Pradhan Mantri Suraksha Bima Yojana is a government backed accidental death and disability cover insurance policy. It is especially designed for those Indians who are living below the poverty line and cannot afford insurance. The plan was launched by pradhan mantri narendra modi on 9^Th may, 2015.

Major benefits

1. Up to Rs 2 lakhs death benefit
2. Up to Rs 2 lakhs sum assured in the event of loss of both the hands, eyes, sight and legs
3. Up to Rs 1 lakh sum assured in the event of loss of one hand, eye, sight and leg.

Features and benefits

• Any individual holding an account in savings bank is eligible to sign up for this policy. In case of multiple accounts of similar nature, the individual can sign up only once for pradhan mantri suraksha bima yojana.
• The scheme can be activated through an sms by responding to a sent message.
• The cover is usually for a period of 1 year which can be renewed again. It commences from 1^St june and is active till 31^St may the next year.
• The annual premium for the plan is Rs 12 which automatically gets debited from the savings account of the policyholder. In case the policyholder wishes to discontinue the plan, s/he has to notify to the bank about the same and get it discontinued.

Eligibility

Individuals falling within the age bracket of 18 to 70 years are eligible to sign up for pradhan mantri suraksha bima yojana.