The Government of India runs many welfare schemes keeping in mind the various needs of the citizens of the country. In today’s time, insurance has become an extremely important part of people’s lives. It is difficult to say when someone will need insurance money. However, there are many people who do not have money to pay the insurance premium. The government itself provides the benefit of insurance to such poor and needy people.
You will be surprised to know that under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), you get an insurance cover of ₹ 2 lakh on an annual premium of just ₹ 20. This scheme is truly a lifeline for the deprived sections of the society. Come, today we tell you the complete process of taking advantage of this wonderful scheme so that you and your family can stay safe against future uncertainties.
Insurance of ₹ 2 lakh for ₹ 20
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an extremely low-cost accident insurance scheme of the Government of India. This scheme is specially designed for people belonging to the economically weaker sections.
Through this scheme, the government provides accident insurance cover of ₹ 2 lakh at an annual premium of just ₹ 20. This scheme was started in the year 2015, the main objective of which is to provide financial security to every person in the country, especially the poor section.
Who gets the benefit
Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), if a policyholder dies in an accident, then an amount of ₹ 2 lakh is given to his nominee.
Not only this, but if the policyholder becomes disabled due to an accident, he still gets financial assistance under the scheme:
If the policyholder becomes partially disabled, then he is given an amount of ₹ 1 lakh.
If the policyholder becomes completely disabled, then he is given the full amount of ₹ 2 lakh.
This coverage ensures that the person and his family can be saved from the financial burden caused by the accident.
Premium payment and plan period
In the Pradhan Mantri Suraksha Bima Yojana, you have to pay a premium of only ₹ 20 annually. This amount is so low that any citizen of the country can easily afford it.
The period of insurance coverage is from 1 June to 31 May every year. This means that you have to deposit your premium before 1 June every year so that your coverage continues.
Who can apply
Any Indian citizen between the ages of 18 to 70 years can apply to this scheme. This ensures that everyone, from youth to senior citizens, can take advantage of this affordable and important insurance scheme.
Application process
Filling out the form for this scheme is extremely simple. You can apply for this by visiting your bank or the nearest Common Service Center (CSC). The best thing is that its premium gets auto-debited from your bank account with your permission so that you do not have to worry about paying the premium every year and your insurance coverage continues automatically.