PM Suraksha Bima Yojana: The central government is implementing the Pradhan Mantri Suraksha Bima Yojana (PMSBY) to offer financial protection to disadvantaged groups. Under this program, life insurance coverage of up to Rs 2 lakh can be obtained for just Rs 20 annually, which is less than Rs 2 monthly.
Features of the insurance
In the event of the beneficiary’s death, the nominee or family receives a sum of Rs 2 lakh. There is no requirement for any medical test to purchase insurance in this. In the event of permanent total disability resulting from an accident, such as the loss of both eyes, both hands, or both legs, a payment of Rs 2 lakh will be provided.
If there is a permanent partial disability from an accident such as losing the use of one eye, one hand, or one leg, a payment of Rs 1 lakh will be provided. The candidate must be no younger than 18 years old. Benefits of this insurance are available only to individuals aged 70 years and younger. The insurance coverage lasts for one year.
This scheme allows insurance to be obtained through public sector insurance providers. In addition to this, you can access the advantages of Pradhan Mantri Suraksha Bima Yojana at any bank branch where you hold a bank account. To access the advantages of PMSBY, possessing a bank account is necessary. If you possess multiple bank accounts, you can access this scheme through just one bank.
An amount of Rs 20 will be automatically deducted
On May 31 each year, an amount of Rs 20 will be automatically deducted from your bank account via the ‘auto debit’ service. If there are insufficient funds to renew the policy, the policy will be terminated. The policy may be restored once the premium is paid.