7Pradhan Mantri Suraksha Bima Yojana

    Another scheme that is worth mentioning and has proved to be yet  another touchstone for Modi government  is the accident insurance scheme called the Pradhan Mantri Suraksha Bima Yojana which was launched by Prime Minister Narendra Modi on 8 May, 2015 in Kolkata. Two other insurance schemes namely Pradhan Mantri Jeevan Jyoti Bima Yojana and  Atal Pension Yojana were also launched alongside Pradhan Mantri Suraksha Bima Yojana. The scheme literally aims at hand carrying the citizens of our country towards getting accident insurance cover owing to its nominal premium rates. It is appalling to know that only 20 percent of the population in our country avails any kind of insurance. Given the colossal size of our population, this figure is very alarming. Modi government has made an effort to hone the economic security scenario of our country by launching this scheme. Financial security for contingencies is one concept that continues to elude a large section of our population and confrontation with any unforeseen situations or emergencies provokes a lot of financial despair for the victim and his family. This scheme is available at a nominal annual premium of Rs12 and gives accidental death and disability cover. Under the ambit of this scheme the nominee gets a cover of Rs 2 lakh in case of accidental death or full disability, accidental death or full disability whereas in unfortunate scenarios  of partial Permanent disability a life coverage of Rs 1 lakh is provided to the insured person. Apart from that any death, disability or accident arising out of natural calamities also falls under the ambit of this scheme. In case of death of the policy holder the nominee if stated and the legal heir if the nominee is not stated can file for the claim what shall in turn be appropriated to the account of the policy holder which in turn shall be disbursed to the nominee or legal heir’s account. A financial influx in such testing times helps the family and the victim to resurrect their life with some ease and safeguard their future wellbeing.

    This scheme is linked to the jan dhan accounts. As a large number of accounts that have been opened under the Jan dhan scheme are accounts with no balance, such schemes provoke the count holders to maintain a necessary balance in them. This scheme can be availed by anybody who lies within the age group of 18-70 and has an active bank account. The scheme can also be availed through the SMS facility or the net banking facility offered by the bank accounts. Pradhan mantri suraksha bhima yojana offers one year cover from June 1 to May 31 and a further renewal would require for the policy holder to allow a debit from his account for the premium to be made. The scheme and is offered through banks and appropriated through public sector general insurance companies.

    This scheme has articulated a lot of success which is translated through the fact that nearly 13.53 crore people had enrolled under PMSBY, with almost 1.5 lakh continuing to join it on a weekly basis. Safety for contingencies and a cushion to withstand uncertainties is one major stride that an economy needs to undertake in order to ensure its soundness. Such schemes straddle the current as well as the desired economic scenario of our country and our literally bridges for us the reach our desired state of economic affairs.



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