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Coverage: PMSBY provides insurance coverage for accidental death and disability, both permanent and partial. In the case of accidental death or total permanent disability, the insured or their nominee receives a sum insured of Rs. 2 lakhs. In the case of partial permanent disability, a sum insured of Rs. 1 lakh is provided.
Eligibility: Individuals between the ages of 18 and 70 years are eligible to enroll in PMSBY. The scheme is available to all Indian residents who have a savings bank account.
Premium: The annual premium for PMSBY is very affordable, set at Rs. 12 per annum per member. The premium is automatically debited from the insured person's savings bank account through an auto-debit facility.
Enrollment Period: The scheme is open for enrollment from 1st June to 31st May every year. However, individuals who wish to join the scheme outside this enrollment period can also do so by paying the full annual premium.
Insurance Coverage Duration: Once enrolled, the coverage under PMSBY is valid for one year. It needs to be renewed annually to continue the insurance coverage.
Claim Process: In the unfortunate event of accidental death or disability, the insured person or their nominee can claim the insurance amount by submitting the necessary documents, such as the claim form, medical certificates, and other required
PMSBY is implemented through public and private sector insurance companies and is primarily aimed at providing a social security net to individuals who may not have access to other comprehensive insurance coverage. It is important to note that PMSBY is an insurance scheme, not an investment or savings scheme, and it only covers accidental death and disability. It does not provide coverage for natural death or illnesses.
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The low premium cost and affordability of Pradhan Mantri Suraksha Bima Yojana (PMSBY), makes it accessible to a wide range of individuals”:
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Group Insurance Model: PMSBY works on a group insurance model, which allows a large group of individuals Individuals to be covered under a single policy. This combination of risks helps in reducing the overall premium amount, making it cost-effective and affordable for individual participants.
PMSBY's low premium cost and affordability are key factors that have contributed to its widespread adoption Plan. This has enabled individuals from different backgrounds and income levels to avail of personal accident insurance coverage.
The reach and affordability of PMSBY have made it an inclusive insurance scheme, providing a safety net to a wide range of individuals who may otherwise be unable to afford or access personal accident insurance. It has helped in the promotion of Financial security and stability, ensuring that even those with limited financial resources have the opportunity to protect themselves and their loved ones from unforeseen events.
Nationwide Coverage:
PMSBY has a nationwide presence, with its benefits extending to all the States and Union Territories of India. Ensures that individuals from different walks of life get equal opportunities to enroll in the scheme and avail of personal accident insurance coverage Wide Enrollment: Since its launch, PMSBY has seen significant enrollment across the country. Lakhs of individuals including both urban and rural areas have enrolled in the scheme to secure personal accident insurance coverage for themselves and their families. Reaching Rural Areas: PMSBY has made special efforts to reach out to persons living in rural areas. Through a tie-up with various banks including Regional Rural Banks and Cooperative Banks, the scheme has been made accessible to rural communities. Bank branches in rural areas actively promote and facilitate enrollment in PMSBY, thereby ensuring coverage for individuals in remote locations.
Awareness Campaign:
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The government, in association with participating banks and insurance companies, has launched a massive awareness campaign to educate and inform people about the benefits of PMSBY. These campaigns are designed to reach out to individuals across different sectors and sections of society, including urban and rural areas, through various mediums such as television, radio, print media, and digital platforms. Integration with Government Schemes: PMSBY has been integrated with other Government schemes and initiatives, further increasing its reach. For example, it has been linked to the Jan Dhan Yojana, where individuals who open bank accounts under the Jan Dhan Yojana are automatically enrolled in the PMSBY, thereby increasing its reach among economically disadvantaged populations.
Targeting the Unorganized Sector:
PMSBY aims to provide coverage to individuals working in the unorganized sector who often face high risks and financial vulnerabilities. The scheme targets laborers, farmers, self-employed individuals, and those engaged in informal businesses, ensuring that they get personal accident insurance coverage at an affordable cost.
Inclusion of different socio-economic groups: PMSBY aims to be inclusive and reach out to individuals from different socio-economic groups. The low premium cost makes it accessible to the economically disadvantaged sections of society, while the wide coverage ensures that individuals from all walks of life can avail the benefits of the plan.
Analysis of Reach and Penetration of Pradhan Mantri Suraksha Bima Yojana (PMSBY) in various sectors and sections of the society”: It is pertinent to note that continuous efforts are being made to increase the reach and penetration of PMSBY. Government authorities, banks, and insurance companies Continue to work together to expand the plan's coverage and ensure that more individuals have access to affordable personal accident insurance
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