Pradhan Mantri Suraksha Bima Yojana Benefits & PMSBY Scheme Details
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 underprivileged. Hon’ble Prime Minister launched these schemes nationally in Kolkata on 9th May, 2015.
- In light of the fact that a large proportion of the population have no accidental insurance cover, 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.
- The Pradhan Mantri Suraksha Bima Yojana benefits 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.
- Under the Pradhan Mantri Suraksha Bima Yojana benefits, risk coverage available will be Rs. 2 lakh for accidental death and permanent total disability and Rs. 1 lakh for permanent partial disability, for a one year period stretching from 1st June to 31st May.
- Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions.
PMSBY Scheme Benefits, Pradhan Mantri Suraksha Bima Yojana Benefits
The scheme is expected to serve the goal of financial inclusion by achieving penetration of insurance down to the weaker sections of the society, ensuring their or their family’s financial security, which otherwise gets pulled to the ground in case of any unexpected and unfortunate accident.
- Death (Insurance 2 Lakh)
- Total and irrecoverable loss of both eyes or loss of use of both hands of feet or loss of sight of one eye or loss of use of hand or foot (Insurance 2 Lakh)
- Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot (Insurance 1 Lakh)
Premium: Rs.12/- per annum per member. The premium will be deducted from the account holder’s bank account through ‘auto debit’ facility in one installment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the date of auto debit of premium by Bank.
The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.