Taking life insurance is essential to securing the financial future of your family. However, many people avoid getting life insurance due to high premiums. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) can be an excellent option for them. Under this scheme, life insurance coverage of up to ₹2 lakh is available for less than ₹20 annually. This means you won’t even have to pay ₹2 per month.
Benefits of PM Suraksha Bima
Under the Pradhan Mantri Suraksha Bima Yojana, the family receives ₹2 lakh in case of death. In case of complete disability due to an accident, such as losing both eyes, hands, or legs, a compensation of ₹2 lakh will be given. For partial disability, such as losing the use of one eye, hand, or leg, ₹1 lakh will be provided.
How to Avail the Benefits
To avail of the benefits of this government insurance scheme, the applicant must be at least 18 years old. People up to 70 years of age can also avail of the scheme. The insurance coverage lasts for one year, from June 1 to May 31. You will need to renew the policy after this period.
How to Get Insurance
You can get insurance through public sector insurance companies or any bank where you have an account. The scheme offers an ‘auto debit’ facility, which means that every year on May 31, a premium of ₹20 will be automatically deducted from your bank account.
Does the Scheme Cover Disability Due to Natural Disasters?
Yes, natural disasters, such as floods or lightning, are considered accidents. Therefore, death or disability caused by natural disasters will be covered under this scheme. However, if someone commits suicide, the insurance cover will not apply.
Important Things to Remember
- If your account has insufficient balance to renew the policy, it will be canceled. The policy can be reinstated once the premium is paid.
- The enrollment period for PMSBY runs from June 1 to May 31.
- In an accident, the claim must be made within 30 days.
How to Apply for PMSBY Online
- Log in: Access your bank’s website or mobile app.
- Find PMSBY: Locate ‘PMSBY’ under the insurance or government schemes section.
- Apply: Click ‘Enroll Now’ and fill in your details, including nominee information.
- Enable Auto-Debit: Approve the ₹20 premium deduction.
- Submit: Verify details and complete the application.
- Confirmation: Receive a confirmation message; the policy activates from June 1 or the enrollment date.