Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored accident insurance scheme launched in May 2015 by the Government of India. The scheme was launched with the objective of providing affordable insurance coverage to people who are not covered under any insurance scheme. In this essay, we will discuss the features, benefits, eligibility criteria, and the impact of the Pradhan Mantri Suraksha Bima Yojana.
Features of Pradhan Mantri Suraksha Bima Yojana
The scheme offers accidental death and disability coverage to policyholders at a nominal premium of Rs.12 per annum. The policy covers death due to an accident, total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or foot due to an accident. The scheme provides coverage up to Rs.2 lakh for accidental death and total and irrecoverable loss of both eyes or loss of use of both hands or feet, and up to Rs.1 lakh for loss of sight of one eye or loss of use of one hand or foot due to an accident.
Benefits of Pradhan Mantri Suraksha Bima Yojana
The scheme provides several benefits to policyholders. Firstly, it offers affordable insurance coverage to people who are not covered under any insurance scheme. The premium amount of Rs.12 per annum is affordable for even the economically weaker sections of the society. Secondly, it provides financial security to policyholders in case of accidental death or disability. The policy amount can be used to cover medical expenses or provide financial assistance to the family members of the policyholder in case of death due to an accident.
Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana
The eligibility criteria for Pradhan Mantri Suraksha Bima Yojana are as follows:
- The scheme is available to people in the age group of 18 to 70 years.
- The policyholder should have a savings bank account with any participating bank.
- The policyholder should give consent to join and provide a self-certification of good health and that he/she does not suffer from any critical illness.
Impact of Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana has had a significant impact on the lives of the people who are not covered under any insurance scheme. The scheme has been successful in providing affordable insurance coverage to a large number of people in India. As of March 2021, the scheme has enrolled more than 23 crore people, which is a significant number considering the size of the Indian population.
The scheme has also had a positive impact on the financial security of the families of the policyholders in case of accidental death or disability. The policy amount can be used to cover medical expenses or provide financial assistance to the family members of the policyholder in case of death due to an accident. This has helped in reducing the financial burden on the families of the policyholders and has provided them with some level of financial security.
Conclusion
The Pradhan Mantri Suraksha Bima Yojana is a government-sponsored accident insurance scheme that has been successful in providing affordable insurance coverage to people who are not covered under any insurance scheme. The scheme offers accidental death and disability coverage to policyholders at a nominal premium of Rs.12 per annum. The policy covers death due to an accident, total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or foot due to an accident. The scheme has enrolled more than 23 crore people
