What is the amount (in INR) to be paid as annual premium (as on 1st April, 2020) under the Pradhan Mantri Suraksha Bima Yojna (PMSBY)?
12
The question asks about the annual premium amount required for enrollment in the Pradhan Mantri Suraksha Bima Yojna (PMSBY) as on April 1, 2020. The Pradhan Mantri Suraksha Bima Yojna is a government-backed accidental insurance scheme in India.
Understanding Pradhan Mantri Suraksha Bima Yojna (PMSBY)
PMSBY is designed to provide affordable accidental death and disability cover to people, especially those from economically weaker sections of society. It is available to people aged 18 to 70 years with a bank account. The scheme offers coverage for accidental death and total permanent disability, as well as partial permanent disability.
Annual Premium for PMSBY as on April 1, 2020
As of April 1, 2020, the annual premium payable by the subscriber for the Pradhan Mantri Suraksha Bima Yojna was set at a very affordable rate. This premium was automatically debited from the subscriber's bank account through the auto-debit facility.
The amount specified as the annual premium for PMSBY on the mentioned date was:
₹12 per annum per member.
This low premium makes the scheme accessible to a large population base across India, providing essential financial security against unforeseen accidents.
PMSBY Coverage Details
The scheme provides the following benefits upon payment of the annual premium:
Accidental death coverage of ₹2,00,000.
Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or foot: ₹2,00,000.
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot: ₹1,00,000.
The cover is for a one-year period, from 1st June to 31st May, and is renewable every year.
Therefore, the amount to be paid as annual premium under the Pradhan Mantri Suraksha Bima Yojna (PMSBY) as on 1st April, 2020, was ₹12.
| Scheme | Benefit Type | Annual Premium (as on 1st April, 2020) | Coverage Amount |
|---|---|---|---|
| Pradhan Mantri Suraksha Bima Yojna (PMSBY) | Accidental Death and Disability Insurance | ₹12 | Up to ₹2,00,000 |
Revision Table: PMSBY Key Features
| Feature | Details |
|---|---|
| Scheme Name | Pradhan Mantri Suraksha Bima Yojna (PMSBY) |
| Type of Scheme | Accidental Death and Disability Insurance |
| Eligibility Age | 18 to 70 years |
| Required | Bank Account |
| Annual Premium (as on 01.04.2020) | ₹12 |
| Accidental Death Cover | ₹2,00,000 |
| Total Disability Cover | ₹2,00,000 |
| Partial Disability Cover | ₹1,00,000 |
Additional Information on PMSBY and Social Security Schemes
The Pradhan Mantri Suraksha Bima Yojna (PMSBY) is part of the Indian government's initiative to create a universal social security system for all citizens, especially the poor and the underprivileged. Along with PMSBY, other schemes like Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY - Life Insurance) and Atal Pension Yojna (APY - Pension) were launched to provide a comprehensive social security net.
- PMSBY specifically addresses accidental risks.
- PMJJBY provides life insurance cover for death due to any reason.
- APY focuses on providing a pension in old age.
These schemes are designed to be affordable and accessible, leveraging the banking infrastructure to reach a large population.
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