Launching on May 09, 2015, Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme that covers accidental death, permanent disability, and partial disability.
Objective:
PMSBY was launched with a view to enhancing the level of insurance penetration in the country and providing accidental insurance coverage to common people, especially the poor and the underprivileged sections of society.
Eligibility:
An individual in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme.
Enrolments:
Enrolment under the scheme can be done by visiting the branch/BC point or website of the bank of the account holder or at the post office in case of a post office saving account. The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
Benefits:
Accidental Death Cum Disability cover of Rs. Two lakhs (Rs. One lakh in case of partial disability) for death or disability due to an accident against a premium of just Rs. 12 per annum per member.
Achievements (as on April 27, 2022):
- The cumulative enrolments under the scheme have been more than 28.37 crores.
- An amount of Rs. 1,930 crores has been paid for 97,227 claims.
- Out of the 28.37 crores cumulative enrolments, over 39% are PM Jan Dhan Yojana account holders, 48% are women account holders and 71% are people from rural areas.