PM Bima Suraksha Yojana: People used to think of insurance as a hassle. But things have changed now. Medical emergencies can hit you with huge costs out of nowhere. In these cases, affordable coverage can really make a difference. There are many government programs aimed at helping those who struggle to pay premiums.
The Pradhan Mantri Bima Suraksha Yojana (PMBSY) was introduced to help families who can’t handle unexpected accidents financially. The goal of this scheme is to make sure that every citizen can access basic safety coverage without breaking the bank. This scheme offers accident insurance. If someone gets into a serious accident and passes away, their family can get financial support. This coverage is meant to assist low-income families during tough times.
With an annual premium of just Rs 20, you can get accident coverage of Rs 2 lakh. Since its launch in 2015, millions have signed up for the scheme. If the policyholder dies in an accident, the nominee gets the full amount assured. But the plan isn’t only about death. If the policyholder suffers partial disability from an accident, they receive Rs 1 lakh. For total disability, the payout is Rs 2 lakh. This scheme benefits not just the family but also the policyholder directly.
Another great thing about this plan is how easy it is to manage. The annual premium is Rs 20 and is automatically deducted from your account. The coverage lasts from June 1st to May 31st each year, so there’s no need to remember dates or stress about making separate payments. Any Indian citizen aged between 18 and 70 can sign up. Interested folks can fill out the form at their bank or the nearest Common Service Center. Thanks to its low premiums and wide coverage, this plan is still one of the most budget-friendly protection options out there today.