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  • What is personal accidental and full disability cover: It is an insurance policy which covers death or disablement of the policyholder caused due to accident or accidental injuries.
  • Risk coverage: The Pradhan Mantri Suraksha Bima Yojana will offer an accidental death and full disability cover of Rs. 2 Lakh and for partial disability cover of Rs. 1 Lakh.
  • Eligibility: This cover is available to people in age group 18 to 70 years.
  • Premium: Rs.12 per annum.
  • What Experts Say: Financial planners say it is a good option for those without an insurance cover but for the middle class the cover is inadequate. Suresh Sadagopan, the founder of Ladder 7 Financial Advisories, says an equivalent cover in the market would cost higher (around Rs. 100) but the cover itself is not meaningful for most in the middle class. A cover of nearly Rs. 50 lakh can be bought for Rs. 6000, he added.
  • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers’ account.
  • Renewal: Subscribers have to renew this accidental cover every year. If they don’t want to have the hassle of renewing the cover every year, they can give an instruction for auto-debit of bank account every year.
  • Who will offer this scheme? The scheme will be offered by all public sector general insurance companies – New India Assurance Company, National Insurance Company, The Oriental Insurance Co, and United India Insurance Co – through tie-ups with banks. The government also plans to rope in other insurers as well.
  • How to opt: Any person having an Aadhaar-linked bank account can join the scheme by submitting a form to the bank.