PMSBY - Understanding India's Insurance Scheme Acronym
August 16, 2023
PMSBY is an acronym that you may come across in reference to government-sponsored insurance programs in India. But what does PMSBY represent specifically?
PMSBY stands for the "Pradhan Mantri Suraksha Bima Yojana" scheme. Here's a closer look at what this insurance program entails:
Pradhan Mantri Suraksha Bima Yojana - This is the full form and name of the scheme abbreviated as PMSBY. Translated from Hindi, it means Prime Minister's Security Insurance Plan.
Accident insurance scheme - PMSBY provides accidental death and disability cover to subscribers for a minimal annual premium. It currently covers over 21 crore Indians.
Launched in 2015 - The scheme was launched by Prime Minister Narendra Modi in 2015 to increase accident insurance penetration affordably.
Covers partial/full disability - In addition to accidental death benefits, PMSBY also provides compensation for partial or permanent disabilities suffered in accidents.
Annual premium of ₹12 - The annual premium is only ₹12 for coverage of ₹2 lakh. Renewal is required every year.
Managed by public insurers - PMSBY is offered through public sector insurance companies like LIC, United India, National Insurance etc.
So in summary, PMSBY is a pioneering Indian accident insurance scheme providing protection to millions for just ₹1 per month. Knowing the full form sheds light on this important social welfare program.
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