By: Mrs Rajeshwari Muni

Pradhan Mantri Suraksha Bima Yojana (PMSBY) marks a significant milestone in India’s journey toward universal social security. Launched in May 2015 and designed as an affordable and accessible personal accident insurance scheme, PMSBY targeted economically vulnerable citizens, particularly those in rural and unorganized sectors. With a nominal annual premium of ₹20, the scheme offers ₹2 lakh insurance coverage for accidental death or full disability, and ₹1 lakh for partial disability. Over the past decade, PMSBY has evolved from a government initiative to a symbol of inclusive insurance outreach.

PMSBY was conceived as part of the government’s broader strategy to strengthen the social security framework in India. It followed the successful rollout of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which brought millions of underbanked Indians into the formal banking system. The linkage between Jan Dhan accounts and PMSBY facilitated seamless enrolment through auto-debit, making it especially easy for low-income individuals to subscribe with ease. Together, these schemes have become pillars of India’s insurance inclusion strategy, ensuring that the economically weaker sections are not left vulnerable in times of need.

In the last ten years, the scheme has crossed 44 crore enrolments and has settled over 1.35 lakh claims, disbursing more than ₹2,700 crore in FY........

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