Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government sponsored accident insurance programme that provides coverage for accidental death and disability.
It was launched in the year 2015 and is administered by the Ministry of Finance.
A person must opt for PMSBY every year. They can also choose to give a long-term option of continuing.
Under this scheme, the cover will be in effect from June 1 through May 31st of the next year. A savings account customer who joins on or after June 1 will have coverage starting when the premium is debited and ending on May 31 of the following year.
Starting from June 1 through May, an automatic debit will be made from the enrolled person’s account to cover the annual premium for the PMSBY, which is Rs 20.
The Bank will directly debit the subscriber’s bank-held savings account for the premium. There is only one method offered. Unless the consumer has filed the Bank a cancellation notice for the policy, the policy renewal will be auto-debited between May 25 and May 31.
All account holders of this scheme are given a life insurance policy worth ₹2 lakh for a full year. This insurance is offered in the event of an unavoidable death or permanent incapacity.
In the event of partial disability, the beneficiary is given a life insurance policy Rs 1 lakh.
Eligibility: Persons between 18 to 70 years of age group are eligible for this scheme. To use PMSBY, the applicant must be at least 18 years old, have a bank account and consent to enroll in or allow auto-debit.
The scheme would be offered by Public Sector General Insurance Companies, and other General Insurance companies that are willing to offer the product on comparable conditions with the requisite approvals and partner with banks.
Around 32 lakh beneficiaries have been enrolled under the Pradhan Mantri Suraksha Bima Yojana till last year.
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