Pradhan Mantri Suraksha Bima Yojana is offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and collaborate with banks for this purpose. This scheme was started to providing insurance coverage against accidental death, permanent total disability and permanent partial disability to the coir workers. This scheme is available to people from the age group 18 to 70 years with a bank account.
A premium of the Scheme
The premium for this scheme will be directly auto-debited by the bank from the subscribers account on or before 1 st June of every annual coverage period under the scheme. The scheme will apply on the total and irrecoverable loss of 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 up to Rs 2 Lakh and also irrecoverable loss of sight of one eye or loss of use of one hand or foot is up-to Rs.1 Lakh.
Many ministries can co-contribute premium for multiple categories of their benefit from their budget or Public Welfare Fund created in this budget from unclaimed money. This fund is finalized separately during the year. Common Publicity Expenditure will be borne by the Government.
Any person having a bank account and an Aadhaar number linked to the bank account can fill a simple form to the bank every year before the 1st of June if they wanted to join the scheme. The name of the nominee needs to be provided in the form.
Terms of Risk Coverage
The person has to renew the scheme every year. The person can also take the long-term option of continuing in that case the insurer personal account will be auto-debited every year by the bank.