The central government’s Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a groundbreaking initiative aimed at providing economic security to weaker sections of society. This low-cost insurance scheme offers a financial safety net to individuals and their families, ensuring protection against unforeseen events like accidents and disability.
Here’s all you need to know about the scheme and how to benefit from it.
1. Affordable premiums
20 annually less than rupees per month beneficiaries can secure and insurance cover up to ₹2 lakhs. This low-cost coverage insurance is accessible to individuals across all economic groups.
2. Financial Assistance:
₹2 lakhs is provided for the injured’s death due to an accident.
Losing both eyes both hands and both legs qualifies for a ₹2 lakhs payout.
Disability losing one night one hand or one leg results in a ₹1 lakh payout.
3. No Medical Examination is Needed
The PMSBY applies to individuals aged 18 to 70 years. The policy provides coverage for one year from June 1 to May 31 and must be renewed annually.
The policy can be availed through:
Public companies: enroll through designated insurers
Bank Branches: A Bank branch where you hold an account can facilitate your enrolment
The premium of ₹2 is automatically the insured person's bank account on May 31.
In case the users have multiple accounts, they can register for the scheme through only one bank.
If your bank account lacks sufficient funds for the premium the policy will be cancelled but can be reinstated upon payment.
Accidental Claims must be filed within 30 days of the incident.