PM Suraksha Bima Yojana – pmsby launched by Prime Minister Narendra Modi is an accidental death and disability insurance scheme. Originally mentioned by the Finance Minister Arun Jaitley in February 2015 and formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. The Yojana was started with the vision of creating a universal social security system, focusing the poor and the less privileged population. The fact that a large portion of the Indian population does not have accidental insurance coverage, pmsby insurance, aims at covering the untapped population at an affordable premium of INR 12 per year.
The PM Suraksha Bima Yojana – pmsby will be a one year cover, which will be renewable from every year. It is an Accident Insurance Scheme which offers accidental death and disability cover for death by accident or disability due to accident. All saving account holder from the age of 18 to 70 years of age are entitled to join the scheme by paying a premium of INR 12 per annum. Aadhar card will be the primary KYC for the bank account. Under the scheme, the account holder will get an insurance cover for the sum of INR2 Lakhs in the event of death due to accident or permanent full disability and a sum of INR 1 Lakhs in case of partial permanent disability.
The PM Suraksha Bima Yojana – pmsby will be administered through the Public Sector General Insurance Companies and other General Insurance Company.
Through this Yojana, the population that cannot afford the accidental Insurance from private companies can easily have access to a highly beneficial scheme of the government. This will definitely change the scenario of the Insurance Sector in the market besides bringing a sense of security and a bit of relief to the underprivileged classes.
SUBSCRIBE To Yojana Magazine