Pradhan Mantri Suraksha Bima Yojna (PMSBY) initially mentioned in a Budget speech by Finance Minister Arun Jaitley in February 2015.
- It was formally launched by Prime Minister Narendra Modi on 8 May 2015 in Kolkata. To move towards creating a universal social security system, targeted primarily for the poor and the underprivileged.
- It is a government-backed accident insurance scheme in India.
Features of PMSBY:
- A large proportion of the population has no accidental insurance cover,
- The Pradhan Mantri Suraksha Bima Yojana (PMSBY) covering the uncovered population in a high installment of just Rs.12 per year.
Advantages of Pradhan Mantri Suraksha Bima Yojna
- The Pradhan Mantri Suraksha Bima Yojna or Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give
- To explain, their consent to join, allow auto-debit on or after 31st May.
- For the coverage period 1st June to 31st May on a yearly renewal basis.
- Under the said scheme, risk coverage available will be Rs. 2 lakh for accidental death.
- Permanent total limitation and Rs. 1 lakh for permanent partial restriction for one year holding from 1st June to 31st May.
- The Pradhan Mantri Suraksha Bima Yojana policy also helps us in cases of unforeseen emergencies.
- The Ormsby scheme helps us, especially when we face unexpected death, impairments in the family.
- The premium to be paid to Rs. 12 per annum per member of each family and why an ordinary son can go for it.
- It is an offer by Public Sector General Insurance Companies and General Insurance Company.
- Who can offer the product on besides terms with necessary support and tie-up with banks?
- Participating Bank wishes to be the Master policyholder on account of the participating supporters.
- Also, It wants to be the strength of the participating bank to recover.
- The year-end payment in one member, as per the option, from the account owners.
- The date the ‘auto-debit’ process and transfer the amount due to the insurance company.
- Somebody who exits the plan at any point may re-join the program.
- In later times by providing the yearly prize and subject to terms.
- A simple and sponsor kind guidance & claim adjustment process has also been put in place to ensure a hassle-free request also payment experience for the candidates.
- And ensure that the advantages of this plan moved to somebody,
- Actual ads give for this social protection standard for electronic media also, radio, posters, and even newspaper ads, etc.
- Also, Banks served highly declared Enrollment camps, and Insurance Companies, finding the full system of SLBC Co-coordinators.
- Also State and district level officers, brokers, and banking writers even.
- In particular, the method to apply and the documentary proof need to be analyzed.
- It also generally results in rules and ads at different locations, to allow even a non-specialist to record a right.
- The Pradhan Mantri Suraksha Bima Yojana is also to a rare population, who can now get Protection at a low cost.