PM Suraksha Bima Yojana - Steps Taken by Govt. to Increase Coverage

 PM Suraksha Bima Yojana (PMSBY) - Steps Taken by Govt. to Increase Coverage

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme. It was launched by Prime Minister Narendra Modi on May 2015 in Kolkata.

In the reply of a question raised in Loksabha, Minister of State in the Ministry of Finance replied that Pradhan Mantri Surakasha BimaYojana (PMSBY) was launched on 9th May, 2015 with a view to enhance the level of insurance penetration in the country and to provide insurance cover to common people, especially poor and the under-privileged sections of the society. Even though PMSBY is a demand driven and consent based scheme, since its launch, it has seen significant growth in terms of cumulative enrollment of 26.23 crore beneficiaries till 24th November, 2021.

As per the information furnished by Insurance Companies, 92,822 no. of claims amounting to Rs.1,808.22 cr. have been disbursed under PMSBY as on 24.11.2021. State-wise, Policy Year-wise distribution of PMSBY claims, during the last two years and current year, is enclosed at Annexure.

With a view to increase coverage under the PMSBY, following steps have been taken in the past one year:

1. Simplification of enrolment and claim forms and documents as proof of death.
2. Electronic Transmission of claim documents by the bank/post office and insurance companies without requiring the same in physical form.
3. Recognition of more documents and relaxations in accepting proof of death for settlement of claims.
4. Reduction in Turn Around Time for settlement of claims from 60 days to 14 days.

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Source : Loksabha