Nowadays, when even a plate of chole-bhature is hard to get for ₹60, the Government of India has an amazing insurance scheme that can remove the biggest tension of your life for just ₹20 annually. This is nothing less than magic. This scheme provides you with a protective cover against accidental risks. It may be hard to believe, but it is true. Let us know what this scheme is, what is its name, how it works, what benefits you will get in it, who can avail of it, and most importantly, how can you apply for it.
Pradhan Mantri Suraksha Bima Yojana
The name of this incredibly affordable insurance scheme is Pradhan Mantri Suraksha Bima Yojana (PMSBY). It was launched by the Government of India in 2015. In this scheme, you get accident insurance for less than ₹ 2 per month. Yes, it is cheaper than a matchbox that costs two rupees! So far, more than 51 crore people have registered themselves in this scheme, which shows its popularity and need.
How does this ₹ 20 insurance work
Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme. This means that this scheme provides you financial security in case of death or disability due to an accident.
You have to pay a nominal premium of only ₹ 20 every year. The best thing about this premium is that it is automatically deducted from your savings account. You do not need to remember it or pay it manually. Just give permission once and be worry-free.
Who can avail of Pradhan Mantri Suraksha Bima Yojana
This scheme is open to most Indian citizens, there are just some basic eligibility criteria. The minimum age of the applicant should be 18 years and the maximum age should be 70 years. The applicant must have a savings bank account in any bank. The applicant should be able to afford the annual premium of ₹20.
This scheme is renewed every year on 1st June. The premium is usually deducted from the account in the last week of May. If you want to remain in this scheme continuously, then do give auto-renewal permission to your bank. Its duration is one year, but you can renew it every year.
How to apply for PMSBY
Applying for PMSBY is very simple. You can apply in different ways according to your convenience:
The easiest way is to visit your bank branch. There you can fill out the PMSBY application form.
If you use Net Banking or Mobile Banking, you can also activate PMSBY through these platforms. Most banks provide this facility online.
Fill out the application form and make sure your Aadhaar is linked to your bank account (if not already).
A premium of ₹20 will be deducted from your account and you will be covered under this protection cover for 1 year.
Will a claim be available in case of natural disaster or murder
This is an important question, and PMSBY provides clear guidelines in this regard:
If death or disability occurs due to an earthquake, flood, storm, or any other natural disaster, PMSBY provides full coverage.
If a person is murdered, then it is also covered under this insurance and the nominee gets the claim.
However, if a person commits suicide, then this plan does not cover this situation.
