Launched in May 2015, PMSBY provides a cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh in case of permanent partial disability.
The number of subscribers under the Pradhan Mantri Suraksha Bima Yojana has gone up to 13.41 crore, Parliament was informed today. Number of enrolments in Pradhan Mantri Suraksha Bima Yojana (PMSBY) has increased from 8.85 crore in 2015-16 to 13.41 crore in 2017-18 through auto-debit under the scheme, Minister of State for Finance Shiv Pratap Shukla said in a written reply in the Rajya Sabha.
Launched in May 2015, PMSBY provides a cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh in case of permanent partial disability. The cover period under this scheme is June 1 each year to May 31 of the subsequent year and the accidental insurance policies under implementation with different central government departments have been converged to PMSBY from June 1, 2017.
PMSBY is offered/administered through both public and private sector general insurance companies, in tie up with banks, regional rural banks and cooperative banks. It gives a renewable one year accidental death-cum-disability cover to all subscribing bank account holders in the age group of 18 to 70 years for a premium of Rs 12 per annum per subscriber to be auto debited from the subscriber’s bank account.
The minister said the scheme is meant for common people, especially poor and the under-privileged sections of the society. Shukla said government regularly monitors the progress of settlement of claims under the scheme and any complaints are dealt in coordination with banks and insurance companies in getting them resolved expeditiously.