Government Insurance Scheme: The Central Government is implementing several important schemes to strengthen social and economic security in the country. These schemes aim to support families facing financial hardship in the event of an accident or unfortunate circumstance. Such schemes are especially crucial for those working in the unorganised sector. Keeping these needs in mind, the government launched the Pradhan Mantri Suraksha Bima Yojana, which provides comprehensive security cover at a low premium.
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What is the Pradhan Mantri Suraksha Bima Yojana?
The Pradhan Mantri Suraksha Bima Yojana is an accident insurance cover scheme through which the government provides security benefits of up to 2 lakh rupees for an annual premium of only 20 rupees. This scheme is proving to be a boon for millions of workers and low-income individuals who lack the assurance of financial security.
Death Benefit
If the insured dies in an accident, a claim of 2 lakh rupees is paid to the nominee. Similarly, even if you lose both eyes, both hands, or both legs due to an accident, you receive full coverage of ₹2 lakh. In case of partial disability, the insured is provided with financial assistance of ₹1 lakh.
Who can apply?
To avail the benefits of this scheme, the applicant must have a bank account. Individuals between the ages of 18 and 70 can enrol in the Pradhan Mantri Suraksha Bima Yojana. The coverage begins on June 1st of each year and is valid until May 31st of the following year. Coverage is automatically renewed upon timely premium payments.
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Learn how to apply
To enrol in this scheme, you can apply at your nearest bank. Many banks also offer online services, allowing you to activate the plan through net banking or mobile banking. The minimal process and minimal documentation make it extremely simple.