Pradhan Mantri Suraksha Bima Yojana covers 13.41 cr subscribers

Highlights:

  • 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.