10Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Suraksha Bima Yojanan is government backed accident insurance scheme. This scheme was put forward in the budget speech by the then finance minister Arun Jaitley in 2015. The scheme was formally launched by Prime Minister Narender Modi in Kolkata on 8th May.
Anybody who falls in the age group of 18 to 70 years and has an active savings account in the banks that offer this scheme is eligible for PMSBY. The premium for the said scheme is very nominal, 12 rupees per annum. The titular premium makes this scheme an attractive option for a sizeable part of our population. The GST is exempted on this scheme. Even NRIs can avail the benefit of this scheme but the claim paid to the beneficiary shall always be in the Indian currency.Though this scheme is beneficial for everybody, but the benefits and relevance of this scheme are immense for people who are in those professions which expose them to an increased and a greater risk for accidental death or disabilities. For example security guards, fire-fighters, drivers, bodyguards, vegetable vendors etc. The scheme allows for the nominee to get an insurance cover of Rs 2 lakh in case of an accidental death or full disability where as the insurance cover is Rs 1 lakh in case of partial disability. What needs to be noted is that this scheme is not a mediclaim and any hospital expenses incurred before the proclamation of death or disability shall be reimbursed under its ambit. Death from suicide is also not covered under this scheme. Death from murder falls under the ambit of PMSBY.