Ministry of Finance

Context:

23.88 crore cumulative enrolments in Pradhan Mantri Suraksha Bima Yojana since its launch

About Pradhan Mantri Suraksha Bima Yojana

• Pradhan Mantri Suraksha Bima Yojana (PMSBY) was launched on 9^th May, 2015
• The aim of scheme to enhance the level of insurance penetration in the country and to provide insurance cover to common people, especially poor and the under-privileged sections of the society. 
• It is a government-backed accident insurance scheme in India.
• Scheme implemented by Ministry of Finance

Provisions of PMSBY

• Pradhan Mantri Suraksha Bima Yojana is available to people (Indian Resident or NRI) between 18 and 70 years of age with bank accounts.
• It has an annual premium of ₹12 exclusive of taxes.
• The GST is exempted on Pradhan Mantri Suraksha Bima Yojana.
• The amount is automatically debited from the account.
• This insurance scheme can have one year cover from 1 June to 31 May and would be offered through banks and administered through public sector general insurance companies.
• In case of unexpected death or full disability, the payment to the nominee will be ₹2 lakh  and in case of partial Permanent disability ₹1 lakh 
• Full disability has been defined as loss of use in both eyes, hands or feet. Partial Permanent disability has been defined as loss of use in one eye, hand or foot.
• Further, death due to suicide, alcohol, drug abuse, etc. are not covered.
• This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially.
• The government aims to reduce the number of such zero balance accounts by using this and related schemes.
• Now all Bank account holders can avail this facility through their net-banking service facility at any time of the year

Eligibility

Any individual must follow the below-mentioned criteria to be eligible for the Pradhan Mantri Suraksha Bima Yojana:

• Any individual aged between 18 years to 70 years are eligible to apply for the scheme.
• He/she must have a bank account along with their phone number linked to the account.
• The individual should submit their Aadhaar details while applying for the scheme. This Aadhaar details will be linked with their bank account.
• If any individual has multiple bank accounts of one or different banks, then he/she will be eligible to join the scheme through one bank account only. In the case of a joint account, the scheme benefits can be availed by all the bank account holders.
• In the case of an NRI beneficiary, the claim benefits will only be provided to the nominee in Indian currency.

Results

As of 31 March 2019, 15.47 crore people have already enrolled for this scheme. 32,176 claims have been disbursed amounting to ₹6.4352 billion 

In April 2017, Haryana Government has announced that all Haryana residents in the age group of 18–70 years will be covered by PMSBY, wherein the state government would reimburse the premium to the beneficiary.

Source: PIB

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