These days, buying insurance burns a hole in the common man's pocket. Getting accidental coverage proves to be a boon but its premium rates are also sky-rocketing. But a scheme launched by the central government to specifically target this problem can be really helpful for you.
PMSBY (Pradhan Mantri Suraksha Bima Yojana) is one such scheme that provides accidental coverage of up to Rs 2 lakh at a very low premium rate. To know more about this scheme keep on reading:
When was the scheme started?
Pradhan Mantri Suraksha Bima Yojana (PMSBY) was launched in 2015 by then Finance Minister Arun Jaitley on 28 February 2015. The purpose of this scheme is to provide accidental insurance to the people of India at a very low premium rate. It is an accidental Insurance policy that allows people to claim accident coverage of Upto Rs 2 lakh on death or disability.
Benefits under this scheme:
Under this scheme, the risk coverage is Rs 2 lakh on death and full disability and Rs 1 Lakh on partial disability.
Who can apply for this scheme?
People under the age of 18 to 70 years are eligible to apply for this scheme. This insurance is valid for one year and needs to be renewed every year.
What are the Terms and Conditions under this scheme?
1. Age of the applicant should be between 18 to 70 years.
2. The applicant must hold an Aadhaar Card.
3. The applicant must have a savings account in the bank.
How to apply?
To apply for PMSBY, the applicant must log in to the Internet Banking service of His /Her bank (in which he/she has a saving account) and select PMSBY under the Insurance section. After that, the applicant is required to fill in other details and submit them. After that, the beneficiary will get a receipt and Reference Number which can be used for future reference.
The premium of Rs 12 will be auto-debited from the policyholder's account every year. The duration of the policy is from June 1 to May 31 and it needs to be renewed every year.