The
Union Finance Minister, Shri Arun Jaitely presenting the Union Budget 2015-16,
said that a large proportion of India's population is without insurance of any
kind. So he announced Pradhan Mantri Suraksha Bima Yojana to cover accidental
death risk of Rs. 2 lakh for a premium of just Rs. 12 per year.
Premium: Rs.12 per annum.
Launched: on May 9 2015 by PM
Narendra Modi
Payment Mode: The
premium will be directly auto-debited by the bank from the subscribers account.
This is the only mode available.
Risk Coverage: For
accidental death and full disability - Rs.2 Lakh and for partial disability
Rs.1 Lakh.
Eligibility: Any
person having a bank account and Aadhaar number linked to the bank account can
give a simple form to the bank every year before 1st of June in order to join
the scheme. Name of nominee to be given in the form.
Terms of Risk Coverage: A
person has to opt for the scheme every year. He can also prefer to give a
long-term option of continuing in which case his account will be auto-debited
every year by the bank.
Who will implement this Scheme?
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.
(i)
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. This will be decided
separately during the year.
(ii) Common Publicity Expenditure will be borne
by the Government
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