Recently, Prime Minister Narendra Modi launched three major social security schemes in Kolkata, West Bengal. The schemes are the Pradhan Mantri Suraksha Bima Yojana, the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Atal Pension Yojana.

1. Pradhan Mantri Suraksha Bima Yojana provides accident and disability cover.

2. Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance plan.

3, Atal Pension Yojana is a formal pension scheme.

The three schemes will come into effect from June 1, 2015 and would benefit people when they are 60 years old.

In this article we provide you information about Pradhan Mantri Suraksha Bima Yojana, which will help you in your studies as well as in your upcoming exams.

Pradhan Mantri Suraksha Bima Yojana is an insurance scheme which covers death or disablement of the policyholder caused due to accident or accidental injuries. The scheme will be a one year cover, renewable from year to year and would be administered through the Public Sector General Insurance Companies in collaboration with Banks. The schemes will come into effect from June 1, 2015.

Age limit: This scheme is available to all savings bank account holders in the age 18 to 70 years. If an individual having multiple saving bank accounts, the person would be eligible to join the scheme through one saving bank account.

Benefits:

Risk coverage: The Pradhan Mantri Suraksha Bima Yojana will offer an accidental death and full disability cover of Rs. 2 Lakh and for partial disability cover of Rs. 1 Lakh. Premium: Rs.12 per annum. The premium will be directly auto-debited by the bank from the subscribers’ account.

How to avail the scheme: Any person having an Aadhaar-linked bank account can join the scheme by submitting a form to the bank.

Enrollment Period: The cover shall be for the one year period stretching from 1st June to 31st May.

Renewal: The insurance will be a one year cover and have to renew this accidental cover every year. If subscribers don’t want to have the hassle of renewing the cover every year, they can give an instruction for auto-debit of bank account every year.