The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an initiative by the Indian government aimed at providing financial security to the underprivileged sections of society. With coverage as low as Rs 20 per year, this scheme offers life insurance and disability benefits, ensuring that individuals and their families are protected against unforeseen circumstances. Here’s a closer look at the key features and benefits of PMSBY.
Key Features of the Pradhan Mantri Suraksha Bima Yojana
- Affordable Premium: For just Rs 20 annually (less than Rs 2 per month), beneficiaries can avail of significant life insurance coverage.
- Eligibility: Open to individuals between the ages of 18 and 70 years.
- Policy Duration: The insurance coverage is valid for one year, with automatic renewal every year.
Coverage Details
- Death Benefit: In case of the insured person’s death, the nominee or family receives Rs 2 lakh as the sum assured.
- Permanent Total Disability: If the beneficiary suffers a permanent total disability from an accident (e.g., loss of both eyes, hands, or legs), they will receive Rs 2 lakh.
- Permanent Partial Disability: In the case of permanent partial disability (such as the loss of one eye, hand, or leg), the insured will be compensated with Rs 1 lakh.
| Event | Coverage Amount |
|---|---|
| Death | Rs 2 lakh |
| Permanent Total Disability | Rs 2 lakh |
| Permanent Partial Disability | Rs 1 lakh |
How to Enroll in PMSBY
PMSBY is designed to be simple and accessible for all, especially the underprivileged. To avail of the benefits, you must:
- Have a Bank Account: The scheme can be accessed through any bank where you hold an account, and the premium is deducted directly from your account.
- Sign Up Through Banks: You can enroll for PMSBY through public sector insurance providers or at the bank branch where you have an account.
Automatic Premium Deduction
- Auto-Debit Feature: On May 31 each year, the Rs 20 premium will be automatically deducted from your bank account through the auto debit facility.
- Policy Renewal: If there are insufficient funds in the bank account, the policy will be terminated. However, the policy can be reinstated once the premium is paid.
Advantages of PMSBY
- Affordable: At just Rs 20 annually, this scheme provides substantial coverage.
- No Medical Test: There is no medical test required to purchase the insurance, making it hassle-free.
- Accessible: Available at any bank branch where you hold an account, ensuring ease of access for the masses.
A Lifeline for the Underprivileged
The PMSBY is a life-changing initiative that aims to bring financial security to those who need it the most. By offering low-cost insurance coverage for life and disabilities, it ensures that vulnerable individuals can have a safety net in times of crisis.
Whether you’re just starting out or nearing retirement, this scheme provides the protection you need for you and your loved ones, all at an incredibly affordable cost.
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