It is one of the schemes of prime minister which is launched for the welfare of the below poverty line people. This scheme was announced by on 1 June 2015 in the budgetary speech of Arun Jaitely.
This scheme will provide insurance to those people who are living below poverty line. The main objective of this scheme is that it will make a touch with such people and convince them to take the benefit of insurance of this scheme.
This scheme will not work for the people who are living in the middle class. Pradhan mantra Suraksha Bima Yojana is a scheme which is launched by the
Facts and Features of this Scheme
Here is the complete description of the facts and the features of Pradhan Mantri Suraksha Bima Yojana.
- The amount of the insurance under this Bima Yojana will be debited automatically from the saving account of the subscriber.
- The insurance under this scheme has to be renewed on a yearly basis.
- In case if the applicant drops the insurance scheme under this Yojana then he/she is free to rejoin the insurance scheme in the upcoming years with same terms and conditions.
- The banks which are concerned to this scheme are free to select any insurance organization that is interested to put the scheme forward.
Eligibility criteria for Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana has its eligibility criteria that who can take the benefit of this scheme.
- The requirement of the age to take the benefit of this scheme is minimum 18 years.
- The candidate should cross the age of 18 and should not exceed 70 years.
- The candidate must have a saving account in any bank which is located in India.
- Under this scheme the candidate has to give a written approval for the auto debit to pay the premiums of this scheme.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is launched for the people who are not insured and for the people who are living under poverty line. This scheme will be offered to the public sectors general insurance companies through the links up with the various banks.
The Indian government is in the way to link this scheme to India Assurance Company (IAC), Oriental Insurance Company (OIC) and to United Insurance Company (UIC).