The scheme offers an annual accident insurance cover of ₹2 lakh for a premium of just ₹20 per person. It is available to all individuals aged 18–70 years holding a bank or post office savings account with auto-debit enabled.
Since inception, PMSBY has recorded 50.54 crore cumulative enrolments. Between May 2015 and May 2024, 44.34 crore individuals enrolled. In the next phase, from June 2024 to mid-April 2025, the scheme added another 6.2 crore enrolments through renewals and fresh subscriptions.
Women make up a significant share of enrolments. In the recent phase, female participation rose to 53.68%, up from 50.16% earlier. Additionally, around 73.6% of the enrollees were from rural areas.
Over the past decade, the scheme received 2.14 lakh claims, of which more than 1.56 lakh claims were settled, with payouts totaling ₹3,106.58 crore.
This includes:
- 1,37,404 claims settled between May 2015 and May 2024, amounting to ₹2,728.85 crore, and
- 19,024 claims settled between June 2024 and April 16, 2025, totaling ₹377.73 crore.
The average claim disbursal rate over the decade stands at over 72%, reflecting a reasonably high level of efficiency in claim settlement under a mass-market social security scheme.
The government attributes the wide reach of PMSBY to joint efforts by banks, insurance companies, and local authorities. Gram Panchayat-level campaigns, the support of banking correspondents, and financial literacy initiatives by the RBI have played a key role in boosting awareness and enrolments.
The scheme is implemented through both public and private insurers, in partnership with scheduled and cooperative banks. Claim processing and grievance redressal are regularly monitored to ensure timely support to beneficiaries.
