Pradhan Mantri Suraksha Bima Yojana: Eligibility, Coverage, and Benefits – Pradhan Mantri Suraksha Bima Yojana (PMSBY, Prime Minister’s Safety Insurance Scheme) is a government-backed accident insurance scheme in India. The scheme was launched by Prime Minister Narendra Modi on 8 May 2023 in Kolkata. The risk coverage under the scheme is Rs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.
- Pradhan Mantri Suraksha Bima Yojana is applicable to people (Indian Resident or NRI) between 18 and 70 years of age with bank accounts. the scheme covers an annual premium of ₹20 (25¢ US).
- Apart from this, Goods and Services Tax (GST) has been exempted from Pradhan Mantri Suraksha Bima Yojana.
- It can have one year cover from 1 June to 31 May and is offered through banks.
- The amount will be automatically debited from the account.
Premium: The premium for the scheme is Rs 20 per annum beginning from June 1, 2022.
Eligibility for Pradhan Mantri Suraksha Bima Yojana:
- Applicant must be in the age group of 18 to 70 years and have a bank account.
- Must have a bank account and an Aadhaar number linked to it.
- Submit a simple form to the bank
Risk Coverage:
- In case of death, a sum of Rs 2 Lakh will be provided to the family.
- If both eyes or both hands or both feet or one eye and one hand or foot become completely and irrecoverably lost, a sum of Rs 2 Lakh will be provided to the family.
- If the sight of one eye or use of one hand or foot is completely and irrecoverably lost, a sum of Rs 1 Lakh will be provided to the family.
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