PMSBY
PMSBY stands for Pradhan Mantri Suraksha Bima Yojana, which is an insurance scheme launched by the Government of India. The scheme was introduced to provide accident insurance coverage to individuals in India, especially those from economically weaker sections of society.
Under the PMSBY scheme, policyholders are eligible for a personal accident insurance cover against death or disability resulting from an accident. The coverage includes accidental death, total permanent disability, and partial permanent disability. The scheme provides a fixed sum insured amount for each of these events.
Features
Eligibility: Any individual between the ages of 18 and 70 years with a savings bank account is eligible to enroll in the scheme.
Enrollment Process: Interested individuals can enroll in the scheme through participating banks by submitting a simple application form and providing the necessary details.
Premium: The premium for the PMSBY scheme is affordable, with a nominal annual premium of Rs. 12 (as of my knowledge cutoff in September 2021). The premium is deducted automatically from the policyholder’s bank account.
Coverage Period: The coverage period is for one year, starting from June 1 to May 31 of the subsequent year. The scheme needs to be renewed annually to continue the coverage.
Sum Insured: The scheme provides a sum insured of Rs. 2 lakh in the event of accidental death or total permanent disability and Rs. 1 lakh for partial permanent disability.
