PM Suraksha Bima Yojana

• A goal has been established by public sector banks (PSBs) for the sale of the two most important government insurance programmes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), in fiscal year (FY) 24.
• Other financial inclusion programmes like Mudra Yojana and StandUp India Scheme also have goals that they have established.

Progress

• Currently, there are around 8.3 crore and 23.9 crore beneficiaries of PMJJBY and PMSBY, respectively.
• As of March 31, 2023, there have been 15.99 crore enrollments under PMJJBY and 33.78 crores under PMSBY since the programmes start in 2015.
• The finance ministry began a three-month campaign on April 1 in order to achieve saturation under PMJJBY and PMSBY.
• To ensure that the two Jan Suraksha schemes' benefits are distributed to the general public, banks are organising camps at the Gramme Panchayat level in every district of the nation as part of the campaign. The state administration and other central government ministries are also taking part.

About PMSBY

• On May 9, 2015, Prime Minister Narendra Modi unveiled the government programme known as the Pradhan Mantri Suraksha Bima Yojana. With an annual premium of Rs. 12 and risk coverage of Rs. 2 lakh for accidental death and complete disability and Rs. 1 lakh for partial disability, it aims to offer an affordable insurance programme for the underprivileged and impoverished in the age range of 18 to 70.

Advantage

• People from disadvantaged social groups can get an insurance policy through the Pradhan Mantri Suraksha Bima Yojana (PMSBY). Insurance providers from the public and private sectors oversee the administration of the programme.
• To all of its account holders, the Pradhan Mantri Suraksha Bima Yojana provides a life insurance policy with a 2-lakh-rupee annual benefit. In the event of accidental death or permanent disability, this life insurance is offered.
• The policyholder is given a life insurance policy worth Rs. 1 lakh in the event of a partial disability.
• Everybody between the ages of 18 and 70 is eligible to use this programme.
• The account holder's nominee may use the plan's benefits in the event of the account holder's death.

Eligibility

• Anyone between the ages of 18 and 70 is able to apply for the programme.
• He or she must have a bank account and a phone number associated with it.Enrolment: Enrolments under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of a post office savings bank account.
• The person must provide their Aadhaar information when applying for the programme. Their bank account would be connected to these Aadhaar information.
• If a person has numerous bank accounts with one or more banks, only one of those accounts may be used to join the programme. All bank account holders who have a joint account are eligible to get the benefits of the scheme.
• The claim rewards will only be given to the nominee in Indian rupees in the case of an NRI beneficiary.

PMJJBY

• Pradhan Mantri Jeevan Jyoti Bima Yojana: It is a one-year life insurance plan that is renewable on an annual basis and provides protection against death for any reason.
• Those between the ages of 18 and 50 who have a savings bank or post office account are eligible to register in the programme. Upon payment of the premium, individuals who enrol in the plan before turning 50 years old can continue to have life insurance coverage until they are 55 years old.
• Benefits: A 2 lakh rupee life insurance policy against an annual premium of 330 rupees is provided in the event of death for any cause.
• With effect from June 1, 2022, the finance ministry revised tariffs under PMJJBY from Rs 330 to Rs 436.