Pradhan Mantri Suraksha Bima Yojana (PMSBY)

    For Accidental Death Insurance

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Launched – 9 May 2015

Eligibility: Available to people in age group 18 to 70 years with bank account.

Premium: Rs.12 per annum.

Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account on or before 1 st June of each annual coverage period under the scheme.

Risk Coverage:

1 . Death – Rs 2 Lakh
2 . Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot – Rs 2 Lakh
3 . Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot – Rs.1 Lakh.

Terms of Risk Coverage

A person has to opt for the scheme every year. She/He can also prefer to give a long-term option of continuing in which case his/her account will be auto-debited every year by the bank.

Implementing agency

The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.

Government Contribution

Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money.
Common Publicity Expenditure will be borne by the Government.