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.
Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana is an insurance scheme that provides accidental coverage to the poor and the underprivileged sections of society. During his budget statement in February 2015, finance minister Arun Jaitley proposed the plan for accidental death. Prime Minister Narendra Modi launched this scheme on 9th May 2015.
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