PRADHAN MANTRI SURAKSHA BIMA YOJANA.

• Pradhan Mantri Suraksha Bima Yojana is an Indian Government-sponsored accident insurance scheme which was originally announced by the then finance minister Arun Jaitley during February 2015. This scheme was formally launched by Prime minster of India Narendra Damodardas Modi on 8th May in the India city of Kolkata. 

ABOUT THE SCHEME.

• The scheme is available to the people between the age of 18 years to 70 years having a bank account. It has an annual premium of rupees 12 exclusives of the tax. The GST on Pradhan Mantri Suraksha Bima Yojana is exempted. The amount automatically gets debited from the bank account. The accident insurance scheme will have one year from June 1 to May 31 and would be offered from banks and administered through the public sector and general insurance companies. 


• Now in the case of death, accident and full disability the amount of 2,00,000 will be provided to the nominee and in case of partial disability the amount will cut down to 1,00,000 (wherein full disability has been described as a loss of both the eyes, hands or legs and partial disability as a loss of either one of them. 


• This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana Scheme. Most of these bank account has a zero balance initially. The government aspires to reduce the number of such zero balance account using this and other related schemes. Now all the bank account holder can avail this facility through their net-banking service facilities at any time of the year.