PMSBY

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is another social security scheme launched by the Government of India to provide accidental insurance coverage to people at an affordable premium. The scheme was introduced as part of the government's efforts to enhance financial inclusion and ensure that individuals from various economic backgrounds have access to basic insurance coverage in case of accidental injury or death.

Here are the key features of PMSBY:

Eligibility: All Indian citizens aged between 18 and 70 years are eligible to enroll in PMSBY. Like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), PMSBY also offers a renewable one-year term policy.

Coverage and Benefits: PMSBY provides accidental death and disability insurance coverage. In case of accidental death or total permanent disability, the policy offers a coverage amount of Rs. 2 lakh (Indian Rupees). In case of partial permanent disability, ghe coverage amount is Rs. 1 lakh.

Premium: Similar to PMJJBY, the premium for PMSBY is very affordable, making it accessible to a wide range of individuals. The premium is usually auto-debited from the subscriber's bank account on an annual basis.

Enrollment Process: Individuals can enroll in PMSBY through their bank accounts. The scheme is offered through various participating banks. Enrolling in the scheme requires providing consent and maintaining sufficient balance for premium deduction.

Enrollment Period: Individuals can join PMSBY during specified enrollment periods. As with PMJJBY, the insurance coverage typically commences from June 1st of each year.

Renewal: The policy needs to be renewed annually to continue availing the benefits. Ensuring timely premium payment is essential to maintain coverage.

Nominee Designation: As with any insurance policy, it's important to nominate a beneficiary who will receive the insurance payout in case of accidental death or disability.

Accidental Coverage: PMSBY specifically covers accidental events leading to death or disability. It doesn't provide coverage for natural causes of death or illness.

Pradhan Mantri Suraksha Bima Yojana aims to offer financial support to individuals and their families in the event of accidental injuries or death. It provides an extra layer of security and financial assistance during unforeseen accidents. As with any government scheme, it's advisable to refer to official sources or your bank for the most current and accurate information regarding enrollment, benefits, and other details.