PM Suraksha Bima Yojana (PMSBY) is an important social security scheme launched by the Government of India. The scheme aims to provide affordable accident insurance coverage to the common people at a very low premium. It is especially beneficial for economically weaker sections who want to secure their family financially in case of an unforeseen accident.
Objective of PM Suraksha Bima Yojana
The main objective of the Pradhan Mantri Suraksha Bima Yojana is to offer financial support to individuals and their families in the event of death or disability caused by an accident. The scheme plays a crucial role in expanding insurance coverage across the country and strengthening social security.
Insurance Coverage and Benefits
Under PMSBY, policyholders receive the following benefits:
- ₹2 lakh insurance cover in case of death due to an accident
- ₹2 lakh compensation for permanent total disability (loss of both eyes or both hands/feet)
- ₹1 lakh compensation for permanent partial disability (loss of one eye or one hand/foot)
The insured amount is paid directly to the beneficiary or the nominee.
Premium Amount and Policy Duration
One of the biggest advantages of PM Suraksha Bima Yojana is its extremely low premium:
- Annual premium: ₹20 only
- Policy period: 1 June to 31 May
- Premium is auto-debited from the linked bank account
Eligibility Criteria for PMSBY
To avail the benefits of PM Suraksha Bima Yojana:
- The applicant must be between 18 and 70 years of age
- Must have an active bank account
- The bank account should be linked with Aadhaar or a mobile number
How to Apply for PM Suraksha Bima Yojana
Applying for PMSBY is simple and hassle-free:
- Visit your nearest bank branch
- Fill out the PMSBY application form
- Provide consent to join the scheme
- The premium amount will be automatically deducted from your bank account
Importance of PM Suraksha Bima Yojana
This scheme is extremely useful for farmers, laborers, daily wage workers, and people working in the unorganized sector. With a minimal annual premium, it provides strong financial protection to families during difficult times and reduces future uncertainties.
Conclusion
PM Suraksha Bima Yojana is a simple, affordable, and effective accident insurance scheme. By paying just ₹20 per year, individuals can secure themselves and their families with a ₹2 lakh insurance cover. It truly represents the idea of “low cost, high security” and is one of the most beneficial government insurance schemes in India.
