PMSBY: Pay a Premium of Less Than ₹2 Per Month, Get ₹2,00,000 Insurance Cover

PMSBY: The government is running various schemes to benefit the common public. One such important scheme is the Pradhan Mantri Suraksha Bima Yojana. Through this scheme, you have to pay a premium of ₹20 every year, after which you can avail the benefit of a ₹2,00,000 accident insurance scheme. Any citizen aged between 18 and 70 years can take advantage of this scheme. If you also want to know more about this scheme, read below carefully.

What is PMSBY

The Pradhan Mantri Suraksha Bima Yojana is a central government insurance scheme that was launched in 2015. Through this scheme, more than 48 crore people across the country have already enrolled. For those who cannot afford expensive insurance, this scheme is a boon. You only need to deposit ₹20 every year, and you get ₹2,00,000 accident insurance. If any serious accident causes damage to your hands, legs, or any body part, you receive ₹1,00,000 insurance. In case of death, the family receives ₹2,00,000.

How to Avail the Scheme’s Benefits

Any Indian citizen aged between 18 and 70 years can avail the benefits of this scheme. To take advantage of the scheme, you must have a bank account. Any laborer, farmer, or businessman can benefit from this scheme. For this, you just need to activate the ₹20 annual auto-debit facility from your bank account.

How the Scheme’s Benefits are Received

In case of any accident, to obtain the insurance cover, the family needs to inform the insurance company. After that, some necessary documents like the death certificate, medical report, police report, and other documents need to be submitted. Following this, the insurance amount is deposited into the nominee’s bank account.