The central government runs several public schemes that directly help the common man, providing financial security in tough times.
One such scheme is the Pradhan Mantri Suraksha Bima Yojana (PMSBY), which offers accident insurance worth ₹2 lakh for an annual premium of just ₹20.
This scheme is designed especially for low and middle-income families, where the loss of a breadwinner due to an accident can create a serious financial crisis.
PMSBY helps reduce this risk by offering affordable coverage to millions of Indians.
What Does the Scheme Cover?
Under PMSBY, the insurance provides financial support to the nominee in case of accidents:
Accidental death: ₹2 lakh
Total permanent disability (loss of both eyes, both hands, or both legs): ₹2 lakh
Partial permanent disability: ₹1 lakh
This coverage ensures that families receive financial assistance in case of unforeseen accidents.
Who Can Apply?
The scheme is valid from June 1 to May 31 each year and was first launched in 2015.
Eligibility criteria include:
Age between 18 and 70 years
Premium automatically deducted from the bank account via auto-debit (no need for annual renewal)
How to Enroll
To apply for PMSBY, visit your nearest bank branch.
Fill out the application form and submit the required documents.
Once approved, the insurance cover begins immediately, giving peace of mind at a minimal cost.
This scheme is ideal for anyone looking for affordable accident protection and financial security for their family.
