Pradhan Mantri Suraksha Bima Yojana (PMSBY)
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Overview:
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme launched by the Government of India. The scheme aims to provide affordable personal accident insurance to individuals, particularly focusing on the economically weaker sections of society.
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Key Features:
– Eligibility: – Applicants must have a savings bank account.
– Coverage:
– Provides a risk coverage of ₹2 lakh for accidental death and full disability.
– Offers ₹1 lakh for partial disability.
– Premium:
– An affordable annual premium of ₹12 per annum per member.
– Policy Term:
– The cover is for one year, starting from June 1 to May 31 of the subsequent year, renewability extends every year.
– Enrollment:
– Can be enrolled through affiliated banks or insurance companies.
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Enrollment Process:
1. Interested individuals can join the scheme through their participating banks.
- Enrollment usually takes place before June 1st of each year.
- Auto-debit facility from the bank account ensures the annual premium is paid.
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Benefits:
– Provides financial security and protects families against unforeseen accidents.
– Encourages more individuals to opt for insurance, promoting financial inclusion.
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Importance:
Pradhan Mantri Suraksha Bima Yojana plays a vital role in making essential accident insurance accessible to a large segment of the Indian population, ensuring that even those with limited means have a safety net in case of unfortunate incidents.