Pradhan Mantri Suraksha Bima Yojana offers accident cover at Rs12 a year
20 September 2018
The central government has launched a low-cost accident scheme intended to benefit those high-risk category employees such as mechanics, labourers, truck drivers. With an annual premium of Rs12 excluding the service tax, it is also one of the cheapest insurance covers.
Pradhan Mantri Suraksha Bima Yojana is a government-sponsored accidental insurance cover which was announced in the 2015 Budget. The social security scheme will provide compensation to the deceased’s family. The scheme offers both partial and permanent disability cover.
This scheme is available to those between the ages of 18 and 70 years provided they have a bank account. The annual premium of the scheme is Rs12 excluding the service tax. The premium amount is automatically debited from the bank account of the scheme holder.
The scheme offers Rs2 lakh to the nominee if the subscriber dies in an accident or if he is fully disabled. If the subscriber meets with an accident and suffers partial permanent disability, then Rs1 lakh is paid.
Pradhan Mantri Suraksha Bima Yojana scheme involves numerous banks and insurance companies.
The participating banks include: Allahabad Bank, Axis Bank, Bank of India, Bank of Maharashtra, Bharatiya Mahila Bank, Canara Bank, Central Bank, Corporation Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, Kerala Gramin Bank, Kotak Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab National Bank, South Indian Bank, State Bank of Hyderabad, State Bank of India, State Bank of Travancore, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India and Vijaya Bank.
Participating Insurance companies include: Bajaj Allianz, Cholamandalam MS, ICICI Lombard, National Insurance, New India Assurance, Reliance General Insurance, United India Insurance and Universal Sompo.