Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the population who are not covered in any insurance plans. This scheme is available at a highly affordable premium of just Rs. 12/- per year. The Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.
- Risk coverage of Rs. 2 Lakhs for accidental death and permanent total disability.
- Risk coverage of Rs. 1 Lakh for permanent partial disability.
- To assure a hassle-free claim settlement experience for the claimants a simple and subscriber-friendly administration & claim settlement process has been put in place.
- This scheme focuses on achieving penetration of insurance down to the weaker sections of the society, ensuring them and their family's financial security.
- Claim settlement will be made to the bank account of the insured or his nominee in case of death of the account holder.
- An IT-enabled, web-based system is in the process of being established to keep the claimants informed seamlessly about the progress and status of the claim, till the settlement.
- People in the age group of 18 - 70 years can apply.
- The premium of Rs. 12/- per annum is to be deducted from the account holder's savings account through an auto debit facility.
- Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions.