Pradhan Mantri Suraksha Bima Yojana 2019 (PMSBY) is a government’s one of the important schemes particularly called accident insurance scheme in India.
It was introduced in the 2015 budget speech by Finance Minister Arun Jaitley in February 2015. Later launched by Prime Minister Narendra Modi on 8 May 2016 in Kolkata.
Pradhan Mantri Suraksha Bima Yojana 2019
The main reason behind implementing PMSBY scheme:
Most of the times accidents are not the main cause of death, sometimes due to insufficient financial at this crucial stage may be the reason of death.
In order to provide financial help with minimum price policy terms, the government started Pradhan Mantri Suraksha Bima Yojana.
Enrolment period:
PMSBY is for a one-year period, starting June 1 to May 31 of the subsequent year. The choice to join or to pay by auto debit account has to be given by May of every year.
People who want to continue after the first year have to give their enrolled for auto debit before May 31 for successive years. As per a study by economic times leaders almost 14 crore people had enrolled under PMSBY on 14 May 2018, and also 1.5 lakh people joining on a weekly basis.
Main aspects covered under PMSBY:
Under PMSBY, Rs 2 lakh for accidental death and permanent total disability. Permanent total disability is the irrecoverable loss of both eyes or loss of both hands or feet or loss of eyesight and loss of use of a hand or a foot.
Rs 1 lakh for permanent partial disability. Partial disability is nothing but recoverable losses during an accident.
Accidents, any death or disability due to natural calamities is covered under PMSBY. But death due to suicide is not covered, that from murder is covered.
Eligibility:
All individual and also the people having joint bank account holders in the 18-70-year age group are eligible under PMSBY scheme.
In case you have multiple bank accounts in the same or different bank, still you eligible to join the scheme through one bank account only.
In the case of a joint account, all holders of the account can join the scheme. Even NRIs are eligible but for NRI other conditions are applicable too. Link
How much you have to pay?
The premium payable is just Rs 12 per annum per member and it will be deducted from his/her bank account through an ‘auto debit’ in one installment on or sometimes before June 1 every year.
However, in cases where auto debit takes place after June 1, the cover shall start from the date of auto debit of premium by the bank.
Where to buy the scheme?
The scheme is can be enrolled from Public Sector General Insurance Companies (PSGICs) and from other insurance companies, in collaboration with participating banks. The banks are free to engage any general insurance company for implementing the scheme for their clients or users. Aadhar Status
Conclusion:
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is particularly for those who can’t afford the big budgetary accidental scheme.
Launching PMSBY gives us an indication that the government is aware of their every single country people’s health.
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