Amidst the surge in insurance uptake, it’s worth noting that certain life insurance policies are government-backed. These plans provide coverage at exceptionally low premiums, particularly beneficial for individuals with lower incomes. The Pradhan Mantri Suraksha Bima Yojana (PMSBY), launched by the Central Government, stands out as a game-changing initiative.
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Introduced a few years ago, PMSBY offers a substantial insurance cover at a nominal premium. With a mere Rs 20 premium, an account holder can secure insurance coverage of Rs 2 lakh. Here’s a closer look at this scheme:
PMSBY eligibility and coverage: Individuals between 18 to 70 years can avail of the benefits of PMSBY. The annual premium for the scheme is just Rs. 20, conveniently deducted from the linked bank account. In case of accidental death or disability, the policyholder’s dependents receive a sum of Rs 2 lakh, as per the PMSBY policy.
Recent premium update: Launched by the Indian Government in 2015, PMSBY provides accident coverage up to 2 lakh. From June 1, 2022, the annual premium increased to Rs 20, up from the previous Rs 12. The primary goal of PMSBY is to extend security to India’s large population with limited income.
How to enroll: To apply, visit any bank branch or utilize doorstep services from Bank Mitras. Insurance agents can also facilitate the enrollment process. Both government and private insurance companies offer this plan, making it widely accessible.
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PMSBY exemplifies the government’s commitment to extending essential financial security to a broader segment of the population.
