Pradhan Mantri Suraksha Bima Yojana was started by the Ministry of Finance in 2015-16 to provide insurance in case of disability or death. The premiums fixed are low and the claim processing is fast, in order to ensure that the policyholder is given the benefits at the earliest.
The GI Council helps in this process by maintaining a common database of all the claims reported and handled by the insurance companies. These are matched against the claims reported to the banks, at regular intervals in order to ensure processing is done at the earliest and pending cases can be suitably handled. Analysis of the data is also carried out for betterment of the programme.
As of date, over 20000 claims have been reported and paid during the tenancy of the project.