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Pradhan Mantri Suraksha Bima Yojana(PMSBY)

2022 MAY 14

Preliminary   > Social Justice   >   Welfare Schemes   >   Vulnerable & Backward sections

Why in news?

  • Pradhan Mantri Suraksha Bima Yojana (PMSBY) has completed 7 years of providing social security benefits.

About Pradhan Mantri Suraksha Bima Yojana (PMSBY):

  • It is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.
  • Eligibility:
    • Available to people in age group 18 to 70 years with bank account (and Aadhaar number linked to the bank account).
  • Premium:
    • Rs.12 per annum.
  • Payment Mode:
    • The premium will be directly auto-debited by the bank from the subscribers account on or before 1 st June of each annual coverage period under the scheme.
  • Risk Coverage:
    • Accidental death cum disability cover of Rs.2 lakh (Rs.1 lakh in case of partial disability).
  • Implementing Agency:
    • The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
  • Government Contribution:
    • Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year.
    • Common Publicity Expenditure will be borne by the Government.

PRACTICE QUESTION:

Which of the following statements is/are correct regarding ‘Pradhan Mantri Suraksha Bima Yojana(PMSBY)’

1. It is available to workers in organized sector only

2. The premium amount on this insurance scheme is borne equally by state and central government

Select the correct answer using the code given below:

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Answer