Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed insurance scheme that provides accidental death and disability insurance cover to individuals between the ages of 18 to 70 years. The scheme was launched in 2015 and aims to provide affordable insurance to the masses. The premium for the scheme is nominal, making it accessible to individuals from all economic backgrounds. Here are the benefits and eligibility criteria for the scheme.
Benefits of Pradhan Mantri Suraksha Bima Yojana
- Accidental Death Cover: In the event of the insured’s death due to an accident, the nominee will receive a sum assured of Rs. 2 lakhs.
- Permanent Total Disability Cover: In case of permanent total disability due to an accident, the insured will receive a sum assured of Rs. 2 lakhs.
- Permanent Partial Disability Cover: In case of permanent partial disability due to an accident, the insured will receive a sum assured of up to Rs. 1 lakh, depending on the extent of disability.
- Affordable Premium: The premium for the scheme is only Rs. 12 per annum, making it accessible to individuals from all economic backgrounds.
Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana
- Age: The minimum age to enroll in the scheme is 18 years, and the maximum age is 70 years.
- Bank Account: The individual should have an active savings bank account with any bank.
- Premium Payment: The premium for the scheme is auto-debited from the bank account on an annual basis.
- Enrollment Period: Individuals can enroll in the scheme from 1st June to 31st May of the following year.
- Consent: The individual must provide consent for auto-debit of the premium from the bank account.
Conclusion
Pradhan Mantri Suraksha Bima Yojana is an excellent scheme for individuals looking to avail themselves of affordable accidental death and disability insurance cover. The scheme has a nominal premium, making it accessible to individuals from all economic backgrounds. The eligibility criteria are straightforward, and the enrollment process is hassle-free. By enrolling in the scheme, individuals can secure the financial future of their families in case of any unfortunate accidents.
