It was originally mentioned in the 2015 budget speech by Finance Minister Arun Jaitley in February 2015.
[2] Pradhan Mantri Suraksha Bima Yojana is available to people (Indian Resident or NRI) between 18 and 70 years of age with bank accounts.
Goods and Services Tax (GST) is exempted on Pradhan Mantri Suraksha Bima Yojana.
The government aims to reduce the number of such zero balance accounts by using this and related schemes.
A rising loss ratio has forced general insurers to urge the government to hike the premium for the scheme.