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Pradhan Mantri Suraksha Bima Yojna (PMSBY)

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Pradhan Mantri Suraksha Bima Yojna (PMSBY) is an insurance scheme covering accidental death risk of Rs.2 Lakh for a premium of just Rs. 12 per year (i.e. Rs 1/month as premium). It will cover all the savings account holders of the age group 18 to 70 for accidental disability or death.

Under PMSBY, the risk coverage will be Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.

Public sector general insurance companies or other general insurance companies that are willing to offer insurance coverage to individuals on similar terms would offer and administer this scheme. The scheme is delivered through banks including regional rural banks as well as cooperative banks.

The scheme was launched in simultaneous functions held at 115 venues across the country on 9 May 2015. This Scheme is different from the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) launched on the same day, which cover both natural and accidental death risk of Rs. 2 lakh for a premium of Rs. 330 per year for the age group of 18-50 (less than Rs. 1/day).

More details may be seen here.

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