PMSBY: The central and state governments are implementing numerous government schemes to benefit the public. The government is running a special scheme, which costs only 20 rupees. This amount usually covers tea or a light snack. However, there is a central government scheme that allows you to obtain accident insurance cover of up to 2 lakh rupees for just 20 rupees annually. This scheme is called the PM Suraksha Bima Yojana. This scheme was launched specifically for the economically weaker sections and those in the unorganised sector.
It is worth noting that the government launched this insurance scheme on May 9, 2015. Its objective is to provide a security cover to those who cannot afford expensive insurance premiums. The government wants every section of society to have access to low-cost accident insurance, so that families can receive financial support in the event of an unforeseen event.
What is special about this scheme?
Under the Pradhan Mantri Suraksha Bima Yojana, an amount of ₹20 is deducted annually directly from the Aadhaar-linked bank account via auto-debit. In return, the insured receives accident insurance cover of up to ₹2 lakh. If an accident results in death or total disability, ₹2 lakh is paid to the nominee. In case of partial disability, up to ₹1 lakh is provided.
How much compensation will be received in which situation?
₹2 lakh is paid in case of death or loss of both eyes, both hands, or both legs. ₹2 lakh is also paid in case of loss of one eye, one hand, or one leg. ₹1 lakh is provided in case of loss of one eye, one hand, or one leg.
Who can avail of this scheme?
Any Indian citizen between the ages of 18 and 70 who has an Aadhaar-linked savings bank account can avail of this scheme. The insurance amount is automatically deducted from the account between May 1 and 31 every year. The benefits of this scheme automatically cease after reaching the age of 70. The account holder must provide consent for auto-debit at the time of application.
How to Apply
Interested individuals can apply for this scheme through net banking. Alternatively, the form can be filled out offline by visiting their bank branch. It is important to fill out the required details and nominee information correctly in the application form. A receipt is provided by the bank after submitting all the required documents.
Required Documents and Helpline
An Aadhaar card, an Aadhaar-linked bank account, and auto-debit consent are required to avail the scheme. For any complaints or inquiries, contact the national toll-free numbers 1800-180-1111 and 1800-110-001.
Great Protection at a Low Premium
The Pradhan Mantri Suraksha Bima Yojana is a strong security shield for low-income individuals. What makes this plan unique is the large insurance cover it offers for a very modest annual premium. In uncertain circumstances, this plan can help protect your family from financial hardship.