Pradhan Mantri Suraksha Bima Yojana: What is it? How to apply for Rs 2 lakh insurance coverage with just Rs 20 annual premium

Pradhan Mantri Suraksha Bima Yojana: No one knows when a crisis-like situation will arise in their life. But to deal with such situations, it is very important to remain financially strong. Someone rightly says that money is the most useful thing for a person in difficult times. And this is the reason why nowadays people, along with investing in various schemes, are also buying insurance policies such as life insurance, accident insurance, health insurance, etc. These policies can become a safety blanket for you and your family.

But what about those poor and needy people who are unable to buy such insurance for themselves and their families due to financial constraints? For such people, the government runs many schemes. One of them is Pradhan Mantri Suraksha Bima Yojana (PMSBY). This scheme has been specially designed keeping in mind the poor and economically weak people in the country.

What is it, what are the benefits of PMSBY, what are the important conditions, and how can you apply? Here's all you need to know:

What is Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed insurance scheme aimed at providing financial security to individuals from all walks of life. Launched in 2015, this scheme is a part of the government's broader financial inclusion agenda, ensuring that even the most economically vulnerable sections of society have access to insurance coverage.

Pradhan Mantri Suraksha Bima Yojana: Annual Premium

At its core, PMSBY offers a low-cost accident insurance cover of Rs 2 lakh at a premium of just Rs 20 per annum. This lowest premium makes it one of the most affordable insurance plans, catering to the needs of the masses in India. Any person between the ages of 18 and 70 can invest in it.

Pradhan Mantri Suraksha Bima Yojana: Benefits

The scheme provides coverage for accidental death as well as total and permanent disability in cases such as-
- if the insured person becomes completely disabled in an accident (lost both eyes, hands, or legs), the victim's family will receive Rs 2 lakh as compensation.
- if the insured person loses a hand or a leg or loses the sight of one eye and is unable to regain it, a benefit of up to Rs 1 lakh will be provided.
- in case of death, financial assistance of Rs 2 lakh will be provided to the family.

Pradhan Mantri Suraksha Bima Yojana: Conditions Required

- The annual premium of Rs 20 offered for the Pradhan Mantri Suraksha Bima Yojana is valid for only 1 year. After this, the scheme will have to be renewed.
- In case of death or disability due to an accident, the insurance amount will be given as per the rules.
- The age of the applicant should be between 18 to 70 years and he/she should be Indian.
- The candidate must have an active savings account. In case of account closure, the policy will also lapse.
- The applicant has to sign a consent form for the auto-debit of the policy premium.

Pradhan Mantri Suraksha Bima Yojana: How to apply

One can apply for this scheme both online and offline. Here's the step-by-step guide-
Online
Step 1: Visit the official website - https://www.jansuraksha.gov.in/
Step 2: Click on the Forms option, and then go to Pradhan Mantri Suraksha Bima Yojana.
Step 3: Now, click on the application form.
Step 4: Select the language and fill in the required information correctly.
Step 5: Attach all the required documents and submit the form.

Offline -
For offline applications, you should contact the branch of the bank where you already have a savings account.

Pradhan Mantri Suraksha Bima Yojana: Documents Required

- Aadhar card
- Voter ID card, Ration card, Driving license, or other identity card
- Income certificate
- Bank account details
- Age certificate
- Passport size photo