Question
Explain the scope of coverage and benefits of the following schemes:
(a) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
(b) Aam Aadmi Bima Yojana (AABY)
Answer :
Word Count : 1283
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme aimed at providing affordable personal accident coverage to the general population, particularly targeting individuals in the low-income segment. The scheme is designed to offer protection against death or disability due to accidental injuries at a minimal premium, making it accessible to a wide range of people who might otherwise be unable to afford insurance. The annual premium under PMSBY is extremely nominal, often around ₹12 per year, and is automatically debited from the policyholder’s savings bank account with their consent, ensuring ease of subscription and minimal administrative burden. The scope of coverage under PMSBY is primarily focused on accidental death, permanent total disability, and permanent partial disability. In the event of accidental death, the scheme provides a lump sum benefit of ₹2 lakh to the nominee, helping families cope with the financial shock resulting from the loss of an earning member. In cases of permanent total disability, where an individual loses the ability to engage in any form of employment due to accident-related injuries, the policy also pays ₹2 lakh, offering substantial financial relief. For permanent partial disability, which includes the loss of limbs, sight, or other critical functions, the compensation ranges from ₹1 lakh, depending on the severity and nature ___ ______ ______ _____ __________ ____ _________ _________ ___.
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Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed accident insurance scheme aimed at providing affordable personal accident coverage to the general population, particularly targeting individuals in the low-income segment. The scheme is designed to offer protection against death or disability due to accidental injuries at a minimal premium, making it accessible to a wide range of people who might otherwise be unable to afford insurance. The annual premium under PMSBY is extremely nominal, often around ₹12 per year, and is automatically debited from the policyholder’s savings bank account with their consent, ensuring ease of subscription and minimal administrative burden. The scope of coverage under PMSBY is primarily focused on accidental death, permanent total disability, and permanent partial disability. In the event of accidental death, the scheme provides a lump sum benefit of ₹2 lakh to the nominee, helping families cope with the financial shock resulting from the loss of an earning member. In cases of permanent total disability, where an individual loses the ability to engage in any form of employment due to accident-related injuries, the policy also pays ₹2 lakh, offering substantial financial relief. For permanent partial disability, which includes the loss of limbs, sight, or other critical functions, the compensation ranges from ₹1 lakh, depending on the severity and nature ___ ______ ______ _____ __________ ____ _________ _________ ___.
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