The Indian government has consistently rolled out schemes aimed at supporting the vulnerable and economically disadvantaged segments of society.
Within these initiatives lies a collection of programs designed to provide crucial social security.
Today, we spotlight one such endeavor – the Pradhan Mantri Suraksha Bima Yojana (PMSBY), an accident protection insurance plan that extends a substantial insurance cover of Rs 2 lakh for a mere annual premium of Rs 20.
Initiated in 2015 for Financial Safety
Launched by the central government in 2015, the Pradhan Mantri Suraksha Bima Yojana offers individuals a gateway to accident insurance coverage at an easily affordable yearly premium of Rs 20.
This scheme stands as a testament to the government’s commitment to assisting citizens during trying times.
Eligibility Criteria for Enrollment
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) caters to a wide demographic, embracing those aged between 18 to 70 years.
The premium amount is seamlessly deducted directly from the policyholder’s bank account, which is linked upon policy purchase.
Under the provisions of this scheme, the nominee receives a sum of Rs 2 lakh in case of the policyholder’s accidental death or disability.
Partial disability due to an accident warrants a payout of Rs 1 lakh. It is noteworthy that the premium was initially Rs 12 until June 1, 2022, subsequently revised to Rs 20.
Enrollment Process Simplified
To tap into the benefits of this scheme, interested individuals can apply at any bank branch. The premium amount is auto-deducted every year on June 1.
The current enrollment window spans from June 1, 2023, to May 31, 2023.
A Record of Claims Dispensed
According to official government data, up until April 26, 2023, an impressive 2.3 billion claims have been disbursed through this initiative.
With over 341 million individuals registered for the Pradhan Mantri Suraksha Bima Yojana, it is evident that citizens from all walks of life can leverage this insurance program.
The government’s commitment to enhancing financial stability among the general populace shines through this insurance policy.
In a nation where social security plays a pivotal role, the Pradhan Mantri Suraksha Bima Yojana serves as a vital instrument for safeguarding the economic well-being of countless citizens.