This insurance is only available for people who live in India. This scheme was launched by the Government of India in the year 2015 by Prime Minister of India Narendra Modi. The main reason behind this scheme was, As of May 2015, only 20% of India’s population has any kind of insurance, this scheme aims to increase the number.
This insurance was named as PMSBY (Pradhan Mantri Suraksha Bima Yojana).
- Who is eligible?
Individuals between the age group 18 to 70 years will qualify for the scheme.
- How much premium do we have to pay?
Excluding the service tax, the annual premium of the scheme is Rs.12(18¢).
- How much is sum assured?
A lump sum amount of ₹2 lakh (US$3,000) is paid to the nominee, in case the subscriber loses his life in an accident. The same amount is paid out in case(s) of full disablement.
- When is sum assured paid out?
If the scheme holder meets with an accident suddenly or suffers a permanent partial disablement, then a sum of ₹1 lakh (US$1,500) is paid. Full disability is defined as the loss of sight in both the eyes, loss of use of both the hands/feet, whereas partial disability is defined as the loss of use of one of the hands or feet, loss of sight in one of the eyes.
124 millions Indians have already enrolled for this scheme as of 2 February 2016.
The main motto behind launching this scheme is to help and support to the poor and under privileged. Indians, It will be a wonderful thing if we can spread awareness about these schemes to the needy and help them get insured.