When purchasing an insurance policy, one usually has to pay thousands of rupees in the form of a premium, but the Modi Government provides insurance coverage of 200 thousand rupees for an annual premium of only 20 rupees. This program, known as 'Pradhan Mantri Suraksha Bima Yojana' (PMSBY), is a very popular accident insurance scheme. Initially, the government launched PMSBY to ensure access to insurance for low-income people.
PMSBY is a personal accident insurance scheme offered by the Modi Government. The annual premium is only 20 rupees, and the insurance coverage reaches 200 thousand rupees. In case of death or disability from any accident, the state provides the established level of coverage.
According to the terms of PMSBY, if the insured person dies as a result of an accident or becomes completely disabled, they are paid compensation of two hundred thousand rupees. If the person suffers partial disability during the incident, the government provides coverage of one hundred thousand rupees.
Although today one cup of tea costs 20 rupees, using this amount, you can obtain insurance for 200 thousand rupees with a government guarantee. Receiving benefits from PMSBY can provide financial support to the family in difficult times. This scheme is renewed on an annual basis and can be used by people aged 18 to 70.
To receive benefits under PMSBY, having an active bank account is mandatory. Even if a person has multiple bank accounts, insurance coverage under this program can only be obtained through one of them. Every year on June 1st or before this date, a premium of 20 rupees will be automatically debited from your bank account. Therefore, it is necessary to maintain a balance of at least 20 rupees in your bank account. The registration period for PMSBY runs from June 1st to May 31st.
The Modi Government launched the PMSBY scheme on May 9, 2015. According to official data, since its launch until May 2024, the government has received a total of 180,812 claims, of which 137,404 were settled. For these cases, the government paid out an insurance amount of 2728.85 crore rupees. Furthermore, from June 2024 to April 16, 2025, 36.86 crore new participants were added to the program. During this period, 19,024 out of 33,906 applications were settled, and the government spent 377.73 crore rupees on claim payouts.