Key Features of PM Vima Suraksha Yojana: ₹2 Lakh Insurance for 18-70 Year Olds

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) initiated by the Central Government continues to provide economic security to vulnerable groups. Under this scheme, life insurance coverage up to 2 lakh rupees is available for an annual premium of just 20 rupees, which amounts to less than 2 rupees per month.

Financial Support in Case of Untimely Demise

In the unfortunate event of death, whether accidental or otherwise, the nominee or the family receives a sum of 2 lakh rupees. No medical examination is required to avail the benefits of this scheme. Here’s what you need to know about this scheme…

Assistance in Case of Permanent Disability

In cases of permanent total disability due to accidents such as loss of both eyes, both hands, or both feet, a sum of 2 lakh rupees is provided. In cases of permanent partial disability, such as loss of one eye, one hand, or one foot, a sum of 1 lakh rupees is provided.

Who Can Benefit?

Applicants must be at least 18 years old to apply. Individuals up to the age of 70 can avail themselves of the benefits of this insurance scheme. The coverage period for the insurance shield is one year, running from June 1st to May 31st.

Where Can You Enroll?

Insurance companies in the public sector administer the insurance scheme. Additionally, you can avail the benefits of the Pradhan Mantri Suraksha Bima Yojana from any branch of a bank where you have an account.

Auto Debit Facility Available

To avail the benefits of PMSBY, it’s essential to have a bank account. If you have more than one bank account, you can only enroll in this scheme through one bank. Every year on May 31st, a premium of 20 rupees will be deducted from your bank account through the auto-debit facility.

Policy Renewal and Claim Process

If there’s insufficient balance in your account for policy renewal, the policy will be terminated. After receiving the premium, the policy can be reinstated. The registration period for PMSBY is from June 1st to May 31st. In case of an accident, a claim must be filed within 30 days.