PMSBY receives low response in the district

Scheme aims to provide accidental insurance cover of Rs 2 lakh in installment of Rs 12

VAIBHAV PARWAT

Aurangabad, Feb 11:

The Central government launched the Pradhan Pradhan Mantri Suraksha Bima Yojana (PMSBY) to provide accident insurance coverage of Rs 2 lakh to the enrolled beneficiaries in the age group of 18 to 70 with an annual premium of Rs 12. However, only 5,68,038 people from the district have so far enrolled in this scheme in the past six years.

The Central Government launched PMSBY as a social security scheme on May 9, 2015, providing accident insurance of Rs 2 lakhs in an annual installment of only Rs 12. The insurance policy covers the life of the insured in case of accidental death or disability during the term. Account holders can apply for this scheme online and offline through banks and insurance companies. In case of accidental death of the insured, an amount of Rs 2 lakhs is given to his successor. Also, if the insured loses one eye or one leg or arm in an accident, he gets Rs 1 lakh. The term of the policy is of 1 year from June 31 to May 3. Once the insurance plan is launched, it can be renewed every year. However, only 5,68,038 savings account holders in Aurangabad district have so far enrolled in the scheme. Of these, 13,629 families have received insurance benefits in the last six years.

Must renew the policy

Giving more information, Pradeepkumar Yadav, manager SBI said, “The Central government tends to provide insurance cover to common citizens, laborers, temporary workers and people below poverty line by giving them insurance cover for just Rs 12 as many cannot afford to buy insurance. The scheme is being implemented through banks all over the district. But the scheme gets lapse as people do not renew the policy. Giving standing instruction to the bank can save the policy from getting lapse.”

Scheme to be made mandatory

According to sources, the scheme will be mandatory for savings account holders due to low turnout for the scheme. Meanwhile, the government is planning to make the scheme mandatory for low-income groups having a savings account in a bank.

Year Beneficiaries

2015 1,46,935

2016 1,24,192

2017 1,00,065

2018 80,876

2019 65,235

2020 50,735