Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY) was launched on 9th May, 2015 with a view to enhance the level of insurance penetration in the country and to provide insurance cover to common people especially poor and the Under-privileged Sections of the society.
Features of Pradhan Mantri Suraksha Bima Yojana
- Eligibility: Available to people in age group 18 to 70 years with bank account. Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee has to be given in the form
- Premium: 12 per annum.
- Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
- Risk Coverage: For accidental death and full disability – Rs.2 Lakh and for partial disability – Rs.1 Lakh.
- Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank. He cover is for a one-year period, starting June 1 to May 31 of subsequent year. The option to join/pay by auto debit has to be given by May 31 of every year. Subscribers who wish to continue beyond the first year have to give their consent for auto debit before May 31 for successive years. As on May 14, 2018, nearly 13.53 crore people had enroled under PMSBY,
Benefits of Pradhan Mantri Suraksha Bima Yojana
|Table of Benefits||Sum Insured|
|A||Death||Rs. 2 Lakh|
|B||Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot||Rs. 2 Lakh|
|C||Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||Rs. 1 Lakh|
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