Government Scheme: The central government has launched several schemes for the economically weaker sections and the poor to provide them with financial security in case of an emergency. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an important initiative in this direction. This scheme provides financial assistance to the family in case of accidental death or disability at a very low premium. The poor and lower-middle class can protect their families through this scheme.
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Objective of the Pradhan Mantri Suraksha Bima Yojana
Prime Minister Narendra Modi launched this scheme during his first term. Its primary objective is to provide affordable insurance to those who cannot afford the premiums of general insurance schemes. The scheme is for people aged 18 to 70 years and provides a sum of Rs 2 lakh in case of accidental death or total disability. A benefit of Rs 1 lakh is provided in case of partial disability. The biggest highlight of this scheme is that its annual premium is only ₹20, which translates to less than ₹2 per month if calculated monthly.
The insurance period of this government scheme
The insurance cover under the Pradhan Mantri Suraksha Bima Yojana is valid from June 1st to May 31st of every year. The scheme can be easily renewed through auto-debit from a bank or post office account. Enrollment is also automatic in this process. If a person has more than one account, only one account can be used for the scheme.
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Where to Apply
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) also provides financial security for the poor and lower-middle class. This scheme offers life insurance of ₹2 lakh for an annual premium of ₹436. The premium is deducted directly from the bank or post office account through auto-debit. If the nominee dies due to any reason, the nominee receives the ₹2 lakh amount. The age limit to join this scheme is 18 to 50 years.
