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What is the amount (in INR) to be paid as annual premium (as on 1st April, 2020) under the Pradhan Mantri Suraksha Bima Yojna (PMSBY)?
1. 12
2. 48
3. 192
4. 120

1 Answer

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Best answer
Correct Answer - Option 1 : 12

The Correct Answer is 12.

  • Pradhan Mantri Suraksha Bima Yojana is applicable to individuals with bank accounts between the ages of 18 and 70 years (Indian Resident or NRI).
  • It has an annual tax-exclusive premium of ₹12. The Pradhan Mantri Suraksha Bima Yojana is removed from GST. Automatically, the balance is debited from the account.
  • This insurance policy will be covered for one year from 1 June to 31 May and will be sold by banks and managed by the general insurance companies of the public sector.
  • The payout to the nominee would be ₹2 lakh in the case of sudden death or complete disability and ₹1 lakh in the case of partial permanent disability.
  • The policy is offered by the Public Sector General Insurance Company or some other General Insurance Company which is willing to sell the product with the requisite approvals on similar terms and to be connected to the banks for this reason.

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