Prime Minister Narendra Modi on 9 May 2015 launched three ambitious social security schemes, relating to the insurance and pension sector and intended at widening the process of financial inclusion. The three schemes were "Pradhan Mantri Suraksha Bima Yojana" (accident insurance), "Pradhan Mantri Jeevan Jyoti Yojana" (life insurance) and "Atal Pension Yojana". It's important to keep in mind the features of these schemes as they will surely be part of upcoming bank exams. Hence today we are going to look into the important aspects of each schemes, in detail. So starting, in this post we have chosen the first one "Pradhan Mantri Suraksha Bima Yojana".
1. Pradhan Mantri Suraksha Bima Yojana
When announced: In Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Loksabha on 28 February 2015.
Note: Pradhan Mantri Suraksha Bima Yojana is meant for Accidental Death Insurance. Here are the features of this scheme.
Eligibility: Available to people in age group 18 to 70 years with bank account.
Premium: Rs.12 per annum.
Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
Risk Coverage: For accidental death and full disability - Rs.2 Lakh and for partial disability – Rs.1 Lakh.
Eligibility: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.
Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
Who will implement this Scheme?: 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:
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