PMSBY or Pradhan Mantri Suraksha Bima Yojana is an Accident Insurance Scheme that offers accidental death and disability cover in case of death or disability due to an accident.

Policy Period : Coverage shall be for one year starting from 1st June to 31st May of next year, coverage will auto renewed every year.

Premium : Premium is just Rs.20 per annum for each member.

Scheme is available to all account holders whose age is between 18 to 70 years.

The risk coverage under the scheme is

• Rs.2 lakh for accidental death.
• Rs.1 lakh for disability.