₹2 Lakh Insurance at ₹20/Year : It is impossible to tell when and what kind of situations may arise in life. In case of any unpleasant incident, especially an accident, the family needs money the most. However, it is not possible for everyone to pay the premium of expensive insurance policies.
₹2 Lakh Insurance at ₹20/Year
Especially financially weak people often ignore the insurance scheme due to expensive premium. To provide financial security to such people, the central government runs the Pradhan Mantri Suraksha Bima Yojana (PMSBY). This is a government insurance scheme in which accidental coverage of up to 2 lakhs is available and its premium is less than ₹ 2 per month.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
The objective of Pradhan Mantri Suraksha Bima Yojana (PMSBY) is to provide protection to a large population of India, especially the poor and low-income group people, against accidental death and disability. The premium of this scheme is so low that anyone can easily pay it. For this, a person has to pay an annual premium of only Rs 20, which is less than Rs 2 per month.
₹2 Lakh Insurance at ₹20/Year
In case of death in an accident: If the insured person dies in an accident, the entire amount of Rs 2 lakh is given to the nominee nominated by him.
Complete and permanent disability: If an accident makes the insured person permanently completely disabled, he still gets a benefit of Rs 2 lakh. This includes many conditions like – complete loss of two eyes, loss of hands and feet, complete loss of one eye or one hand or one foot.
Permanent partial disability: If the insured person becomes permanently partially disabled due to an accident, then he is provided financial assistance of Rs 1 lakh.
eligibility for PM Insurance Scheme?
The age of the applicant should be between 18 years and 70 years. This policy automatically expires on completion of 70 years of age.
- The applicant must be an Indian citizen.
- The applicant must have an active savings account in any bank.
- The applicant must give consent for auto-debit of the premium amount from his bank account every year. This amount is deducted from your account before 1 June every year.
- Policy period: The period of policy cover is from 1 June to 31 May every year.
- If your bank account is closed for any reason, then this policy will also expire.
How to apply for PMSBY Online and Offline?
Applying for Pradhan Mantri Suraksha Bima Yojana is very simple. You can do it in two ways:
Offline (through bank branch) and online (through net banking). Know both the ways.
Offline process
- Go to the nearest branch of the bank where you keep your savings account.
- Get the application form of PMSBY from there.
- Fill the form carefully, including nominee details.
- Sign the form and submit it to the bank along with auto-debit consent.
- The bank will process your application and the premium amount will be deducted from your account every year.
Online Process
- Log in to your net banking portal and go to the ‘Insurance’ or ‘Social Security Schemes’ section.
- Select Pradhan Mantri Suraksha Bima Yojana there, select your savings account and complete the application process by filling in the nominee details.
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