Narendra Modi Govt New Scheme: Just invest Rs 20 get Rs 2 Lakh

Narendra Modi Govt New Scheme: The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a social security scheme launched by the Government of India, aimed at providing affordable accidental death and disability insurance cover to the masses. It’s a one-year renewable scheme. Narendra Modi Govt new scheme: Just invest Rs 20 get Rs 2 Lakh.

Key features of Pradhan Mantri Suraksha Bima Yojana:

1. Nature of the Scheme:

It’s a personal accident insurance scheme.

It offers coverage against death or disability solely due to an accident.

It’s a one-year cover, renewable from year to year.

2. Benefits:

Death due to accident: Rs 2 Lakh (payable to the nominee)

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 2 Lakh (payable to the insured)

Total and irrecoverable loss of sight of one eye, or loss of use of one hand or foot (Permanent Partial Disability): Rs 1 Lakh (payable to the insured)

3. Premium:

The premium is very affordable: Rs 20 per annum per member.

The premium is auto-debited from the subscriber’s bank or Post Office account. For enrolments done through electronic modes (like mobile banking or internet banking), the premium might be slightly lower (e.g., Rs 19 in some cases).

4. Eligibility:

Any individual bank or Post Office account holder with a participating bank/Post Office.

Age group: 18 to 70 years (age nearer birthday).

Consent for auto-debit of the premium is mandatory.

An individual can join the scheme through only one bank/Post Office account, even if they have multiple accounts.

NRIs with eligible bank accounts in India can also apply.

5. Coverage Period:

The cover is for a one-year period, typically stretching from June 1st to May 31st of the next year.

The premium is deducted on or before June 1st each year.

6. How to Apply/Enroll:

Through your bank/Post Office:

Visit the bank branch or Post Office where you have a savings account.

Fill out the prescribed application/consent-cum-declaration form.

Submit the form to your bank/Post Office.

Through Net Banking/Mobile Banking: Many participating banks offer the option to enroll for PMSBY through their internet banking portal or mobile app. Look for “Social Security Schemes” or “Insurance” sections.

Through SMS: Some banks also have an SMS-based enrollment process.

Online Portal: You can also visit the official Jan Suraksha website (https://jansuraksha.gov.in/) to download forms and find more information, although the final application typically goes through your bank.

7. Important Points:

The insurance cover terminates when the member attains 70 years of age, or if the bank account is closed, or if there’s insufficient balance for auto-debit.

Death due to suicide is generally not covered, but death due to murder or natural calamities (like earthquake, flood) is covered if it’s accidental as defined. There is no provision for reimbursement of hospitalization expenses.

In case of a claim, the cause of the accident might need to be supported by police reports (for vehicular accidents, drowning, etc.) or immediate hospital records (for snake bite, fall from tree, etc.). PMSBY is a crucial government initiative to provide a basic safety net against accidental events at a very low cost, making it accessible to a large section of the population.

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