PM Suraksha Bima Yojana

byPaytm Editorial TeamNovember 5, 2025

Meaning

PM Suraksha Bima Yojana (PMSBY) is a government-backed personal accident insurance scheme.

Definition

Full form: Pradhan Mantri Suraksha Bima Yojana. It offers a one-year cover, renewable annually, providing financial protection against accidental death or disability.

Eligibility and Premiums

Indian citizens aged 18 to 70 years with a bank account are eligible. The annual premium is a nominal ₹20, auto-debited from the subscriber’s account.

Key Benefits

The scheme provides ₹2 lakh coverage for accidental death or total permanent disability. For partial permanent disability, ₹1 lakh coverage is offered.

Author

Paytm Editorial Team

The Paytm Editorial Team is a collaborative group of writers, editors, and industry experts. We're dedicated to bringing you the latest insights, news, and guides on digital payments, financial services, and the technology that's shaping India's economy. We offer easy-to-follow guides and insights to help you explore Paytm’s products, features, and services. Our goal is to provide clear, reliable, and helpful information to empower you on your financial journey.