Cumulative enrolments under the government’s flagship insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY), jumped 443 percent in 10 years to reach 51.06 crore in April, the finance ministry said on May 9.
The scheme, which offers accidental insurance cover at a minimal premium of Rs 20 per annum, had 9.40 crore enrolments in March 2016, official data shows.
The ministry highlighted the dramatic growth in a post on X, noting the scheme’s increasing reach among India’s unorganised and low-income segments.
“PM Suraksha Bima Yojana! Cumulative enrolments under PMSBY have risen by 443 percent, from 9.40 cr in March 2016 to 51.06 cr in April 2025. Affordable security at just Rs 20 per year,” the ministry said in its post on May 9.
Launched in May 2015, the PMSBY provides a Rs 2 lakh accident insurance cover to individuals aged between 18 and 70 holding a savings bank account. The scheme is administered through banks and insurance companies in collaboration with the finance ministry.
The surge reflects the government’s continued efforts to strengthen the social security net for vulnerable populations, particularly the informal workforce that often lacks access to formal insurance mechanisms.
The increase also aligns with the broader push for Jan Suraksha (people’s security) under the Jan Dhan-Aadhaar-Mobile (JAM) trinity framework.
The Pradhan Mantri Suraksha Bima Yojana provides accidental death and disability cover of Rs 2 lakh for death or permanent total disability and Rs 1 lakh for partial disability. The premium of Rs 20 per annum is auto-debited from the subscriber’s bank account, ensuring seamless continuity.
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