Pradhan Mantri Suraksha Bima Yojana

Technopedia Center

Faculty of Engineering and Computer Science
S1 Informatics S1 Information Systems S1 Information Technology S1 Computer Engineering S1 Electrical Engineering S1 Civil Engineering

faculty of Economics and Business
S1 Management S1 Accountancy

Faculty of Letters and Educational Sciences
S1 English literature S1 English language education S1 Mathematics education S1 Sports Education

Pradhan Mantri Suraksha Bima Yojana - Wikipedia

From Wikipedia, the free encyclopedia

Pradhan Mantri Suraksha Bima Yojana
Country	India
Prime Minister(s)	Narendra Modi
Ministry	Finance
Key people	Arun Jaitley
Launched	9 May 2015; 9 years ago (2015-05-09)
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 Late Arun Jaitley in February 2015.^[1] It was formally launched by the Prime Minister Narendra Modi on 8 May in Kolkata.^[2]

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 ₹20 (24¢ US). 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.^[3]

Feature	Description^[4]
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: https://nationalinsurance.nic.co.in/en/about-us/pradhan-mantri-suraksha-bima-yojana
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.^[5]^[6] 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.^[7] Now, all bank account holders can avail this facility through their net-banking service facility at any time of the year.^[8]^[9] 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.^[10]

Statistics^[11]^[12]


Year	policyholder numbers (Cr)	Claims Received (lak)	% claims disbursed
2015-16
2016-17	9.95	12.5	75.0%
2017-18	13.48	21.1	77.7%
2018-19	15.47	40.7	79%
2019-20	18.54	50.3	79.4%
2020-21	23.26	58.5	77.7%
2021-22	23.4	59.5	77.3%
16-11-2022	30.92
2023-24

Criticism

A rising loss ratio has forced general insurers to urge the government to hike the premium for the scheme.^[13]^[7]

Results

As of 31 March 2019, 15.47 crore people have already enrolled for this scheme. 32,176 claims have been disbursed amounting to ₹643.52 crore (US$77 million).^[14]

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.^[15]

References

^ Reporter, B. S. (9 May 2015). "Jan Suraksha: Social security for masses, pricing woes for insurers". Business Standard India. Retrieved 31 January 2020.
^ Vishwanathan, Vivina (8 May 2015). "Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out". Livemint. Retrieved 31 January 2020.
^ "Pradhan Mantri Suraksha Bima Yojana (PMSBY)-accidental insurance". revexpo.com. Retrieved 31 January 2020.
^ Anik, Kumar (4 April 2024). "Pradhan Mantri Suraksha Bima Yojana". Sabka yojana.
^ "Jan Suraksha: Social security for masses, pricing woes for insurers", Business Standard, 8 May 2015
^ "Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out", Live Mint, 8 May 2015
^ ^a ^b "'Jan Suraksha schemes to help eliminate Jan Dhan's zero balance accounts'". Business Standard. 8 May 2015. Retrieved 9 May 2015.
^ "'Pradhan Mantri Suraksha Bima Yojana: Accidental death, disability cover@Rs 20 p.a". Retrieved 21 October 2022.
^ "Pradhan Mantri Suraksha Bima Yojana: Accidental death, disability cover @ Rs 12 p.a". Economic Times. 22 September 2016. Retrieved 22 September 2016.
^ "pradhan mantri suraksha bima yojana in 20 rupees premium". Prabhat Khabar. 28 July 2023. Retrieved 3 April 2024.
^ https://sbi.co.in/documents/13958/10990811/180821-Ecowrap_20210818.pdf/3fdd5e1a-0987-3890-2ba2-ec3e52038846?t=1629267503023 ^{[bare URL]}
^ "Government of India Hikes Premium Rates for Flagship Insurance Schemes PMJJBY & PMSBY for the First Time in 7 Years".
^ "State-run insurers seek to increase PMSBY premium". The Financial Express (India). 23 February 2017. Retrieved 22 April 2017.
^ "Telling Numbers: Enrolment and claims in flagship life, accident insurance schemes". Jan Suraksha. Retrieved 30 April 2017.
^ "Haryana extends accidental insurance cover to all residents". The Times of India. 19 April 2017. Retrieved 22 April 2017.

v t e Government schemes in India
List of schemes Welfare schemes for women Poverty alleviation programmes Subsidies Social security Food security
Active
Schemes	Antyodaya Anna Atal Pension Ayushman Bharat Beti Bachao, Beti Padhao Deen Dayal Upadhyaya Antyodaya Deen Dayal Upadhyaya Grameen Kaushalya Deen Dayal Upadhyaya Gram Jyoti Direct Benefit Transfer DigiLocker Garib Kalyan Rojgar Abhiyaan Heritage City Development and Augmentation Integrated Child Development Services Income declaration JAM Yojana Khelo India Pravasi Suraksha Midday Meal Scheme Local Area Development National Infrastructure Pipeline National Pension System National Social Assistance Scheme National Service Scheme Post Office Passport Farmer Income Protection Scheme (PM AASHA) Adarsh Gram Gramin Awaas Awas Digital Health Mission Gram Sadak Jan Dhan Krishi Sinchai Matsya Sampada Matritva Vandana Shram Yogi Mandhan Ujjwala Bhartiya Jan Aushadhi Garib Kalyan Garib Kalyan Anna Yojana Jeevan Jyoti Bima Kisan Samman Nidhi Suraksha Bima Sansad Adarsh Gram Saubhagya Soil Health Card UDAN Ujwal DISCOM Assurance Unnat Jeevan
Missions	Rejuvenation and Urban Transformation Indradhanush Education Climate Resilient Agriculture Manuscripts Health Anganwadi Auxiliary nurse midwife Accredited Social Health Activist Solar Translation Providing Urban Amenities to Rural Areas Rashtriya Madhyamik Shiksha Abhiyan Rashtriya Uchchatar Shiksha Abhiyan Remunerative Approach for Agriculture and Allied sector Rejuvenation Sarva Shiksha Abhiyan Smart Cities Mission TB-Mission 2020
Projects	Agriculture MMP Bharatmala Indian Rivers Inter-link Operation Flood Sagar Mala project Setu Bharatam Urja Ganga Gas Pipeline Project
Campaigns	Accessible India Campaign Digital India Make in India Skill India Standup India Startup India Swachh Bharat Mission
Identity	Aadhaar Business identification Passport Permanent account Ration card Unorganised Workers Voters
State	AP Annadatha Sukhibhava TG Mission Bhagiratha T App Folio GJ Jyotigram Vibrant Gujarat MP Global Investors Summit Ladli Laxmi MH Mahatma Jyotiba Phule Jan Arogya Magnetic Maharashtra OR Ahar Biju Krushak Kalyan Madhu Babu Pension RJ Bhamashah UP Global Investors Summit TN Global Investors Meet
Closed/subsumed
Schemes	Bharat Nirman National Urban Renewal Kasturba Gandhi Balika Vidyalaya Kishore Vaigyanik Protsahan Rural Livelihood Finance Development Fund Rashtriya Swasthya Bima Tuberculosis Control Sampoorna Grameen Rozgar Voluntary Disclosure of Income

Categories:

Hidden categories:

Provisions

Statistics[11][12]

Criticism

Results

See also

References

Statistics^[11]^[12]