The Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme was launched by the Government of India in 2015. The aim of this scheme is to provide accident insurance coverage for individuals belonging to the economically weaker sections of society. The scheme is a part of the Government’s efforts to increase insurance penetration in India and provide financial security to every citizen.
The PMSBY scheme is a Government-backed initiative to promote financial inclusion. The scheme provides a life insurance cover of INR 2 lakhs to the beneficiaries in case of accidental death or total disability. This scheme is linked to the Jan Dhan Yojana as it seeks to promote financial inclusion by merging the two schemes.
The PMSBY scheme is open to all individuals between the ages of 18 and 70 years who have a bank account. The premium under this scheme is INR 12 per annum. The scheme provides a life insurance cover of INR 2 lakhs, which is payable to the nominee of the beneficiary in the event of his/her death due to an accident.
The PMSBY scheme is administered by public sector insurance companies and other government-approved insurance providers. Individuals who wish to enroll in the scheme need to fill up an application form and submit it to their bank.
The claim process under the PMSBY scheme is simple and hassle-free. The beneficiary must notify the insurance company within 30 days of the accident in case of partial disability. In the case of total disability or death, the nominee should notify the insurance company within 30 days. The insurance company will verify the claim and make the payment to the beneficiary.
Individuals who have enrolled in the PMSBY scheme need to renew the policy every year. The premium for the scheme is automatically debited from the beneficiary’s bank account. In case the bank account does not have sufficient funds, the policy will lapse.
The PMSBY scheme is a commendable initiative by the Government of India to promote financial inclusion and provide financial security to every citizen. The scheme provides affordable life insurance coverage to individuals belonging to the economically weaker sections of society.
The scheme has several benefits. Firstly, it provides financial security to the beneficiaries in case of accidental death or total disability. The life insurance cover of INR 2 lakhs can help the beneficiary to meet his/her financial needs during such a difficult time. Secondly, it provides affordable insurance coverage to individuals who are unable to afford the high premiums of other insurance schemes. The PMSBY scheme is an affordable option for individuals belonging to the economically weaker sections of society. Thirdly, the scheme promotes financial inclusion by providing insurance cover to individuals who have a bank account. It is linked to the Jan Dhan Yojana to ensure that every citizen of India has access to financial services.
In conclusion, the PMSBY scheme is a commendable initiative by the Government of India to promote financial inclusion and provide financial security to every citizen. The scheme provides an affordable life insurance cover of INR 2 lakhs to individuals belonging to the economically weaker sections of society. The claim process under the scheme is simple and hassle-free. The scheme is administered by public sector insurance companies and other government-approved insurance providers. Individuals who wish to enroll in the scheme need to fill up an application form and submit it to their bank. The PMSBY scheme is an affordable and accessible option for individuals who wish to secure their financial future.
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