A Study on Social Insurance Schemes in India with Special Reference to Pradhan Mantri Suraksha Bima Yojana Scheme

There are numerous risks in everyday life of human beings. The chances of occurrences of the events causing losses are uncertain because the risk may or may not take place. Insurance is assurance against these instabilities of life.
Many of the rural populations do not have any kind of security/ insurance scheme. In order to provide the accidental insurance coverage to all people especially to rural and unorganized workers, the Government of India launched insurance scheme namely Pradhan Mantri Suraksha Bima Yojana (PMSBY). The motto of the scheme is covering the uncovered, serving the unserved and blessing the unblessed segment of the society and ensure that no Indian citizen will ever worry about accidents or disabilities.
Nearly 18.22 crore Indians were benefited by this scheme during the financial year 2019-2020. By implementing PMSBY scheme the Government is heading towards the vision of “New India-Swasthse Samriddhi”. This article highlights the details of the PMSBY scheme and its progress.