Pradhan Mantri Suraksha Bima Yojana (PMSBY)

It was launched in 2015 with the objective of increasing insurance penetration among the poor and underprivileged section of the society.

Features: The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on an annual renewal basis.

• Aadhar would be the primary KYC for the bank account.
• The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs.20 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment.
• As on 30^th June, 2022, cumulative gross enrolment reported by Banks subject to verification of eligibility, etc. is over 29.01 crore under PMSBY. A total of 1,26,505 Claims were registered under PMSBY of which 1,00,052 have been disbursed.