Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme aimed at providing affordable personal accident coverage to the general population, particularly targeting individuals in the low-income segment. The scheme is designed to offer protection against death or disability due to accidental injuries at a minimal premium, making it accessible to a wide range of people who might otherwise be unable to afford insurance. The annual premium under PMSBY is extremely nominal, often around ₹12 per year, and is automatically debited from the policyholder’s savings bank account with their consent, ensuring ease of subscription and minimal administrative burden. The scope of coverage under PMSBY is primarily focused on accidental death, permanent total disability, and permanent partial disability. In the event of accidental death, the scheme provides a lump sum benefit of ₹2 lakh to the nominee, helping families cope with the financial shock resulting from the loss of an earning member. In cases of permanent total disability, where an individual loses the ability to engage in any form of employment due to accident-related injuries, the policy also pays ₹2 lakh, offering substantial financial relief. For permanent partial disability, which includes the loss of limbs, sight, or other critical functions, the compensation ranges from ₹1 lakh, depending on the severity and nature of the disability, thereby addressing partial but significant losses that can impact an individual’s earning capacity. The benefits of PMSBY extend beyond mere financial compensation. By providing a low-cost safety net, it encourages financial inclusion among the underprivileged sections of society, instills a culture of insurance awareness, and mitigates the economic vulnerability of families facing accidental injuries. The scheme also integrates seamlessly with bank accounts, making subscription and claim settlement processes convenient and efficient. In addition, PMSBY offers the advantage of widespread reach, as it is available through almost all major banks, and can be availed by individuals aged 18 to 70 years, thereby covering a significant portion of the working population. The prompt settlement of claims, typically within 30 days of submission of required documents, further enhances the reliability and utility of the scheme for policyholders and their families. On the other hand, the Aam Aadmi Bima Yojana (AABY) is a social security initiative designed to provide life