The Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers accidental death and disability cover for a nominal annual premium of just Rs 20. Learn about eligibility, benefits, and how to enroll.
It's impossible to predict life's challenges. Being prepared for unforeseen circumstances is crucial, making insurance a vital necessity.
PMSBY addresses the insurance needs of those with limited financial resources and struggles to afford premiums.
PMSBY provides accidental insurance up to Rs 2 lakhs with a minimal annual premium of just Rs 20, making it accessible to all.
PMSBY aims to provide insurance coverage to a large population. The annual premium, increased to Rs 20 in June 2022 is affordable.
The nominee receives the insurance amount upon the insured's accidental death. Available for those aged 18-70, the premium is deducted annually before June 1st.
PMSBY offers up to Rs 2 lakhs for accidental death or total disability. Partial disability benefits are also available.
The Rs 20 annual premium for PMSBY requires yearly renewal. Insurance is paid for accidental death or disability as per the policy terms.
Applicants must be 18-70 years old with an active savings account. The policy lapses if the account is closed. Also, auto-debit authorization is required.
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