PMSBY (Syllabus: GS Paper 2 – Govt Schemes)

Context: The Centre is working to extend the deadline for unorganised sector workers to claim life and accident insurance cover under Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• About: It is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to an accident.
• Eligibility: Individual bank/ Post office account holders of participating banks/ Post office aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.
• Payment Mode: It will be directly auto-debited by the bank from the subscriber's account on or before 1st June of each annual coverage period under the scheme.
• Risk Coverage

o Death: Rs. 2 Lakh

o Total and Irrecoverable Loss: Both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot – Rs. 2 Lakh

o Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot – Rs. 1 Lakh.

• Implementation by: Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.