Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana is a government scheme launched on 9th May 2015 by PM Narendra Modi.  It intends to provide an affordable insurance scheme for the poor and underprivileged people in the age group of 18 to 70 years with a bank account at a premium of Rs.12 per annum; risk coverage of Rs.2 lakh for accidental death and full disability and Rs.1 lakh for partial disability.

As per the latest PIB release, about 41.50 per cent of enrolment under this scheme belong to women, and 61.29 percent of claim beneficiaries are women.

PMSBY is one of the important government schemes questions from which can be asked in both prelims and mains.

Some of the highlights of the Pradhan Mantri Suraksha Bima Yojana have been discussed in the table below:

Pradhan Mantri Suraksha Bima Yojana
Date of Launching 9th May 2015
Launched by PM Narendra Modi
Government Ministry Ministry of Finance

Pradhan Mantri Suraksha Bima Yojana is one of the security schemes under the Government of India and is an important topic for the IAS Exam. Candidates can also download the notes PDF at the end of this article.

Benefits of Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides an insurance policy to the people belonging to the underprivileged sections of society. The scheme is administered by insurance companies from both the private and public sectors. Some of the benefits provided by the scheme are mentioned below:

  • The Pradhan Mantri Suraksha Bima Yojana offers a life cover of Rs. 2 lakhs for one year to all its account holders. This life cover is provided in case of accidental death or permanent disability.
  • A life cover of Rs. 1 lakh is provided to the beneficiary in case of partial disability.
  • This scheme can be availed by any individual aged between 18 years to 70 years.
  • In case of the death of the account holder, the benefits of the scheme can be availed by his/her nominee.
  • The scheme provides an annual premium of Rs. 12 per annum per member. This premium is auto-debited in one instalment on or before 1st June of every year.

Eligibility for Pradhan Mantri Suraksha Bima Yojana

Any individual must follow the below-mentioned criteria to be eligible for the Pradhan Mantri Suraksha Bima Yojana:

  • Any individual aged between 18 years to 70 years are eligible to apply for the scheme.
  • He/she must have a bank account along with their phone number linked to the account.
  • The individual should submit their Aadhaar details while applying for the scheme. This Aadhaar details will be linked with their bank account.
  • If any individual has multiple bank accounts of one or different banks, then he/she will be eligible to join the scheme through one bank account only. In the case of a joint account, the scheme benefits can be availed by all the bank account holders.
  • In the case of an NRI beneficiary, the claim benefits will only be provided to the nominee in Indian currency.

As per Pradhan Mantri Suraksha Bima Yojana, any accidental death, murder or disability due to natural calamities is covered under this scheme. Whereas any suicidal death is not covered under Pradhan Mantri Suraksha Bima Yojana. Also, the family members will not be provided with any benefits in case of suicidal deaths.

Candidates should follow the latest developments in Current Affairs related to other government schemes for their UPSC 2021 preparation.

Pradhan Mantri Suraksha Bima Yojana – UPSC Notes:- Download PDF Here

Related links:

Leave a Comment

Your Mobile number and Email id will not be published. Required fields are marked *

*

*