Insurance Plan: For low-income families, a sudden accident can be a major financial challenge. If an accident occurs to the earning member of the family, the family’s source of income is cut off, increasing difficulties. To mitigate this risk, the central government launched the Pradhan Mantri Suraksha Bima Yojana. This scheme provides accident insurance protection at a very low premium.
What is the Pradhan Mantri Suraksha Bima Yojana?
The Pradhan Mantri Suraksha Bima Yojana is a government accident insurance scheme launched in 2015. Its objective is to provide low-cost insurance protection to ordinary citizens, especially poor and middle-class families. Under this scheme, accident insurance cover of up to 2 lakh rupees can be obtained by paying a premium of only 20 rupees annually.
The plan period runs from June 1st to May 31st of each year and is renewed annually. The premium amount is deducted directly from the bank account through auto-debit, eliminating the hassle of separate payments for the policyholder.
Under what circumstances are insurance benefits available?
Under this scheme, an amount of Rs. 2 lakh is paid to the nominee in case of accidental death. If the insured suffers total permanent disability in an accident, such as loss of vision in both eyes or paralysis of both arms or legs, the insurance cover is still Rs. 2 lakh.
If the person suffers partial permanent disability, such as loss of one eye, one arm, or one leg, financial assistance of Rs. 1 lakh is provided. This scheme helps the family cope with the serious effects of the accident.
Who can avail of the scheme?
Any Indian citizen between the ages of 18 and 70 who has an active bank account can avail the benefits of this government scheme. Consent for auto-debit from the bank account is required at the time of application. A person can avail the scheme from only one bank account.
How to Apply
Any person interested in joining the Pradhan Mantri Suraksha Bima Yojana can apply by visiting their nearest bank branch. This facility is also available online at many banks. Registration can be completed by filling out the required information in the application form and submitting the necessary documents. Once the process is complete, the insurance coverage becomes effective.
Why the Scheme is Special
Low premiums and high insurance coverage are the biggest highlights of this scheme. Providing financial security of up to Rs 2 lakh to a family for just Rs 20 annually makes it useful for the general public. This scheme can prove to be a strong security shield, especially for families who cannot afford private insurance.