Pradhan Mantri Suraksha Bima Yojana: There is a ruckus in the country regarding the inflation of tomatoes, but inflation is increasing in every region. Insurance is also becoming expensive and because of that people are facing a lot of trouble. However, you should pay attention to a scheme of the government.
In this, life insurance policy is given by the government. These plans offer coverage at exceptionally low premiums. Especially beneficial for low income individuals. Pradhan Mantri Suraksha Bima Yojana (PMSBY) launched by the Central Government is seen as a game-changing initiative.
Introduced a few years ago, PMSBY provides adequate insurance cover at a nominal premium. With a premium of just Rs 20, an account holder can secure insurance coverage of Rs 2 lakh.
About the plan
PMSBY can be availed by individuals between the age of 18 to 70 years. The annual premium for the plan is only Rs 20, which is conveniently deducted from the linked bank account. As per the PMSBY policy, in case of accidental death or disability, the dependents of the policyholder get an amount of Rs 2 lakh.
Launched by the Government of India in 2015, PMSBY provides accident coverage up to 2 lakhs. From June 1, 2022, the annual premium increased to Rs 20 from the earlier Rs 12. The primary goal of PMSBY is to provide security to the large population of India with limited income.
How to apply?
To apply, visit any bank branch or use the doorstep services of Bank Mitras. Insurance agents can also facilitate the enrollment process. Both government and private insurance companies offer this plan, making it affordable. PMSBY is an example of the government’s commitment to provide necessary financial protection to the widest segment of the population.
