Pradhanmantri Suraksha Bima Yojna: Explained

Pradhanmantri Suraksha Bima Yojna: It is a low cost personal accidental cover to increase the insurance penetration in India.

Who can benefit from this scheme?
Any person in the age group of 18 to 70 years with a bank account.


What are the risks covered?
Under this scheme accidental death and full disability of Rs 2 lakh and partial disability of Rs 1 lakh covered.

Premium?
Rs 12 per annum.

Mode of Payment?
The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.

Who will implement this scheme?
The scheme will be offered by all public sector general insurance companies - New India Assurance Company, National Insurance Company, The Oriental Insurance Co, and United India Insurance Co - through tie-ups with banks. The government also plans to rope in other insurers as well.

Launch Date?
This scheme is expected to be launched on 1st June this year.

How to opt?
Any person having an Aadhaar-linked bank account can join the scheme by submitting a form to the bank.  Moreover person has to opt for the scheme every year.