| Full Form | Pradhan Mantri Suraksha Bima Yojana |
| Definition | A government-backed insurance scheme in India aimed at providing affordable accidental death and disability coverage to citizens |
| Purpose | Designed to offer financial protection and support to individuals and their families in the event of accidental death or disability |
| Launch | Launched by the Government of India as part of its financial inclusion and social security initiatives |
| Coverage | Provides a lump-sum payment to the insured or their nominee in case of accidental death or permanent disability due to an accident |
| Eligibility | Open to Indian citizens between the ages of 18 and 70 years with a valid bank account |
| Premium | Offers low premium rates, making it accessible to individuals from diverse socioeconomic backgrounds |
| Enrollment | Can be enrolled through participating banks or insurance companies by submitting the required application form and premium |
| Insurance Coverage | Provides coverage of ₹2 lakh (approximately $2,700) for accidental death and permanent total disability, and ₹1 lakh (approximately $1,350) for permanent partial disability |
| Renewal | Requires annual renewal to continue the insurance coverage, with premiums typically deducted directly from the insured’s bank account |
| Government Subsidy | Some individuals may benefit from government subsidies or incentives to encourage enrollment in the scheme |
| Inclusion | Aims to include underserved and vulnerable populations in the formal insurance sector, promoting financial security and risk mitigation |
| Awareness Campaigns | Government initiatives and awareness campaigns are conducted to educate citizens about the scheme’s benefits and encourage enrollment |
| Impact | PMSBY has had a significant impact in extending insurance coverage to millions of previously uninsured individuals, providing them with financial security and peace of mind |
| Complementary Schemes | PMSBY is complemented by other social security and insurance schemes launched by the government, such as PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) and APY (Atal Pension Yojana) |
