Pradhan Mantri Suraksha Bima Yojana has been specifically designed for people from economically weaker sections. It provides insurance coverage of up to Rs 2 lakh in the event of an accident.
Life is unpredictable, and one can never anticipate when a crisis might arise. To become financially secure, people often invest in insurance policies. These policies serve as a shield against unforeseen hardships. In times of need, your insurance can relieve you from financial burdens.
However, health and life insurance premiums can be costly, making it affordable for common public. To address the issue, the government has introduced a low-cost insurance scheme that provides financial assistance for those with limited support.
PMSBY
Pradhan Mantri Suraksha Bima Yojana has been specifically designed for people from economically weaker sections. It provides insurance coverage of up to Rs 2 lakh in the event of an accident.
Eligibility
Any Indian citizen between the ages of 18 to 70 years is eligible for this insurance scheme. PM Suraksha Bima Yojana offers affordable life insurance coverage. The annual premium for this scheme is just Rs 20. With this small amount, you can avail benefits of Rs 2 lakh.
Benefits
For PMSBY, the premium for one year is Rs 20. This provides coverage for one year, after which, the policyholder needs to renew it. In the unfortunate event of the insured person’s demise, the family receives financial assistance of Rs 2 lakh. Additionally, if the insured person loses both eyes, both hands, or both legs due to an accident, the family receives a compensation of Rs 2 lakh.
Under the policy, if the insured person loses one hand, one leg or one eye, then they receive a compensation of up to Rs 1 lakh.
What is needed
To avail the insurance, you must have an active bank savings account. The policy terminates if you close your bank account. Moreover, the policyholder needs to provide consent for the auto-debit of the policy premium.
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