Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored accident insurance scheme launched by the Government of India in 2015. The scheme aims to provide financial protection to people in the age group of 18 to 70 years in case of accidental death or disability.
Pradhan Mantri Suraksha Bima Yojana (PMSBY): Benefits, Eligibility & Key Features
Under the scheme, the insured person receives a lump-sum payment of ₹2 lakh in case of accidental death. In case of partial disability, the insured person receives a lump-sum payment of ₹1 lakh.
The premium for the scheme is ₹20 per annum and is deducted automatically from the bank account of the insured person through the auto-debit facility.
The scheme is available to all citizens of India who have a bank account and are in the age group of 18 to 70 years. Also read: Pradhan Mantri Mudra Yojana (PMMY)
Benefits of PMSBY
PMSBY offers a number of benefits to the insured person, including:
- Financial protection in case of accidental death or disability
- Low premium
- Easy to enroll
How to enroll in PMSBY
To enroll in PMSBY, you need to visit a bank or insurance company that offers the scheme. You will need to provide your personal details, including your name, address, date of birth, and bank account number.
You can also enroll in PMSBY online through the official website of the Insurance Regulatory and Development Authority of India (IRDAI).
Impact of PMSBY
PMSBY has been a successful scheme that has provided financial protection to millions of people in India. As of March 2023, more than 300 million people have enrolled in the scheme.
The scheme has helped to reduce the financial burden on families in case of accidental death or disability of the breadwinner. It has also helped to promote financial inclusion in India.
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