Pradhan Mantri Suraksha Bima Yojana (PMSBY). A Scheme for Accidental Death Insurance.
Introduction of Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Government through the Budget Speech 2015 announced three ambitious Social Security Schemes pertaining to the Insurance and Pension Sectors, namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and an the Atal Pension Yojana (APY) to move towards creating a universal social security system, targeted especially for the poor and the under-privileged.
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Eligibility for Pradhan Mantri Suraksha Bima Yojana (PMSBY): 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.
Premium for Pradhan Mantri Suraksha Bima Yojana (PMSBY): The Pradhan Mantri Suraksha Bima Yojana (PMJJBY) is aimed at covering the uncovered population at an highly affordable premium of just Rs.12 per year.
Payment Mode under Pradhan Mantri Suraksha Bima Yojana (PMSBY): The premium will be directly auto-debited by the bank from the subscribers account on or before 1 st June of each annual coverage period under the scheme.
Risk Coverage under Pradhan Mantri Suraksha Bima Yojana (PMSBY):
Death - Rs 2 Lakh
Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot - Rs 2 Lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot – Rs.1 Lakh.
Eligibility for Pradhan Mantri Suraksha Bima Yojana (PMSBY) : Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.
Terms of Risk Coverage under Pradhan Mantri Suraksha Bima Yojana (PMSBY) : A person has to opt for the scheme every year. S/He can also prefer to give a long-term option of continuing in which case his/her account will be auto-debited every year by the bank.
Who will implement this Scheme: The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
Government Contribution:
Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year.
Common Publicity Expenditure will be borne by the Government.
source http://jansuraksha.gov.in/
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