PMSBY Scheme: Get 2 lakhs Insurance in just Rs 20

PMSBY Scheme: The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a truly remarkable and affordable accident insurance scheme by the Government of India, indeed a “boon for everyone.”

Key Features and Benefits of PMSBY:

Extremely Affordable Premium: The most striking feature is its incredibly low annual premium of just Rs. 20. This amount is auto-debited from your bank account, making it hassle-free. Some banks also offer it at Rs. 19 for digital enrolments.

Significant Coverage:

Rs. 2 lakh in case of accidental death.

Rs. 2 lakh for total and irrecoverable loss of both eyes, or loss of use of both hands or feet, or loss of sight of one eye and loss of use of one hand or foot (permanent total disability).

Rs. 1 lakh for total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot (permanent partial disability).

Wide Eligibility:

Available to individuals between 18 and 70 years of age.

You must have a savings bank account with a participating bank.

Both Indian residents and NRIs with eligible accounts can enroll.

Automatic Renewal: The policy is a one-year cover, renewable annually. The premium is typically auto-debited from your account on or before June 1st each year, ensuring continuous coverage.

Simple Enrolment: You can enroll through your bank branch, via banking correspondents (BCs), or often through internet banking/mobile banking apps. You need to give consent for the auto-debit of the premium.

Accessibility for All: The primary objective of PMSBY is to provide accident insurance cover to the deprived and unprivileged sections of society at an extremely affordable cost, promoting financial security.

Worldwide Coverage: The scheme generally offers worldwide coverage against accidents.
No Tax Benefits: It’s important to note that unlike some other insurance plans, there are no specific income tax benefits associated with PMSBY premium payments.

Exclusions: The policy typically does not cover:

Death due to suicide.

Death due to illness or natural causes (it’s an accident insurance).

Non-permanent disabilities (without irrecoverable loss as defined).

How to Enroll:

Visit your Bank: Go to your bank branch where you have a savings account.

Fill the Consent Form: Request the PMSBY application/consent form.

Provide Consent for Auto-Debit: You will need to authorize the bank to auto-debit the annual premium of Rs. 20 from your savings account.

Online/Mobile Banking: Many banks also allow enrollment through their internet banking portals or mobile apps. Look for “Social Security Schemes” or “Insurance” sections.

SMS Activation (some banks): Some banks might send an SMS to their eligible customers, allowing enrollment by replying with a specific code (e.g., “PMSBY Y”).

The Pradhan Mantri Suraksha Bima Yojana truly embodies the spirit of social security by making essential accident insurance accessible to a vast population, providing crucial financial support in times of unforeseen adversity.

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