Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY): We have collected the most important points about the Pradhan Mantri Suraksha Bima Yojana that are important for exam point of view. 

Pradhan Mantri Suraksha Bima Yojana

Purpose: It is an Accidental Insurance Scheme that offers death and disability covers for death or disability occurred due to accident. It is a one year scheme that may be renewed on year to year basis.

The cover period under these Schemes is 1st June of each year to 31st May of subsequent year.

Launch Date: 9th May, 2015

Pradhan Mantri Suraksha Bima Yojana byscoop

Eligibility: People in age group 18 to 70 years. Bank account is mandatory.

Benefits/ Cover: 

Event Sum Insured
Death Rs. 2 lakhs
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 (2 organs involved – 2 lakh)
Rs. 2 Lakh
Total and irrecoverable loss of sight of one eye or loss
of use of one hand or foot (one organ involved- 1 lakh)
Rs. 1 Lakh

 

Premium: Rs 12/- p.a

Mode of Payment: The premium is auto-debited from bank account.

Maturity/Termination: 70 years age.

Note: In case a member is covered under PMSBY with any General Insurance Company
through more than one account and premium is received by any GIC, insurance cover will be restricted to Rs. 2 Lakh/ Rs 1 lakh and the premium shall be liable to be forfeited.

Points to remember:

  1. It is a Accidental Insurance Scheme
  2. Cover period – 1st June of each year to 31st May
  3. Eligibility- Bank Account holders within age group 18 – 70 years
  4. Accidental Cover: Rs 2 lakhs / Rs 1 lakh
  5. Premium: Rs 12/-
  6. Termination: 70 years

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