PM Narendra Modi launched Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accidental Insurance Cover

PM Narendra Modi on 9 May 2015 launched Pradhan Mantri Suraksha Bima Yojana (PMSBY) in Kolkata, West Bengal.

It is an Accident Insurance Scheme (AIS) offering death and disability cover on account of an accident.

Key Features of Pradhan Mantri Suraksha Bima Yojana (PMSBY)
• It provides for the risk coverage of 2 lakh rupees for accidental death and full disability and 1 lakh rupees for partial disability due to an accident.
• It is available to people in the age group of 18 to 70 years having a savings bank account.

• The coverage period is of one year duration starting from 1 June to 31 March of the succeeding year.
• A premium of 12 rupees per annum is paid by the subscriber which will be deducted from the account holder’s savings bank account through auto debit facility in one installment on or before 1 June of each annual coverage period.
• The product will be offered by Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

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