PMSBY: Life presents challenges where you face multiple accidents, and your family doesn’t need the most money. In such situations, having insurance or an emergency fund ready becomes crucial. Rising expenses often leave you short of funds for emergencies. Insurance is one option. Meanwhile, the central government is running the PM Suraksha Bima Scheme. This scheme is for the economically weaker sections. Its premium is 20 rupees per year.
It’s worth noting that the monthly premium is less than 2 rupees. It also provides accidental cover of 2 lakh rupees. For those who cannot afford the expensive premium, this scheme is a boon in times of crisis. If you are partially disabled, you also receive insurance of 1 lakh rupees. Let’s learn more about it.
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Learn about the PM Suraksha Bima Scheme
To help economically vulnerable individuals in the country in case of any eventuality, the central government has launched the PM Suraksha Bima Scheme. This is an accidental insurance scheme. Accidental insurance is available at a very low premium. This scheme was launched in 2015. By paying just ₹20 annually under the PM Suraksha Bima Scheme, you can get accidental insurance up to ₹2 lakh.
Benefits of the PM Suraksha Bima Scheme
The applicant must be between 18 and 70 years of age. The policy expires upon reaching 70 years of age.
The applicant must be an Indian citizen.
An active savings account with a bank is essential.
The premium amount is automatically deducted from the bank account every year. This amount is deducted before June of each year.
The policy cover period is from June 1 to May 31 each year.
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How to Apply
If you wish to apply, please visit the bank branch nearest your home. You must have a savings account with the bank where you are applying for the insurance scheme. The bank will provide you with a scheme form and will ask for the necessary documents. You must carefully fill out the form and submit it along with the other documents.