What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
- PMSBY scheme was launched on 8th May 2015 with an aim to increase the no. of people having insurance.
- This scheme is available to all people between 18 and 70 years of age having a bank account.
- Under this scheme, the risk coverage available is Rs. 2 Lakh in cases of accidental death and permanent disability and of Rs. 1 Lakh for partial disability.
- It is a One Year Renewable Insurance Plan, with the feature of auto-enable after the end of the preceding year. The effective start date is 1st June till 31st May of the subsequent year.
- This scheme is available at a premium of just Rs. 12/annum.