Pradhan Mantri Suraksha Bima Yojana

What is Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana is a government-led accident insurance schemes that aims to provide accident insurance to all Indians in the unfortunate event death or permanent disability on account of an accident. This scheme is applicable for Indians under the organized as well as unorganized sector of labour. The scheme is linked to various public sector banks and units and major private banks also who have agreed to collaborate.

In a country like ours, where insurance percentage is even below the world average of 6.3%, schemes like the PMSBY are a great push towards insuring a huge chunk of population. Some of the main distinguishing features that set it apart from other such government-run insurance schemes are –

Extremely low premium payment

Higher coverage of up to Rs.2 Lacs

First time when social-security schemes have been linked with bank accounts to help unorganized sector be a part of the scheme and to foster deeper penetration across the country 

Higher inclusivity; both unorganized and organized sector people can avail this policy

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What are the Salient features of Pradhan Mantri Suraksha Bima Yojana ?