The number of subscribers under the Pradhan Mantri Suraksha
Bima Yojana has gone up to 13.41 crore.
Number of enrolments in Pradhan Mantri Suraksha Bima Yojana
(PMSBY) has increased from 8.85 crore in 2015-16 to 13.41 crore in 2017-18
through auto-debit under the scheme.
Launched in May 2015, PMSBY provides a cover of Rs 2 lakh
for accidental death or total permanent disability and Rs 1 lakh in case of
permanent partial disability.
The cover period under this scheme is June 1 each year to
May 31 of the subsequent year and the accidental insurance policies under
implementation with different central government departments have been
converged to PMSBY from June 1, 2017.
PMSBY is offered/administered through both public and
private sector general insurance companies, in tie up with banks, regional
rural banks and cooperative banks.
It gives a renewable one year accidental
death-cum-disability cover to all subscribing bank account holders in the age
group of 18 to 70 years for a premium of Rs 12 per annum per subscriber to be
auto debited from the subscriber’s bank account.
The scheme is meant for common people, especially poor and
the under-privileged sections of the society.
The government regularly monitors the progress of settlement
of claims under the scheme and any complaints are dealt in coordination with
banks and insurance companies in getting them resolved expeditiously.