Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme launched by the Government of India in May 2015. The objective of the scheme is to provide affordable personal accident and disability insurance cover to the underprivileged sections of society.

Under the scheme, individuals between the ages of 18 and 70 years can avail of accidental death and disability insurance cover of Rs. 2 lakhs for a premium of Rs. 12 per annum. The policy period is from June 1 to May 31 of the subsequent year, and the premium is automatically deducted from the policyholder’s bank account on May 31 of each year.

Some of the key features of the scheme are:

  1. Affordable premium: The premium for the policy is very low, making it accessible to a large number of people.
  2. Easy enrolment: Individuals can enrol for the scheme through their bank accounts or through insurance agents.
  3. Automatic renewal: The policy is automatically renewed every year, as long as the policyholder’s bank account has sufficient balance to pay the premium.
  4. Multiple claims: In case of multiple bank accounts held by an individual, the insurance cover is limited to only one account.

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a social security scheme launched by the Government of India in May 2015. The objective of the scheme is to provide affordable personal accident and disability insurance cover to the underprivileged sections of society.

The scheme provides accidental death and disability insurance cover of Rs. 2 lakhs to individuals between the ages of 18 and 70 years for a premium of just Rs. 12 per annum. The policy period is from June 1 to May 31 of the subsequent year, and the premium is automatically deducted from the policyholder’s bank account on May 31 of each year.

The insurance cover provided by PMSBY is applicable for accidental death and disability due to any reason, including road accidents, train accidents, accidents due to natural calamities, etc. The scheme also covers partial disability, wherein the policyholder can claim a partial amount of the sum assured, depending on the extent of the disability.

Pradhan Mantri Suraksha Bima Yojana

The scheme is available to all individuals who have a savings bank account and a valid Aadhaar number. Individuals can enrol for the scheme through their bank accounts or through insurance agents. The policy is automatically renewed every year, as long as the policyholder’s bank account has sufficient balance to pay the premium.

In case of multiple bank accounts held by an individual, the insurance cover is limited to only one account. However, individuals can choose to enrol for the scheme in multiple years, by paying the premium every year.

The scheme has been very successful in providing affordable insurance cover to the underprivileged sections of society, with over 22 crore policies issued under the scheme as of March 2021. The scheme has also played a significant role in promoting financial inclusion, as individuals have to enrol for the scheme through their bank accounts, which encourages them to open a bank account if they do not have one already.

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