Pay just Rs. 20 a year and get Rs. 2 lakh insurance: This government scheme offers only benefits

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is considered to be highly beneficial for the general public. This scheme is specifically designed for those who want to secure their families despite having a low income.

The central government is running several schemes for the public that directly benefit common people. These schemes aim to provide financial security during difficult times. One such important government scheme provides significant accident insurance coverage at a very low premium. So, let's tell you about this beneficial government scheme where you only have to pay Rs. 20 a year and get Rs. 2 lakh insurance coverage.

Pradhan Mantri Suraksha Bima Yojana: All benefits

The Pradhan Mantri Suraksha Bima Yojana is considered to be highly beneficial for the general public. This scheme is specifically designed for those who want to secure their families despite having a low income. In poor and middle-class families, if the earning member suffers an accident, the entire family faces a financial crisis. To mitigate this risk, the government launched this scheme. Under this scheme, you get accident insurance coverage of up to Rs. 2 lakh for a premium of only Rs. 20 per year.

What kind of insurance coverage is provided?

Under the Pradhan Mantri Suraksha Bima Yojana, if the insured person dies due to an accident, the nominee receives Rs. 2 lakh.  If a person suffers a complete loss of both eyes, both hands, or both legs in an accident, they also receive Rs. 2 lakh in coverage. If a person becomes partially disabled, they receive financial assistance of Rs. 1 lakh.

What are the eligibility criteria for the scheme?

This scheme runs from June 1st to May 31st every year. It was launched in 2015. To avail of this scheme, a person's age must be between 18 and 70 years. The premium amount for this scheme is automatically debited from the bank account, eliminating the hassle of annual renewal. How to apply?

To apply for the Pradhan Mantri Suraksha Bima Yojana, interested individuals need to visit their nearest bank branch. The application form for the scheme is available there, which needs to be filled out with the required information and documents and submitted. The insurance coverage begins as soon as the application is complete.