It is aimed at providing accidental insurance cover at an highly affordable premium of Rs.12 per year.
The Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on an annual renewal basis.
The risk coverage available will be Rs. 2 lakh for accidental death and permanent total disability and Rs. 1 lakh for permanent partial disability.
It is offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms.
Individuals can exit and re-join the scheme subjecting to conditions.
It has simplified procedures and the documentary requirements.
It serves the goal of financial inclusion by achieving penetration of insurance down to the weaker sections of the society, ensuring their or their family’s financial security, which otherwise gets pulled to the ground in case of any unexpected and unfortunate acciden