PMSBY Calculator India — Free (2026)

Understanding PMSBY (Pradhan Mantri Suraksha Bima Yojana)

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is India's most affordable accidental death and disability insurance scheme. For just ₹12 per year, it provides ₹2 lakh accidental death coverage and ₹1 lakh permanent disability benefits.

Our PMSBY Calculator helps you understand the scheme, calculate benefits, and plan your insurance coverage.

What is PMSBY?

PMSBY is an accidental death and disability insurance scheme launched in 2015.

Objective: Provide affordable accidental insurance to all Indians with minimal premium.

Key Features:

• Accidental Death Benefit: ₹2 lakh
• Permanent Disability Benefit: ₹1 lakh
• Premium: ₹12 per annum
• Enrollment Age: 18-70 years
• Renewal: Annual renewal required

PMSBY Eligibility

Who Can Enroll:

• Age: 18-70 years
• Bank Account: Must have savings account with auto-debit facility
• Citizenship: Indian citizen
• Employment Status: Any (salaried, self-employed, unemployed, retired)

Who Cannot Enroll:

• Below 18 or above 70 years
• No active bank account
• Already enrolled in PMSBY (one policy per person)

PMSBY Benefits and Coverage

1. Accidental Death Benefit:

• Amount: ₹2,00,000
• Payout: Automatic to nominee
• Eligibility: Death due to accident only
• Claim Period: Anytime within 24 months of accident

2. Permanent Disability Benefit:

• Amount: ₹1,00,000 (one-time)
• Definition: Disability due to accident where both eyes/hands/feet are permanently lost or incapacitated
• Trigger: Permanent disability assessment

3. Partial Disability Benefit (under some policies):

• Amount: ₹50,000 (depends on policy version)
• Eligibility: Loss of sight in one eye or use of one hand/foot

PMSBY Premium and Cost

Annual Premium:

• Amount: ₹12 per year
• Payment: Auto-deducted from bank account on enrollment anniversary
• Monthly Equivalent: ₹1 per month

Cost Comparison:

• PMSBY (₹2L accidental cover): ₹1/month
• Private accidental policy: ₹100-500/month
• PMSBY is 99% cheaper!

Accident Definition and Coverage

What Qualifies as Accident:

• Road traffic accident
• Fall from height
• Electrocution
• Burning
• Poisoning
• Drowning
• Crush injuries
• Any sudden, unintended, violent, external event

What Does NOT Qualify:

• Natural death (illness, disease)
• Suicide
• Death under influence of drugs/alcohol (in most policies)
• Death during illegal activity
• Pre-existing medical conditions
• War or terrorism

Claim Calculation Example

Scenario: Accidental Death During PMSBY Coverage

Premium Paid:

• Annual Premium: ₹12/year
• Coverage Duration: Continuous from enrollment
• Total Premium (if claimed in Year 3): ₹12 × 3 = ₹36

Claim Settlement:

• Accidental Death Benefit: ₹2,00,000 to nominee
• Return on Premium: 555,556% (₹2L return on ₹36 investment)

This demonstrates the exceptional value of PMSBY!

How to Apply for PMSBY

Online (Recommended):

1. Visit PMSBY website (pmsby.gov.in)
2. Enter personal and bank details
3. Accept terms and conditions
4. Authorize auto-debit
5. Instant enrollment

Offline (At Bank):

1. Visit participating bank with photo ID and bank passbook
2. Fill application form
3. Authorize auto-debit
4. Receive enrollment certificate

Participating Banks:

• SBI, ICICI, HDFC, Axis, Kotak, Bob, Canara, Union Bank
• Most public and private sector banks

Documents Required

For Enrollment:

• Aadhar or PAN or any government ID
• Bank account details (with IFSC code)
• Nominee's name and contact
• Mobile number for updates

For Claim:

• First Information Report (FIR) - in case of unnatural death
• Death certificate (original)
• Medical post-mortem report (if required)
• Accident report from police/authorities
• Nominee ID proof and bank account details

PMSBY vs. PMJJBY Comparison

Feature	PMSBY	PMJJBY
Coverage Type	Accidental death + disability	Natural + accidental death
Death Benefit	₹2L (accidental only)	₹2L (any cause)
Disability Benefit	₹1L permanent disability	None
Premium	₹12/year	₹330/year
Age Limit	18-70 years	18-50 years
Best For	Additional accident protection	Basic life insurance
Strategy	Combine with PMJJBY	Standalone or with others

Recommendation: Buy both PMSBY (₹12) + PMJJBY (₹330) for comprehensive coverage at just ₹342/year!

Coverage Timeline and Renewal

Enrollment:

• Available throughout the year
• Recommended: Enroll within 45 days of opening bank account
• Policy validity: 1 year from enrollment

Annual Renewal:

• Premium deducted on anniversary date
• Must maintain minimum ₹12 balance
• Automatic renewal until age 70

Lapsed Policies:

• If premium not deducted: Coverage stops
• Can reactivate within 30 days by paying arrears
• After 30 days: New enrollment required with full underwriting

Taxation of PMSBY

Death/Disability Benefit:

• Tax Status: Completely tax-free
• Beneficiary: No income tax on received amount

Premium:

• Deduction: NOT eligible for Section 80C
• Cost: Paid from post-tax income

Claim Settlement Process

Step 1: Report accident and open FIR (if applicable)

Step 2: Collect documents:

• Death/injury certificate
• Medical reports
• Accident proof (police report, witness statements)

Step 3: Submit claim to bank or insurer

Step 4: Assessment and verification (5-15 days)

Step 5: Benefit payment to nominee account (15-30 days)

Total Claim Duration: 30-60 days in most cases

Key Points to Remember

1. Accidental Only: PMSBY covers accidents, NOT natural deaths (use PMJJBY for that)
2. Always Update Nominee: Ensure correct nominee details for claim
3. Keep Account Active: Don't close or block debit facility
4. Premium Balance: Maintain ₹12 minimum balance on deduction date
5. Dual Coverage: Buy both PMSBY + PMJJBY for comprehensive coverage
6. Works Till Age 70: Superior to PMJJBY which ends at 55
7. No Waiting Period: Accidents covered from day 1
8. Claim Within 24 Months: Report accident within 24 months for claim eligibility

Formula

Calculation Formula

This calculator uses the following formula:

Result = (Input × Factor) + Adjustment

The specific calculation depends on:

• Input parameters you provide
• Applicable rates for the current period
• Any applicable adjustments or deductions

Understanding the Components

Each calculation component serves a specific purpose:

• Base Amount: The primary value being calculated
• Rate/Factor: The percentage or multiplier applied
• Adjustments: Additional items that affect the result
• Deductions: Amounts subtracted from the total

How to Use the Calculator

1. Enter the required input values
2. Select applicable options or rates
3. Review the detailed calculation breakdown
4. Check the final result

Frequently Asked Questions

Does PMSBY cover illness or natural death?

No, PMSBY covers accidental death and disability only. For natural death coverage, you need PMJJBY or a private term plan.

What is considered a 'permanent disability' under PMSBY?

Permanent total disability is loss or loss of function of both eyes, both hands, both feet, or one hand and one foot due to accident. Partial disability (one eye, one hand) covers ₹50,000-₹100,000 depending on plan version.

Can I claim both accidental death and disability benefits?

No, you receive either death benefit OR disability benefit, whichever applies. If you die from an accident, heirs get ₹2L (not both). If you become permanently disabled, you get ₹1L (one-time).

What if I die in a car accident due to negligence or rash driving?

Intentional acts are excluded. However, accidental death during normal negligence (speeding, without seatbelt) may be covered. Check specific policy terms.

Is PMSBY coverage available worldwide?

No, PMSBY covers accidents within India. International accidents may or may not be covered - check with your insurer. Most policies exclude foreign travel.

Can I update my nominee after enrollment?

Yes, visit your bank or log into PMSBY portal to update nominee details anytime before a claim arises.

What happens if premium is not deducted due to insufficient balance?

Coverage lapses immediately. You have 30 days to reactivate by depositing arrears. After 30 days, new enrollment is required (possible scrutiny).

Is PMSBY better than private accident insurance?

For cost and basic coverage, yes. However, private insurance offers higher amounts, flexibility, and coverage worldwide. PMSBY is best as a basic, affordable addition to comprehensive insurance.

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Disclaimer

This calculator is provided for informational purposes only. It is not financial, investment, tax, or professional advice. Results are estimates based on the assumptions and inputs you provide. Always consult with a qualified financial advisor or tax professional before making any financial decisions. Past performance is not a guarantee of future results.

Sources & References

The figures, formulas, and guidance behind this PMSBY Calculator | Pradhan Mantri Suraksha Bima Yojana draw on authoritative primary sources. For verification and further reading:

• Income Tax Department, Government of India
• Reserve Bank of India
• Securities and Exchange Board of India
• Association of Mutual Funds in India

Frequently Asked Questions