Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population citizens in case of accidental death or disability at a highly affordable premium. Under this scheme, you can get an insurance cover of Rs 2 lakh by paying just Rs 20 per year.
What is PMSBY?
PMSBY is a one-year accidental insurance scheme renewable from year to year offering coverage for death or disability due to accident.
Eligibility: Persons in the age group of 18-70 years having a savings bank account are entitled to enroll under the scheme.
Coverage Period: The insurance cover is valid for one year, from 1st June to 31st May, upon successful payment of the premium. You have to subscribe to the policy by May 31st of every year.
Accident Benefits: Beneficiaries will receive:
Rs 2 lakh on death of insured.
Rs 2 lakh for 'total and irrecoverable loss of both eyes or loss of use of both hands or feet.
Rs 1 lakh for 'total and irrecoverable loss of sight of one eye or loss of use of one hand or foot'
Enrolment: Enrolment under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder. The premium under the scheme is auto debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.