal accident insurance scheme in India designed to provide financial security to individuals, particularly the poor and vulnerable, against accidental death or disability.

Objective
To provide accidental insurance coverage to all citizens, especially those in the unorganized sector, ensuring financial protection for their families in case of sudden death or disability due to an accident at an extremely low cost

Eligibility Criteria
- Individuals aged between 18 and 70 years
- Must have a savings bank account or post office account with a participating bank
- Must give consent for auto-debit of the premium
- If an individual has multiple accounts, they can join the scheme through only one account
- Open to Indian residents and NRIs having an eligible bank account in India

Benefits
- Accidental Death: Rs. 2 Lakh (paid to the nominee)
- Total and Permanent Disability: Rs. 2 Lakh (e.g., loss of both eyes, hands, or feet)
- Partial and Permanent Disability: Rs. 1 Lakh (e.g., loss of one eye, hand, or foot)
- Tax Benefit: Premiums paid are eligible for deduction under Section 80C, and benefits are exempt under Section 10(10D) of the Income Tax Act

Nodal Department
Department of Financial Services (DFS)