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.
