Pradhan Mantri Suraksha Bima Yojana

From Prelims Sureshots » Schemes & Welfare Initiatives

This topic of “Pradhan Mantri Suraksha Bima Yojana” is important from the perspective of the UPSC IAS Examination, which falls under General Studies Portion.

Introduction

Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme by the Ministry of Finance.

Ministry/Agency

The scheme is administered by participating banks and insurance companies.

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Objectives

The scheme offers accidental death and disability cover for death or disability on account of an accident.

Benefits

The scheme provides coverage for accidental death or disability.
The premium amount is Rs.12/- per annum per member, which is auto-debited from the subscriber’s bank account.
The coverage duration is from 1st June to 31st May.
The insurance cover will terminate on certain events such as attaining age 70, closure of account, or insufficiency of balance.
The nominee shall receive Rs. 2 Lakh on death of the subscriber.
In case of total and irrecoverable loss of both eyes, hands, or feet or loss of sight of one eye and loss of use of hand or foot, the subscriber shall get Rs. 2 Lakh.
In case of total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, the subscriber shall get Rs. 1 Lakh.

Eligibility

The scheme is open to individual bank account holders of participating banks aged between 18 and 70 years.
The subscriber must give their consent to join/enable auto-debit.

Implementation Strategy

Participating banks will deduct the premium amount in the same month when the auto-debit option is given, preferably in May of every year.
State-wise toll-free numbers and a national toll-free number are available for assistance.