Claim settlement of Pradhan Mantri Suraksha Bima Yojana under Pradhan Mantri Jan Dhan Yojana

The study finds that Pradhan Mantri Surakha Bima Yojana (PMSBY) claim settlement is effective due to its flexibe, economical, reliable, throughout easy and clear process. But due to its limited awareness in policyholders, coverage, existing competition and lack of investor’s interest, act as barriers in the success road of the scheme. Pradhan Mantri Suraksha Bima Yojana was introduced on 1st June 2015, under the promising Pradhan Mantri Jan Dhan Yojana with the aim to provide financial support through cheaper term insurance to all the citizen of India with motto of “Jan-Dhan se Jan Surakhsha”. Accidental insurance is a type of general insurance under which insurance coverage is provided for fixed term (period) and amount, on the payment of the pre-decide premium. The fixed amount is paid on filing claim. Claims settlement is an integral part of the insurance business. The study is based on secondary data collected from different websites and IRDA Journals.