Achievements of the Pradhan Mantri Suraksha Bima Yojana

Objectives of the Pradhan Mantri Suraksha Bima Yojana:

The objective of the Pradhan Mantri Suraksha Bima Yojana is to increase the level of insurance penetration in the nation and to offer insurance coverage and financial assistance to members of the underprivileged sections of society in the event of an accident or tragedy....

Features of the Pradhan Mantri Suraksha Bima Yojana:

The Pradhan Mantri Suraksha Bima Yojana is available to Indian citizens and NRIs who have bank accounts and are between the ages of 18 and 70. The annual premium is Rs. 12 per member (now increased to Rs. 20, effective from 1st June 2022), and it is deducted from the bank account by auto-debit in one lump sum. This scheme provides insurance cover for a full year from 1 June to 31 May. The Pradhan Mantri Suraksha Bima Yojana is exempt from the GST. A nominee can get benefit from the program in the event of the death of an account holder. The Public Sector General Insurance Companies (PSGIC) and other General Insurance firms that are willing to provide the product on identical terms with the required approvals and partner with Banks for this purpose would be the ones offering and administering the scheme....

Benefits under Pradhan Mantri Suraksha Bima Yojana:

All account holders of the Pradhan Mantri Suraksha Bima Yojana receive a life insurance policy with a coverage amount of Rs. 2 lakh for a year in case of accidental death or permanent disability. The policyholder will receive insurance cover worth Rs. 1 lakh in the case of a partial disability....

Eligibility Criteria of the Pradhan Mantri Suraksha Bima Yojana:

Anyone between the ages of 18 and 70 can apply for this scheme. He or she must have a bank account, with a phone number associated with it. When applying for the program, the person must provide their Aadhaar information. This Aadhaar information would be connected to their bank account. If a person has multiple bank accounts, only one of those accounts may be used to join the program. If the claimant is an NRI, only Indian rupees would be given to the nominee as payment for the claim benefits....

Termination Criteria of the Pradhan Mantri Suraksha Bima Yojana:

Any of the following conditions can result in the cancellation of membership under this scheme:...

Achievements of the Pradhan Mantri Suraksha Bima Yojana:

As of now, there have been more than 28.37 million cumulative enrollments under this scheme, and a total of 97,227 claims worth Rs. 1,930 crores have been paid out. Women make up around 41.50 percent of total enrollment in this program, while they make up 61.29 percent of those who receive benefits....

Related Frequently Asked Questions and Answers:

Q1. When was the Pradhan Mantri Suraksha Bima Yojana launched?...