Lakhs of individuals annually take benefits of the Prime Minister’s Suraksha Bima Yojana (PMSBY), a modest ₹20 insurance cover that provides accident benefit and compensation. But, did you know that this popular govt scheme expires on May 31? If you have not yet renewed it, your last call!
What is the Prime Minister’s Accident Cover Scheme?
PM Suraksha Bima Yojana is an insurance of accidents offered by the government for average income citizens. For just ₹20 per annum, it offers accidental death or disability cover of up to ₹2 lakh. From losing both eyes to losing the use of limbs, to unfortunate accidental death, this scheme safeguards your family’s finances when they need it most.
Who Can Apply?
Anybody aged between 18 and 70 with a savings bank account can become a member. The scheme operates every year from June 1 to May 31. So, you have to renew your policy prior to May 31 every year so that you continue to be insured.
Why Should You Renew
Imagine,having a sudden accident and your family in a tight financial spot. That ₹2 lakh cover would be a godsend. So far, in April 2025, more than 51 crore individuals have registered, testifying to its popularity. But if you let the renewal period pass, your cover lapses and returning to it may not be easy.
How to Renew Your PM Suraksha Bima Yojana
Renewal is quite easy. Simply call your bank or use net banking. Your ₹20 premium will get deducted from your account automatically when you renew. If you delay, you will lose benefits during that time. So, do it now and not later.
Also Check Out PM Jeevan Jyoti Bima Yojana
If you need more life insurance coverage, the PM Jeevan Jyoti Bima Yojana (PMJJBY) provides ₹2 lakh cover for only ₹436 annually. It covers the person aged between 18 and 50 years and is also renewed through the auto-debit facility of your bank account.
Final Words
Small investments can save your family from gigantic financial burdens. Don’t lose this opportunity. Renew your PM Suraksha Bima Yojana until May 31 and ensure your future for just ₹20!