---
title: "PMSBY: Pradhan Mantri Suraksha Bima Yojana | Model Diplomat"
description: "Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides Indian bank account holders with affordable accident insurance, ensuring financial security for families."
url: "https://modeldiplomat.com/learn/glossary/pradhan-mantri-suraksha-bima-yojana"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- Pradhan Mantri Suraksha Bima Yojana is an Indian government-backed accident insurance scheme offering one-year renewable cover for accidental death and disability to bank account holders.
- How does PMSBY differ from PMJJBY?
- What does PMSBY pay for partial disability?
- When does PMSBY cover lapse?
- How is a PMSBY claim filed?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

Pradhan Mantri Suraksha Bima Yojana is an Indian government-backed accident insurance scheme offering one-year renewable cover for accidental death and disability to bank account holders.

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## Timeline

1. 9 May 2015

   Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme launched by the Government of India on by Prime Minister Narendra Modi at a nati…

2. 1 June 2022

   The premium was originally fixed at Rs 12 per annum and was revised to Rs 20 per annum with effect from , the first revision since launch, reflecting rising…

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Example

In May 2015, Prime Minister Narendra Modi launched PMSBY in Kolkata, enabling a savings-account holder to obtain Rs 2 lakh accidental-death cover for an annual premium of Rs 12, later revised to Rs 20 in 2022.

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