New SIDBI Grade A New Batch Starts on Nov 18

    Register

    Question

    Which of the following points are ‘correct’ with respect to the Pradhan Mantri Suraksha Bima Yojana?

    I) The Pradhan Mantri Suraksha Bima Yojana, under the Ministry of Finance, is a one-year accidental insurance scheme renewable on a year-to-year basis for the age group of 18–70 years.

    II) The scheme provides cover of Rs 2 lakh (Rs 1 lakh for partial disability) for death or disability due to accident.

    III) In 2022, the government revised the premium rates of PMSBY by making it Rs 5 per day.

    A Only III Correct Answer Incorrect Answer
    B Only I & II Correct Answer Incorrect Answer
    C Only II & III Correct Answer Incorrect Answer
    D Only I & III Correct Answer Incorrect Answer
    E All I, II & III Correct Answer Incorrect Answer

    Solution

    Explanation: Pradhan Mantri Suraksha Bima Yojana, under the Ministry of Finance, is a one-year accidental insurance scheme renewable from year-to-year basis. It offers coverage for deaths and disability due to accidents. i. Individuals who come under the age group of 18-70 years and have a savings bank account, are entitled to enroll under this scheme. ii. The scheme provides cover of Rs 2 lakh ( Rs 1 lakh for partial disability) for death or disability due to accident. iii. In May 2022, the government revised the premium rates of PMSBY to Rs. 20.

    Practice Next

    Relevant for Exams: