Pradhan Mantri Suraksha Bima Yojana (PMSBY): Affordable Insurance Cover for All
Governments, both central and state, consistently introduce diverse schemes aimed at supporting the economically disadvantaged. Among these, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) stands out. Serving as an accident protection insurance plan, PMSBY extends a substantial Rs 2 lakh insurance cover, requiring just an annual investment of Rs 20.
ntroduced by the central government in 2015, this insurance scheme bears the name Pradhan Mantri Suraksha Bima Yojana (PMSBY). Under this scheme, accidental insurance coverage is accessible with a nominal annual premium of Rs 20. The fundamental objective of PMSBY is to provide assistance during challenging circumstances.
Understanding Pradhan Mantri Suraksha Bima Yojana (PMSBY) Eligibility
Pradhan Mantri Suraksha Bima Yojana (PMSBY) operates as a government-sponsored insurance scheme, welcoming individuals within the age bracket of 18 to 70 years. The process is simplified as the premium for the PMSBY policy is automatically deducted from the individual’s linked bank account, a linkage that is established upon policy purchase.
Comprehensive PMSBY Coverage and Benefits
Under the provisions of the PMSBY policy, in the unfortunate event of accidental death or disability of the insured, the policyholder’s dependents receive a sum of Rs 2 lakh. Moreover, if the individual sustains partial disability due to the accident, an amount of Rs 1 lakh is provided. Notably, the premium structure experienced a change; previously, before June 1, 2022, the premium stood at Rs 12, later increased to Rs 20.
Enrollment Process for PMSBY Premium Payment
Participating in this beneficial scheme is straightforward. Interested individuals can apply for PMSBY by visiting any bank. Notably, the annual premium deduction is automated, occurring on June 1 each year. The PMSBY scheme’s current validity spans from June 1, 2023, to May 31, 2024.
Empowering Citizens Through PMSBY
The impact of Pradhan Mantri Suraksha Bima Yojana (PMSBY) is evident from the substantial claims disbursed. Government data as of April 26, 2023, reveals a staggering 2.30 crore claims honored through the scheme. Remarkably, over 34.18 crore individuals have registered under PMSBY, underlining its broad accessibility across the nation. The government’s commitment to enhancing financial stability among the populace is clearly reflected in this insurance initiative.
