Pradhan Mantri Bima Suraksha Yojna is an accident insurance scheme, which was launched by the Central Government on 9 May 2015. It covers accidental death and disabilities.
It provides one-year coverage that can be renewed each year. Public Sector General Insurance Companies and other approved insurance companies will offer this scheme in partnership with banks and post offices.
The premium is Rs. 20 per year per member, deducted automatically from the account holder’s bank or post office account by June 1st each year.