Pradhan Mantri Suraksha Bima Yojana: Initiated on May 9, 2015, by Prime Minister Narendra Modi, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an ambitious government scheme aimed at providing affordable accident insurance coverage to the people of India. This scheme is designed to enhance financial security in the event of accidental death or disability.
Benefits of PMSBY
Accidental Death and Disability Coverage: The prime advantage of PMSBY is that it provides accidental coverage in the event of death or disability. In the miserable event an accident has caused the death of the covered person, a sum of ₹2 lakh goes to the nominee. In the case of total permanent disability occurring due to the accident, included with the loss of eyes and limbs, the amount of ₹2 lakh is disbursed to the insurer. If both partial eyes and limbs are lost in the accident, ₹1 lakh is generally paid.
Affordable Premium: One of the main strengths of PMSBY is its low-charged premium. The annual premium to be paid for the coverage under this policy is an insignificant Rs.20, making it an extremely popular scheme with a wide cross-section of the society.
Ease of Enrollment: Enrolling for PMSBY is a simple process and can be completed across different channels that include banks and insurance providers. The easy process ensures that the scheme is able to impact more people.
How To Apply
Eligibility: All citizens of India who fall in the age bracket of 18 to 70 years. Enrollment is usually done through banks where one has a savings bank account, as the premium will be auto-debited from the bank account.
Application: Interested eligible individuals may subscribe to PMSBY through their respective banks. Most banks offer the facility for enrollment under PMSBY at the time of annual renewal, based on the specific plans announced and at other times when the drive is launched. It is extremely easy to apply, as it merely involves filling up a simple application form and submitting all the basic information of the subscriber.
Premium Payment: The applicant’s savings account will get auto-debited with the annual premium of Rs.20, making it extremely convenient for the applicant and saving his time and manual effort. Hence, this scheme has an auto-renewal feature ensuring continuity of the coverage without the need for annual normal regular/manual intervention.
