Pradhan Mantri Suraksha Bima Yojana
{{Short description|Indian government-backed accident insurance scheme}}
{{Use dmy dates|date=January 2016}}
{{Use Indian English|date=January 2016}}
{{Infobox project
| country = India
| primeminister = Narendra Modi
| ministry = Finance
| key_people = Arun Jaitley
| launched = {{Start date and age|2015|05|09|df=y}}
| current_status = Active
}}
Pradhan Mantri Suraksha Bima Yojana (PMSBY, translation: Prime Minister's Safety Insurance Scheme) is a government-backed accident insurance scheme in India. It was originally mentioned in the 2015 budget speech by Finance Minister Arun Jaitley in February 2015.{{Cite news|url=https://www.business-standard.com/article/current-affairs/jan-suraksha-social-security-for-masses-pricing-woes-for-insurers-115050900786_1.html|title=Jan Suraksha: Social security for masses, pricing woes for insurers|last=Reporter|first=B. S.|date=2015-05-09|work=Business Standard India|access-date=2020-01-31}} It was formally launched by the Prime Minister Narendra Modi on 8 May in Kolkata.{{Cite web|url=https://www.livemint.com/Money/n6uNxsGr1kytGMNBXklVTI/Banks-advertise-Pradhan-Mantri-Bima-Yojana-ahead-of-the-roll.html|title=Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out|last=Vishwanathan|first=Vivina|date=2015-05-08|website=Livemint|language=en|access-date=2020-01-31}}
Provisions
Pradhan Mantri Suraksha Bima Yojana is available to people (Indian Resident or NRI) between 18 and 70 years of age with bank accounts. It has an annual premium of {{INRConvert|20}}. Goods and Services Tax (GST) is exempted on Pradhan Mantri Suraksha Bima Yojana. The amount is automatically debited from the account. This insurance scheme can have one year cover from 1 June to 31 May and is offered through banks. It is administered through public sector general insurance companies.{{Cite web|url=https://revexpo.com/review/pradhan-mantri-suraksha-bima-yojana-pmsby/|title=Pradhan Mantri Suraksha Bima Yojana (PMSBY)-accidental insurance|website=revexpo.com|language=en-US|access-date=2020-01-31}}
| class="wikitable"
!Feature |
| Scheme Name
|Pradhan Mantri Suraksha Bima Yojana |
| Announced on
|May 9, 2015 |
| Country
|India |
| Initiated by
|Prime Minister Narendra Modi |
| Beneficiaries
|Poor and underprivileged individuals aged 18 to 70 years who have a savings bank account |
| Objective
|To provide accident insurance cover to the deprived population at an extremely affordable premium |
| Registration Process
|The account holder can enroll by visiting the bank branch, through BC (Banking Correspondent), or via BOB World Internet (Internet Banking) |
| Official Website
|National Insurance Company Limited National Insurance Company Limited: |
| Contact
|18003450330 |
In case of death or full disability, the payment to the nominee will be ₹2 Lakh and in case of partial permanent disability it would be ₹1 Lakh. Full disability has been defined as loss of use in both eyes, hands, or feet. Partial Permanent disability has been defined as loss of use in one eye, hand, or foot.{{citation|title=Jan Suraksha: Social security for masses, pricing woes for insurers|date=8 May 2015|url=http://www.business-standard.com/article/current-affairs/jan-suraksha-social-security-for-masses-pricing-woes-for-insurers-115050900786_1.html|work=Business Standard}}{{citation|title=Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out|date=8 May 2015|url=http://www.livemint.com/Money/n6uNxsGr1kytGMNBXklVTI/Banks-advertise-Pradhan-Mantri-Bima-Yojana-ahead-of-the-roll.html|work=Live Mint}} Further, death due to suicide, alcohol, drug abuse, etc., are not covered. A person joined under this scheme is eligible for a claim only after 45 days of joining the scheme.
This scheme is linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these accounts had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.{{cite news|title='Jan Suraksha schemes to help eliminate Jan Dhan's zero balance accounts'|url=http://www.business-standard.com/article/news-ians/jan-suraksha-schemes-to-help-eliminate-jan-dhan-s-zero-balance-accounts-115050801384_1.html|access-date=9 May 2015|work=Business Standard|date=8 May 2015}} Now, all bank account holders can avail this facility through their net-banking service facility at any time of the year.{{cite news|title='Pradhan Mantri Suraksha Bima Yojana: Accidental death, disability cover@Rs 20 p.a |url=https://economictimes.indiatimes.com/wealth/insure/govt-hikes-insurance-premiums-under-pm-jeevan-jyoti-bima-yojana-suraksha-bima-yojana-w-e-f-june-1/articleshow/91932214.cms|access-date=21 October 2022}}{{cite web|url=http://economictimes.indiatimes.com/wealth/insure/pradhan-mantri-suraksha-bima-yojana-accidental-death-disability-coverrs-12-p-a/articleshow/54458290.cms|title=Pradhan Mantri Suraksha Bima Yojana: Accidental death, disability cover @ Rs 12 p.a|access-date=22 September 2016|work=Economic Times|date=22 September 2016}} The policy will be canceled if there is no balance in the account. The policy will lapse in case the bank account is closed. If you have multiple bank accounts, only one bank account can be linked to the scheme.{{Cite web |date=2023-07-28 |title=pradhan mantri suraksha bima yojana in 20 rupees premium |url=https://www.prabhatkhabar.com/business/pradhan-mantri-suraksha-bima-yojana-in-20-rupees-premium-get-2-lakh-insurance-know-how-mdn |access-date=2024-04-03 |website=Prabhat Khabar |language=en-US}}
Criticism
A rising loss ratio has forced general insurers to urge the government to hike the premium for the scheme.{{cite web|url=http://www.financialexpress.com/industry/banking-finance/state-run-insurers-seek-to-increase-pmsby-premium/562951/|title=State-run insurers seek to increase PMSBY premium|work=The Financial Express (India)|date=23 February 2017 |access-date=22 April 2017}}
Results
As of 31 March 2019, 15.47 crore people have already enrolled for this scheme. 32,176 claims have been disbursed amounting to {{INRConvert|643.52|c}}.{{cite web|url=https://indianexpress.com/article/explained/enrolment-and-claims-in-flagship-life-accident-insurance-schemes-6158854/|title=Telling Numbers: Enrolment and claims in flagship life, accident insurance schemes| website=Jan Suraksha|access-date=30 April 2017}}
In April 2017, Haryana Government announced that all Haryana residents in the age group of 18–70 years will be covered by PMSBY; the state government would reimburse the premium to the beneficiary.{{cite news|url=http://timesofindia.indiatimes.com/city/chandigarh/haryana-extends-accidental-insurance-cover-to-all-residents/articleshow/58250152.cms/|title=Haryana extends accidental insurance cover to all residents|work=The Times of India|date=19 April 2017 |access-date=22 April 2017}}
See also
References
{{reflist}}
{{Government Schemes in India}}
Category:Modi administration initiatives
Category:Government schemes in India