ધી સુરેન્દ્રનગર ડીસ્ટ્રીકટ કો-ઓપરેટીવ બેંક લી.
  • SURENDRANAGAR
  • Wednesday, 22 January 2025
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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

PMSBY stands for Pradhan Mantri Suraksha Bima Yojana, a government-backed accident insurance scheme in India. It provides financial aid to families in case of the policyholder's accidental death or disability.


Key Features of PMSBY:

  • Accidental death and disability cover: Offers financial support in case of accidental death or permanent disability due to an accident.
  • Coverage amount: Provides a benefit of Rs. 2 lakhs for accidental death or total permanent disability. In case of partial permanent disability, a benefit of Rs. 1 lakh is offered.
  • Eligibility: Open to savings bank account holders between 18 and 70 years old.
  • Premium: Affordable at Rs. 20 per year, automatically deducted from your bank account.
  • Renewal: It's a one-year policy that automatically renews every year if the premium is deducted.

Benefits of PMSBY:

  • Affordable protection: Offers financial security to your family in case of an accident at a very low cost.
  • Easy enrollment: No medical tests are required, you can sign up through your bank or post office (if they offer it).
  • Automatic renewal: Coverage continues as long as the premium is deducted.
  • Simple claim process: Streamlined claim settlement process for your nominee.

Some Important Points to Remember:

  • Enrollment limitations: Only available to savings bank account holders.
  • Age restrictions: You can enroll between 18 and 70 years old.
  • Coverage period: The policy covers accidents that happen during the one-year validity period.

Overall, PMSBY is a great way to get basic accidental death and disability coverage at a minimal cost. It's a good option to consider for providing some financial security to your family in case of an unforeseen accident.

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