PMSBY: The central government is implementing various public schemes that directly help everyday people. These initiatives are designed to offer financial security during tough times. One notable scheme provides substantial accident insurance coverage for a very low premium. So, today, let’s discuss which government scheme delivers the most advantageous benefits, with just 20 rupees deducted annually for insurance worth 2 lakh rupees.
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is known for offering a lot of advantages to the public. This scheme is tailored for those who wish to safeguard their families even with limited income. In low-income and middle-class households, if the main earner faces an accident, the whole family can end up in a financial bind. The government introduced this scheme to help reduce that risk. With this scheme, you can get accident insurance coverage of up to 2 lakh rupees for an annual premium of just 20 rupees.
What kind of insurance coverage is available?
Under the Pradhan Mantri Suraksha Bima Yojana, if the policyholder dies in an accident, the nominee receives 2 lakh rupees. If an accident results in the complete loss of both eyes, both hands, or both legs, the coverage is also 2 lakh rupees. For partial disabilities, the individual gets financial support of 1 lakh rupees.
What are the eligibility criteria for the scheme?
The scheme is valid from June 1st to May 31st each year. It was launched in 2015. To take advantage of this scheme, individuals need to be between 18 and 70 years old. The premium is automatically deducted from their bank account via auto-debit, which means no need to worry about annual renewals.
How to apply?
To apply for the Pradhan Mantri Suraksha Bima Yojana, interested individuals must visit their nearest bank branch. A scheme form is available there, which must be filled out and submitted with the required information and documents. Insurance cover begins upon completion of the application.
