Pradhan Mantri Suraksha Bima Yojana: The government of India introduced the Pradhan Mantri Suraksha Bima Yojana (PMSBY), a flagship social security program, to give people all over the nation access to reasonably priced insurance coverage. This program, which was launched in 2015, intends to provide economically disadvantaged groups in society with additional financial protection by providing insurance against accidental death and disability at a low cost.
Affordable Premium
A variety of features and benefits are provided by PMSBY in an effort to make insurance available to all societal groups.
Affordable Premium: The affordable premium cost of PMSBY, which makes it available to people in all income brackets, is one of its primary draws. With an annual premium as low as ₹20, PMSBY is among the most affordable insurance plans on the market.
Coverage: With a sum assured of ₹2 lakh in the event of accidental death and total permanent disability and ₹1 lakh in the event of partial permanent disability, PMSBY offers insurance coverage in the event of accidental death or disability.
Eligibility: PMSBY is open to anyone with a savings bank account who is between the ages of 18 and 70. Both urban and rural residents can participate in the program, guaranteeing broad coverage.
Enrollment Process: The PMSBY enrollment process is easy to follow and hassle-free. Those who are interested can visit their bank branch and complete the required enrollment form. The person’s savings account is immediately debited for the premium amount.
Renewable Coverage: Under PMSBY, the insurance coverage is yearly renewable. In order to maintain coverage, participants must pay the yearly premium.
Here Are the Benefits
Financial Security: In the event of an accidental death or disability, the program ensures that insured individuals and their families have financial security and are not left with unpaid debt.
Peace of Mind: People can rest easy knowing they have a safety net to safeguard their financial interests because PMSBY offers insurance coverage at a low premium.
Inclusive Coverage: By providing insurance benefits to people from all societal segments, including those living in rural and isolated areas, PMSBY seeks to promote financial inclusion.
Ease of Access: Thanks to PMSBY’s extensive nationwide network of participating banks and straightforward enrollment procedures, insurance coverage is made easily accessible to all eligible individuals nationwide.