Objectives

Features

• An Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.

• Ministry: Ministry of Finance
• Type: Central Sector Scheme
• Eligibility: Citizen (including NRIs) in the age group 18 to 70 years
• Premium rate: ₹ 20 per annum per member
• Enrolment period: The cover shall be for one-year period stretching from 1st June to 31st May
• Implementing agency: The scheme is offered / administered through the Public Sector General Insurance Companies (PSGICs) and other general insurance companies willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks.
  • Participating banks are free to engage any such general insurance company for implementing the scheme for their account holders/subscribers.
• Conditions:
  • A bank or post office account, and 
  • Consent to enable auto debit of premium.
• Coverage: 
  • ₹ 2 lakh for accidental death or total permanent disability. 
  • ₹ 2 lakh for total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot
  • ₹1 lakh for partial permanent disability.
  • ₹1 lakh for total and irrecoverable loss of sight of one eye or loss of use of one hand or foot
• Other key features
  • Natural calamities are also covered under PMSBY.
  • Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium.
• Online Jan Suraksha Portal: Digitization and simplification of enrolment and claims.  
• Impact: 44+ crore enrolled since launch.
  • Major beneficiaries: 50.16% women and 72.24% from rural areas.