It is a little difficult for economically weaker people to pay the premium for an insurance policy. To provide security to the families of such people, the Government of India runs a special scheme, which provides protection up to Rs 2 lakh. Its premium is so nominal that anyone can easily pay it.
Accident insurance is a safety net for your family. In this, in case of accidental death or any physical harm to the insured person, a certain amount is given as financial assistance to the family members. This insurance helps you and your family at a time when money and support are needed the most. Also, financially weak people find it a little difficult to pay the premium for an insurance policy, so they try to avoid such expenses.
To provide security to the families of such people, the Government of India runs a special scheme. The name of this scheme is Pradhan Mantri Suraksha Bima Yojana. This scheme provides accidental insurance cover of up to Rs 2 lakh. Its premium is so nominal that anyone can easily pay it.
The premium is just Rs 20.
If you are between 18 and 70 years of age, you can easily avail this scheme. For this, the person has to pay only Rs 20 per year as an annual premium. Under the scheme, in case of accidental death of the insured person, the nominated person is given assistance of up to Rs 2 lakh. Apart from this, in case of total disability like complete blindness, loss of limbs, complete loss of one eye or one arm or one leg, a benefit of up to Rs 2 lakh is given. In case of permanent partial disability, a benefit of up to Rs 1 lakh can be given.
Terms and conditions of Prime Minister’s Security Insurance Scheme
- The annual premium of Rs 20 paid for the Pradhan Mantri Suraksha Bima Yojana is valid for only 1 year. After this, the scheme will have to be renewed.
- In case of death or disability due to an accident, the insurance amount will be paid as per the rules.
- The age of the beneficiary of the scheme must be between 18 and 70 years and the applicant must be an Indian.
- The candidate must have an active savings account. If the account is closed, the policy will also lapse.
- The applicant will have to sign a consent form for auto debit of policy premium.
