Pradhan Mantri Suraksha Bima Yojana: Eligibility, Coverage, and Benefits

Why the scheme is in the news?

Pradhan Mantri Suraksha Bima Yojana completed 8 years.

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Eligibility :

The scheme is available for people in the age group of 18 to 70 years who have a bank account.
To join the scheme, a person must have a bank account and Aadhaar number linked to it.
The person needs to submit a simple form to the bank before 1st June every year to enroll in the scheme.
The form should include the name of the nominee.

Premium: The premium for the scheme is Rs 20 per annum starting from June 1, 2022.

Payment Mode: The premium for the Pradhan Mantri Suraksha Bima Yojana will be automatically debited by the bank from the subscriber’s account on or before the 1st of June every year for the annual coverage period under the scheme.

Risk Coverage:

In case of death, a sum of Rs 2 Lakh will be given.
If both eyes or both hands or both feet or one eye and one hand or foot become completely and irrecoverably lost, a sum of Rs 2 Lakh will be given.
If sight of one eye or use of one hand or foot is completely and irrecoverably lost, a sum of Rs 1 Lakh will be given.

Terms of Risk Coverage :

The scheme requires individuals to enroll every year. They may also choose a long-term option, in which case their bank account will be automatically debited by the bank each year.

Who will implement this Scheme?

All Public Sector General Insurance Companies and other insurers who are interested in joining the scheme and have tie-ups with banks are eligible to offer the scheme.

Government Contribution:

Ministries have the option to contribute towards the premium of their respective beneficiaries from their budget or from the Public Welfare Fund established with unclaimed money from this budget. The categories of beneficiaries and contribution amounts will be determined separately during the year.
The Government will cover the expenses for common publicity.

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