Pradhan Mantri Suraksha Bima Yojana- (PMSB) Details | Department of Financial Services.
The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme isRs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.
Pradhan Mantri Suraksha Bima Yojana has been announced by the government of India as one of the three social security schemes. PMSBY is an accidental insurance scheme that provides accidental death and disability coverage for one year, with an annual renewal.
With the minimum premium rate of Rs. 12/- per annum this policy is most beneficial to the poor and low-income section of the society. Pradhan Mantri Suraksha Bima Yojana provides life coverage of Rs. 2 lakh for the accidental demise and permanent total disability and Rs. 1 lakh for permanent partial disability.
Individuals within the age group of 18-70 years having a participating savings bank account can subscribe to this scheme. In case you have more than one saving bank account you can subscribe to the scheme by using only one saving bank account. To help you know more about the Pradhan Mantri Suraksha Bima Yojana, further in this article we have briefly discussed the various aspects of the policy