The Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) is a government-backed accident insurance scheme in India. It was originally mentioned in the 2015 Budget Speech by Finance Minister Late Arun Jaitley in February 2015.
It was formally launched by Prime Minister Narendra Modi in May in Kolkata.
The scheme has objectives of correcting regional imbalances in the availability of affordable/ reliable tertiary healthcare services and also to augment facilities for quality medical education in the country.
Pradhan Mantri Suraksha Bima Yojana is available to people (Indian residents or NRI) between 18 and 70 years of age with bank accounts. It has an annual premium of ₹20 (25¢ US). Goods and Services Tax (GST) is exempted on Pradhan Mantri Suraksha Bima Yojana.
The amount is automatically debited from the account. This insurance scheme can have one year cover from 1 June to 31 May and is offered through banks. It is administered through public sector general insurance companies.
In case of death or full disability, the payment to the nominee will be ₹2 Lakh and in case of partial permanent disability it would be ₹1 Lakh. Full disability has been defined as loss of use in both eyes, hands, or feet. Partial Permanent disability has been defined as loss of use in one eye, hand, or foot.
The death due to suicide, alcohol, and drug abuse are not covered. A person who joined under this scheme is eligible for a claim only after 45 days of joining the scheme.
The scheme is administered through both public and private sector insurance companies in tie-up with scheduled commercial banks, regional rural banks and cooperative banks.
The government has stressed heavily on the insurance sector as previously a larger section of the populace did not have access to insurance coverage. With the target to include the poor and the underprivileged section of the society, this social security scheme was envisaged to foster the spirit of inclusive growth tandem with the vision of ‘Sabke Saath Sab ka Vikas’
Pradhan Mantri Suraksha Bima Yojana: Eligibility Criteria
- The minimum age requirement is 18 years.
- The maximum age requirement is 70 years.
- Those having a savings bank account are eligible to subscribe to the policy.
- The bank account must be linked with the Aadhaar card.
- If the individual has more than one savings account, he or she is only eligible to join the scheme through a single bank account.
PMSSY benefits
1)The accidental death Insurance cover is renewable each year.
2)Up to ₹2 lakh cover is payable to the nominee of the subscriber if he or she dies in an accident or is disabled due to the accident.
3)The subscriber can avail of the long-term option or renew the scheme every year.
4) The subscriber can exit the scheme at any time and can sign up at any time in the future.
5) The subscriber can also avail deduction under Section 80C for the premium paid. The sum insured received up to Rs.1 lakh is tax-free under Section 10(10D).
Pradhan Mantri Suraksha Bima Yojana : Enrollment Process
-ThePMSBY form can also be downloaded from the government’s Jan Suraksha website.
-The registration process can be initiated either through the respective bank’s Internet banking facility
-The process can also be initiated simply by sending an SMS to the onboarding organization’s toll-free number.