The Pradhan Mantri Suraksha Bima Yojana is government-backed accidental insurance scheme, formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. It was originally presented by Finance Minister Arun Jaitley in February 2015.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one year accident cover insurance scheme which is renewable from year to year. This scheme offers accidental death and disability cover for death or disability on account of an accident. It has specially been designed for the majority of people in rural areas who are mostly below the poverty line and who are not at all covered under any kind of insurance in spite of many insurance companies operating in India with their variety of products and schemes.After the success of Pradhan Mantri Jan Dhan Yojana, the major aim of Pradhan Mantri Suraksha Bima Yojana (PMSBY) is to reach such people with its benefited insurance schemes.
All savings bank account holders in the age 18 to 70 years in participating banks are eligible to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
Rs 12/- per annum for each member which will be deducted from the policy holder’s saving bank account through an ‘auto debit’ facility in the month of June every year. This cover will be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account is required to be given by 31st May of every year.
The cover of the member will terminate under any of the following events automatically:
2017 August 07 is a bank holiday in Daman And Diu due to Raksha Bandhan.
2017 August 14 is a bank holiday in Bihar due to Janmashtami.
2017 August 15 is a bank holiday in Andaman And Nicobar Island due to Independence Day.
2017 August 15 is a bank holiday in Arunachal Pradesh due to Independence Day/Janmashtami.