Now Reading: Rs 20 premium, Rs 2 lakh cover in Modi govt scheme PMSBY
-
01
Rs 20 premium, Rs 2 lakh cover in Modi govt scheme PMSBY
The Pradhan Mantri Suraksha Bima Yojana (PMSBY), a government accidental insurance scheme, offers a cover of Rs 2 lakh for an annual premium of just Rs 20. The scheme is open to…
The Pradhan Mantri Suraksha Bima Yojana (PMSBY), a government accidental insurance scheme, offers a cover of Rs 2 lakh for an annual premium of just Rs 20. The scheme is open to individuals aged 18 to 70 years and requires an active bank account for auto-debit of the premium each year.
In case of accidental death or total permanent disability, the nominee receives Rs 2 lakh. For partial permanent disability due to an accident, the cover is Rs 1 lakh. The enrolment period runs from 1 June to 31 May each year.
Launched on 9 May 2015, the scheme had received 1,80,812 claims and settled 1,37,404 of them by May 2024, with the government paying Rs 2,728.85 crore in claims. Between June 2024 and 16 April 2025, 36.86 crore new enrolments were added, 19,024 of 33,906 claims were settled, and the government paid Rs 377.73 crore.
Indian Opinion Analysis
PMSBY is one of three social security schemes launched together in 2015, alongside the Pradhan Mantri Jeevan Jyoti Bima Yojana (life insurance) and the Atal Pension Yojana. The scheme operates on a massive scale through public sector banks and the auto-debit mechanism, which keeps the cost low but can also lead to unintended lapses if accounts lack funds on the deduction date. The claim settlement ratio of about 76% since inception suggests that a significant number of claims are either rejected or pending, a pattern seen across many government mass insurance schemes. The key number to watch is the claim settlement ratio for the current year, as the scheme has added 36.86 crore new enrolments since June 2024, which will test the claims processing capacity.
Source: aajtak.in
This brief was synthesised by AI from the source linked above.
