
According to officials, the central government has settled 96.55 percent of claims under the Prime Minister Suraksha Bima Yojana (PMSBY) as of February, totaling Rs 2,610 crore. Since its launch in 2015, the scheme has settled 173,000 claims. PMSBY is an insurance scheme that provides coverage for death or disability resulting from an accident.
As of now, the scheme has insured 432.9 million individuals, as confirmed by the official. The official stated, “As of February 29, 2024, 1.73 lakh claim pairs amounted to Rs 2,610 crore. The claim settlement ratio is 96.55 percent.”
The Pradhan Mantri Suraksha Bima Yojana was initiated by Prime Minister Narendra Modi on May 9, 2015. Its aim is to offer affordable insurance to individuals from underprivileged sections of society. PMSBY is an annual accidental insurance scheme that can be renewed each year, providing coverage for death or disability resulting from an accident. Individuals between the ages of 18 and 70 who hold a savings bank account or a post office account are eligible to enroll in the scheme.
The premium for PMSBY is Rs. 20 per member per year, and the coverage is valid for one year, from June 1 to May 31. In the event of death, the insured amount is Rs. 2 lakhs, while for loss of an eye or limb, the insured amount is Rs. 1 lakh.