The Pradhan Mantri Suraksha Bima Yojana is considered to be a benefit to the general public. In fact, this scheme was specifically designed for those who want to protect their families with low incomes.

The central government is running several public schemes that directly benefit the common man. These schemes aim to provide financial security during difficult times. One such important government scheme offers significant accident insurance coverage at a very low premium. So, let's tell you today which government scheme offers the most beneficial benefits, with just 20 rupees a year being deducted and providing insurance worth 2 lakh rupees.

The Pradhan Mantri Suraksha Bima Yojana (PMSBY)

It is considered to offer numerous benefits to the general public. This scheme is specifically designed for those who want to protect their families despite low incomes. In poor and middle-class families, if an accident occurs to the breadwinner, the entire family faces financial crisis. The government launched this scheme to mitigate this risk. Under this scheme, accident insurance coverage of up to 2 lakh rupees is available for an annual premium of just 20 rupees.

What type of insurance coverage is provided?

Under the Pradhan Mantri Suraksha Bima Yojana, 2 lakh rupees are given to the nominee in case of death of the policyholder due to an accident. If an accident causes complete loss of both eyes, both hands, or both legs, coverage of ₹2 lakh is available. If a person becomes partially disabled, they receive financial assistance of ₹1 lakh.

What is the eligibility for the scheme?

The scheme's validity period is from June 1st to May 31st every year. The scheme was launched in 2015. To benefit from this scheme, individuals must be between 18 and 70 years of age. The premium is automatically deducted from their bank account through auto-debit, eliminating the hassle of annual renewal.

How can one apply?

To apply for the Pradhan Mantri Suraksha Bima Yojana, interested individuals must visit their nearest bank branch. A scheme form is available there, which must be filled out and submitted with the required information and documents. Insurance cover begins upon completion of the application.

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