In today’s world, financial security is of utmost importance. While life is unpredictable and can throw unexpected challenges, having a safety net in the form of insurance can provide a sense of security. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed scheme that aims to provide affordable insurance coverage to people from all sections of society. In this article, we will discuss the various aspects of the PMSBY scheme, its benefits, and how you can enroll in it.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
PMSBY is an accident insurance scheme launched by the Indian government in 2015. The scheme provides insurance coverage against accidental death and disability at a nominal premium of just Rs.12 per annum. The scheme is available to people aged between 18 and 70 years and has a renewable policy of one year.
Coverage under PMSBY
PMSBY provides insurance coverage against accidental death and disability. In case of the unfortunate demise of the insured due to an accident, the nominee will receive a sum assured of Rs.2 lakh. In case of total permanent disability, the insured will receive a sum assured of Rs.2 lakh. In case of partial permanent disability, the insured will receive a sum assured of Rs.1 lakh.
Premium and Enrollment Process
The premium for the PMSBY scheme is just Rs.12 per annum, which makes it highly affordable for people from all sections of society. The enrollment process for the scheme is simple and can be done through any bank. Individuals can fill up the application form available online or at the bank branches and submit it along with the premium amount.
Benefits of PMSBY
The benefits of the PMSBY scheme are manifold. Some of the key benefits of the scheme are as follows:
- Affordable premium: The PMSBY scheme provides insurance coverage at a nominal premium of just Rs.12 per annum, making it highly affordable for people from all sections of society.
- Wide coverage: The scheme provides insurance coverage against accidental death and disability, which is a significant risk faced by people in their day-to-day lives.
- Renewable policy: The policy is renewable every year, ensuring continued coverage for the insured.
- Nomination facility: The scheme provides for the nomination of a beneficiary, who will receive the sum assured in case of the insured’s demise.
Eligibility Criteria for PMSBY
The eligibility criteria for the PMSBY scheme are as follows:
- The individual should be between 18 and 70 years of age.
- The individual should have a savings bank account.
- The individual should give their consent to join and provide an auto-debit facility for the annual premium amount.
How to Claim under PMSBY
In case of an unfortunate event resulting in the death or disability of the insured, the nominee can claim the insurance amount by submitting the following documents:
- Death certificate (in case of the insured’s demise)
- Disability certificate (in case of disability)
- FIR (in case of an accident resulting in death or disability)
PMSBY is a highly beneficial scheme for people who wish to secure their future and provide financial protection to their families in case of any unforeseen events. With its affordable premium and wide coverage, the scheme is a popular choice among people from all sections of society. If you are eligible for the scheme, you should enroll in it and secure your future today.
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