PM Suraksha Bima Yojana: Under this government scheme, accidental insurance cover of up to ₹2 lakh is available for a mere ₹20. Nowadays, you cannot even buy a cup of tea for that amount, yet this small sum allows you to face potential future crises with confidence. For just ₹20, you can secure financial assistance of ₹2 lakh in the event of an unforeseen accident. Yes, this initiative is a special scheme by the Central Government where, by paying an annual premium of only ₹20, you can obtain accidental insurance coverage of up to ₹2 lakh. This is known as the PM Suraksha Bima Yojana.
God forbid any untoward incident should occur; however, should such an event happen, you can claim up to ₹2 lakh under this policy. Additionally, claims can be made if an accident results in disability. Let us understand what this policy entails, how to apply for it, and the benefits it offers.
What is the PM Suraksha Bima Yojana?
This scheme was designed to provide assistance to the economically weaker sections of the country in the event of an accident. It allows individuals to obtain accidental insurance coverage for a very low premium. Launched by the government in 2015, the scheme offers insurance of up to ₹2 lakh for just ₹20. The premium amount is deducted annually from the policyholder’s Aadhaar-linked bank account. If the insured person suffers total disability due to an accident, the insurance payout is ₹2 lakh; in the event of the insured’s death, this amount is provided to their family.
What is the objective of the PM Suraksha Bima Yojana?
The primary objective of the PM Suraksha Bima Yojana is to provide insurance coverage to the economically weaker sections of society. It also aims to secure the future of people across all segments of society.
Key Features of the Scheme
The PM Suraksha Bima Yojana offers medical cover of up to ₹2 lakh for a premium of just ₹20. Under this scheme, the premium amount is deducted from the account annually between May 1 and May 31. Coverage is provided for accidents occurring between the ages of 18 and 70. The insurance cover includes disability benefits, and in the event of the policyholder’s death, the family receives a cover of ₹2 lakh.
PM Suraksha Bima Yojana Eligibility
To be eligible for the PM Suraksha Bima Yojana, one must hold a savings account with a bank. Additionally, the account must be linked to an Aadhaar card. The account holder’s age must be between 18 and 70 years; benefits under the scheme are not available after the age of 70. The applicant must also provide consent for the auto-debit facility.
Required Documents
Certain documents are required to avail the benefits of the PM Suraksha Bima Yojana. These include an Aadhaar card, a bank account linked to the Aadhaar card, and authorisation for auto-debit to facilitate the deduction of insurance premiums.
How to Apply for PM Suraksha Bima Yojana?
You can apply for the scheme via net banking.
Alternatively, to fill out an offline form, you must visit a nearby bank branch.
You can obtain the application form at the branch or download it by clicking the link.
Fill in all details accurately in the application form, and ensure you also enter the nominee’s name correctly.
Submit the application form along with all necessary documents to the bank.
After submitting the form, you will receive a receipt from the bank.