Key Points
Minimal Rs 20 annual premium provides significant accident insurance coverage
Scheme offers Rs 2 lakh for accidental death
Launched by PM Modi in 2015 for financial security
Covers Indian residents aged 18-70 with bank accounts
In the unfortunate event of partial disability due to an accident, the scheme offers Rs 1 lakh directly to the individual's account. In the tragic case of death caused by a road accident or any other unfortunate incident, the family or heirs of the deceased are entitled to a financial support of Rs 2 lakh.
One of the beneficiaries of this scheme is Soram Bai, a resident of Bhatkya village in the Malakhedi Gram Panchayat of Rajgarh district. Following the untimely death of her husband, Sarjan Singh, Soram Bai received Rs 2 lakh as compensation under the Pradhan Mantri Suraksha Bima Yojana. The amount was directly disbursed to her by the local Indian Bank branch.
Vikas Yadav, the branch manager of Indian Bank in Rajgarh, said that the payment of Rs 2 lakh to Soram Bai was provided as part of the PMSBY scheme, which aims to support families affected by unforeseen circumstances. On this occasion, both Yadav and Assistant Branch Manager Kirti Pant were present to assist Soram Bai with the process.
Launched in 2015 by Prime Minister Narendra Modi, the Pradhan Mantri Suraksha Bima Yojana has become a cornerstone of the government's efforts to provide financial safety to the public. The scheme was officially launched on May 8, 2015, in Kolkata. It covers all Indian residents and NRIs between the ages of 18 and 70, provided they have a valid bank account.
The scheme requires an annual premium of just Rs 20, which is automatically deducted from the account of the policyholder. It offers a one-year coverage period, running from June 1 to May 31. The policy is administered through public sector insurance companies, making it accessible to the masses.
In the event of death or full disability, the nominee is entitled to Rs 2 lakh. Full disability is defined as the complete loss of use of both eyes, hands, or feet. Partial permanent disability, such as the loss of one eye, hand, or foot, is eligible for a payout of Rs 1 lakh. However, claims are not accepted in cases of death caused by suicide, alcohol, or drug abuse. Additionally, a person must be enrolled in the scheme for at least 45 days before being eligible to make a claim.
