Indian Economy News

Number of enrolments in PMSBY increase from 8.85 crore in the year 2015-16 to 13.41 crore in 2017-18

New Delhi: The Pradhan Mantri Suraksha Bima Yojana (PMSBY) was launched on 9th May, 2015. The scheme provides a cover of Rs. Two Lakh for accidental death or total permanent disability and Rs One Lakh in case of permanent partial disability.  The cover period under this scheme is 1st June of each year to 31st May of subsequent year. The scheme is offered/ administered through both public and private sector general insurance companies, in tie up with scheduled commercial banks, Regional Rural Banks and Cooperative Banks. PMSBY offers a renewable one year accidental death cum disability cover to all subscribing bank account holders in the age group of 18 to 70 years for a premium of Rs.12/- per annum per subscriber to be auto debited from subscriber’s bank account.

PMSBY provides insurance cover to common people, especially poor and the under-privileged sections of the society. The Government as well as the Public Sector General Insurance Companies had organized massive campaign to create awareness amongst large sections of population and also carried outreach efforts to facilitate access to the schemes. An exclusive website, which hosts all relevant material / information including forms, rules etc. related to this scheme in English, Hindi and regional languages, was created. The progress of settlement of claims under the schemes is monitored regularly by the Government. Any complaints in respect of the scheme are dealt in coordination with banks and insurance companies in getting it resolved expeditiously.

There is an improvement in the number of enrolments through auto-debit under the Scheme from 8.85 crore in the year 2015-16 to 13.41 crore in 2017-18. The details of State-wise distribution under the Scheme in the year 2017-18 are attached as Annexure. The accidental insurance policies under implementation with different Central Government Departments have been converged to PMSBY w.e.f. 1st June 2017.


Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.