Hello and welcome to ExamPundit. Finance Minister Arun Jaitley in Budget 2015-16 announced a low-cost personal accidental cover named Pradhan Mantri Suraksha Bima Yojana to increase the insurance penetration level in the country.
Highlights of Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana is expected to be launched on June 1, 2015.
It is an insurance policy which covers death or disablement of the policyholder caused due to accident or accidental injuries.
The Pradhan Mantri Suraksha Bima Yojana will offer an accidental death and full disability cover of Rs. 2 Lakh and for partial disability cover of Rs. 1 Lakh.
This cover is available to people in age group 18 to 70 years.
The premium of Pradhan Mantri Suraksha Bima Yojana is Rs.12 per annum.
The premium will be directly auto-debited by the bank from the subscribers’ account.
The scheme will be offered by all public sector general insurance companies – New India Assurance Company, National Insurance Company, The Oriental Insurance Co, and United India Insurance Co – through tie-ups with banks. The government also plans to rope in other insurers as well.
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.
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.
Subscribers have to renew this accidental cover every year. If they don’t want to have the hassle of renewing the cover every year, they can give an instruction for auto-debit of bank account every year.
It is very important for the Insurance and Banking Exams in 2015. The PDF is not given at this moment. It will be given later!!
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Also check Pradhan Mantri Jeevan Jyoti Bima Yojana –
https://www.exampundit.in/2015/03/short-note-pradhan-mantri-jeevan-jyoti-bima-yojana.html
Atal Pension Yojana –
https://www.exampundit.in/2015/03/short-note-atal-pension-yojana-2015.html
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Team ExamPundit
Books For 2015 Banking/Insurance Exams
