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      Question

      Which of the following is not true about Pradhan Mantri

      Suraksha Bima Yojana (PMSBY)?
      A The scheme will be a one year cover, renewable from year to year Correct Answer Incorrect Answer
      B All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join Correct Answer Incorrect Answer
      C Aadhar would be the primary KYC for the bank account. Correct Answer Incorrect Answer
      D The risk coverage under the scheme is Rs.1 lakh for accidental death. Correct Answer Incorrect Answer
      E All are true Correct Answer Incorrect Answer

      Solution

      The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 20 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment.

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