Launching on May 09, 2015, Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme that covers accidental death, permanent disability, and partial disability.
PMSBY was launched with a view to enhancing the level of insurance penetration in the country and providing accidental insurance coverage to common people, especially the poor and the underprivileged sections of society.
An individual in the age group of 18-70 years having a savings bank or a post office account are entitled to enroll under the scheme.
Enrolment under the scheme can be done by visiting the branch/BC point or website of the bank of the account holder or at the post office in case of a post office saving account. The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
Accidental Death Cum Disability cover of Rs. Two lakhs (Rs. One lakh in case of partial disability) for death or disability due to an accident against a premium of just Rs. 12 per annum per member.
Achievements (as on April 27, 2022):
- The cumulative enrolments under the scheme have been more than 28.37 crores.
- An amount of Rs. 1,930 crores has been paid for 97,227 claims.
- Out of the 28.37 crores cumulative enrolments, over 39% are PM Jan Dhan Yojana account holders, 48% are women account holders and 71% are people from rural areas.