PM Suraksha Bima Yojana: During his initial tenure, Prime Minister Narendra Modi introduced various initiatives aimed at providing financial and social protection to a significant portion of the populace. For instance, the government initiated the Atal Pension Yojana, which guarantees a post-retirement pension. Additionally, two insurance schemes were rolled out by the government. One of these schemes necessitates a minimum yearly expenditure of 20 rupees. Let’s delve into the specifics.
Scheme 1: Prime Minister’s Security Insurance Scheme
This program offers coverage for accidental death or disability, with the policy term running from June 1st to May 31st of the subsequent year. Enrollment is open throughout this period, and coverage commences immediately upon joining. The annual premium stands at just Rs 20, valid until May 31st. To continue coverage for the following year, the premium must be paid twice. Automatic debit for the premium is an option.
Age Eligibility:
Individuals aged between 18 and 70 can enroll in the scheme at any point within this range.
Coverage Details
Upon the insured individual’s demise, a sum of Rs 2 lakh is provided, similar to term insurance. In case of complete and irreversible loss of both eyes or loss of function of both hands or feet, Rs 2 lakh is disbursed. If there is total and irreversible loss of vision in one eye or loss of function of one hand or foot, Rs 1 lakh is given. This policy does not offer any maturity or surrender benefits.
Application Process
Enrollment in the scheme can also be completed through the net banking services of private or public banks. By logging into their net banking account and navigating to the insurance section, customers can locate the Pradhan Mantri Suraksha Bima Yojana option. Choosing a bank account, agreeing to enrollment and auto-debit, streamlines the process. Upon confirmation of the application, a receipt can be downloaded. It’s important to note that an individual can only avail of this scheme through one bank account if they have multiple accounts.