PMSBY (Pradhan Mantri Suraksha Bima Yojana) is a one year accident insurance scheme, auto renewed every year.
The PMSBY scheme is open to anyone between the ages of 18 and 70 and with a CSB Savings Bank Account. There is an annual premium of Rs.12. The amount will be automatically debited from the linked savings account.
In case of accidental death or full disability, the payment to the nominee will be Rs. 2 lakh and in case of partial Permanent disability Rs.1 lakh. Full disability has been defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet. Partial Permanent disability has been defined as total and irrecoverable loss of one eye or loss of use of one hand or foot.