Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accidental insurance scheme in India, launched in May 2015. It aims to provide affordable insurance coverage to individuals, particularly those from the economically weaker sections of society. Below are the key details of the scheme:

### Objectives
- **Accident Insurance Coverage:** To provide financial support to families in case of accidental death or disability of the insured.
- **Affordable Premium:** To ensure that even individuals from low-income groups can access insurance coverage at a nominal cost.
- **Widespread Inclusion:** To extend the benefit of insurance coverage to people across the country, especially those not covered by existing insurance schemes.

### Key Features
1. **Eligibility:**
   - Open to all Indian citizens between the ages of 18 and 70.
   - The subscriber must have a savings bank account to enroll.

2. **Insurance Coverage:**
   - **Accidental Death:** ₹2 lakh is provided to the nominee in case of the insured’s death due to an accident.
   - **Permanent Total Disability:** ₹2 lakh is provided in case of complete loss of both eyes, both hands, or both feet.
   - **Permanent Partial Disability:** ₹1 lakh is provided for the loss of one eye, one hand, or one foot.

3. **Premium:**
   - A nominal premium of ₹20 per annum is charged for the insurance coverage.
   - The premium is automatically debited from the subscriber’s savings account annually.

4. **Enrollment Period:**
   - The enrollment period is from June 1 to May 31 each year, with automatic renewal for subscribers who maintain adequate balance in their accounts.

5. **Exclusions:**
   - Claims due to intentional self-injury, suicide, or under the influence of alcohol or drugs are not covered.

6. **Nomination:**
   - The subscriber can nominate a beneficiary who will receive the claim amount in case of the insured’s death.

### Achievements
- **Widespread Enrollment:** The scheme has gained significant popularity, particularly in rural areas, due to its affordability and ease of enrollment.
- **Security for Families:** PMSBY provides a sense of financial security to families by offering compensation in the event of an accident.
- **Increased Awareness:** The scheme has raised awareness about the importance of insurance among individuals who were previously uninsured.

### How to Enroll
- **Where to Apply:** Individuals can enroll through their bank branches or online through internet banking portals.
- **Documents Required:** A valid savings bank account and Aadhaar card are required for enrollment.
- **Enrollment Process:** The account holder needs to fill out the PMSBY enrollment form and authorize the bank to auto-debit the premium annually.

### Significance
- **Social Security:** PMSBY plays a crucial role in providing social security to individuals from the economically weaker sections of society.
- **Affordable Insurance:** The scheme ensures that even low-income individuals can secure their future with accidental insurance coverage.
- **Nationwide Impact:** With millions of enrollments, PMSBY has become one of the most successful insurance schemes in India, promoting financial inclusion.

Overall, the Pradhan Mantri Suraksha Bima Yojana serves as an important initiative for ensuring financial protection to individuals and their families, helping them cope with unforeseen accidents and disabilities.