PMSBY stands for “Pradhan Mantri Suraksha Bima Yojana.” It is a government-backed accidental insurance scheme launched in India by the Ministry of Finance. It is one of the three social security schemes launched by the government in 2015, the other two being Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY).
PMSBY is aimed at providing financial protection to individuals in case of accidental death or disability. The scheme provides accidental death and disability cover of Rs. 2 lakhs to the enrolled individuals. The scheme is open to all savings bank account holders in the age group of 18 to 70 years, and the premium is just Rs. 12 per annum, which is automatically debited from the account holder’s savings account.
The scheme is offered through the public sector general insurance companies and other insurers, and it is implemented through the banks. The scheme is renewable on an annual basis, and the cover is provided on a first-come-first-served basis.
PMSBY is an important scheme, especially for low-income households, as it provides them with financial protection in case of accidental death or disability. It is a simple and affordable way to secure one’s future and the future of their loved ones.
In summary, PMSBY stands for Pradhan Mantri Suraksha Bima Yojana, it is a government-backed accidental insurance scheme launched in India by the Ministry of Finance. The scheme provides accidental death and disability cover of Rs. 2 lakhs to the enrolled individuals, open to all savings bank account holders in the age group of 18 to 70 years, the premium is just Rs. 12 per annum and is automatically debited from the account holder’s savings account. It is an important scheme, especially for low-income households, as it provides them with financial protection in case of accidental death or disability. It is a simple and affordable way to secure one’s future and the future of their loved ones.