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Launched in 2015 by PM Narendra Modi, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides affordable accident insurance to individuals, ensuring financial inclusion and protecting them against death or disability.
At an annual premium of Rs. 12 (exclusive of service tax at 14%), the scheme provides insurance coverage up to Rs. 2 lakhs for accidental deaths and complete disability and Rs. 1 lakh partial disabilities.
An individual must be aged between 18 to 70 years with an operational savings bank account with consent to auto-debiting premiums.
Required documents include proof of ID, contact information, nominee details, and a copy of Aadhaar, if not linked to bank account.
Individuals can also enroll online by logging into their internet banking account or sending a message from their registered mobile number to the toll-free line of participating banks.
This scheme offers renewable insurance coverage, flexibility to subscribers to choose between long term or annual renewal, with the option to opt-out and rejoin at will.
Compiled by Priyanka Debnath