The Union Finance Minister, Shri Arun Jaitely presenting the Union Budget 2015-16, said that a large proportion of India's population is without insurance of any kind.So he announced Pradhan Mantri Suraksha Bima Yojana to cover accidental death risk of Rs. 2 lakh for a premium of just Rs. 12 per year.
- Rs.12 per annum.
- The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
- For accidental death and full disability - Rs.2 Lakh and for partial disability – Rs.1 Lakh.
- Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.
- A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
- The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
(i) Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year.
(ii) Common Publicity Expenditure will be borne by the Government.