Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of three social security schemes that the government had announced in the 2015 Budget. The other two being Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana (APY).

What is PMSBY?

An accident insurance scheme, PMSBY offers a one-year accidental death and disability cover, which can be renewed annually.

Enrolment period

The cover is for a one-year period, starting June 1 to May 31 of subsequent year. The option to join/pay by auto debit has to be given by May 31 of every year. Subscribers who wish to continue beyond the first year have to give their consent for auto debit before May 31 for successive years.

As on May 14, 2018, nearly 13.53 crore people had enroled under PMSBY, with almost 1.5 lakh joining it on a weekly basis.

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