Pradhan Mantri Suraksha Bima Yojana (PMSBY) was launched on 2015, May 9th. It is an initiative by the Modi Government which is a Personal accident insurance cover for the age group between 18 to 70 Years of age.
Where Can you enroll for the scheme?
It is available through all Nationalised Banks. By giving consent to auto-debit 12 Rupees Per annum(Premium for the scheme)on or before 31st May, yo may avail this service. But do remember to maintain sufficient balance to auto-debit the said amount.
It is one of the lowest premium payable product(12 Rupees Per annum)which covers 2 Lakh rupees insurance coverage for accidental death and full disability(Loss of two legs, hands, eyes due to accident)
This scheme also offer 1 Lakh rupees risk-coverage for Partial-disability(Loss of one leg, hand etc). This scheme is being tied-up with Government General insurance companies, which are the sole TPA(Third Party Administrative)for claim settlements.
Awareness created by the Celebrities-
Though it is a government backed scheme, as a social responsibility Mr. Amitabh Bachaan has come forward to created awareness among the general public. Mr. Amitabh explains the risk coverage under the scheme during the promotions. He suggested to save 1 Rupee for month(12 rs per annum)to avail the offer and the need to maintain sufficient balance on or before 31st May for successful auto-debit.
As-of-now, it is the lowest Premium product which covers personal accident insurance cover. If you don’t have one and if you are in the age group of 18 to 70 Years, you may visit your bank branch and enroll for it Today itself.