Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored insurance scheme in India that aims to provide affordable accidental death and disability cover to all citizens. Launched in 2015, PMSBY offers insurance coverage of Rs. 2 lakhs in case of accidental death or permanent disability resulting from an accident. In this article, we will discuss the benefits of Pradhan Mantri Suraksha Bima Yojana and how it can help secure the future of your loved ones.
The primary objective of Pradhan Mantri Suraksha Bima Yojana is to provide a safety net to people belonging to the low-income group who may face financial difficulties due to accidental death or disability. The scheme is open to all Indian citizens who fall between the age group of 18 to 70 years and have a valid bank account. The premium for PMSBY is very affordable, at Rs.12 per annum, making it accessible to people from all walks of life.
Benefits of Pradhan Mantri Suraksha Bima Yojana
One of the primary benefits of Pradhan Mantri Suraksha Bima Yojana is that it provides financial security to the family members of the insured in case of accidental death or disability. If the insured meets with an accident resulting in death, the family will receive a sum of Rs. 2 lakhs, which can help them cover expenses and meet their daily needs. Similarly, if the insured suffers from permanent disability, he/she will receive the coverage amount, which can be used for medical expenses, rehabilitation, and other needs.
Another significant benefit of Pradhan Mantri Suraksha Bima Yojana is that it is easy to enroll and manage. All you need is a valid bank account, and you can enroll in the scheme by filling a simple form and submitting it to your bank. The premium for the scheme is auto-debited from your account, which means you don’t have to worry about making payments manually. Additionally, you can also renew the policy every year by submitting the premium renewal amount to your bank.
For people who have parents or elderly family members dependent on them, health insurance can be a significant burden. However, with Pradhan Mantri Suraksha Bima Yojana, you can secure the financial future of your parents or loved ones in case of an accidental death or disability. The coverage provided by the scheme can help your parents or loved ones meet their medical expenses and cover their daily needs.
Apart from the benefits mentioned above, Pradhan Mantri Suraksha Bima Yojana also has some unique features that make it attractive to policyholders. The scheme provides coverage for death or disability due to any reason, including natural calamities, fire, and drowning, among others. Also, the premium for PMSBY is very low, which means you can enroll even if you have a limited budget.
In addition to that, Pradhan Mantri Suraksha Bima Yojana is a term insurance policy, which means there are no maturity benefits or survival benefits paid to the policyholder. This makes the scheme a pure protection plan that is designed to provide financial assistance during the most difficult times. As a policyholder, you do not have to worry about the investment component or the returns generated by the scheme.
Overall, Pradhan Mantri Suraksha Bima Yojana is an excellent scheme that provides comprehensive coverage to people from all walks of life. It is affordable, easy to enroll, and has unique features that make it accessible to people who may not have otherwise opted for health or life insurance. By enrolling in PMSBY, you can secure the financial future of your loved ones in case of unexpected circumstances.
However, it is essential to understand that Pradhan Mantri Suraksha Bima Yojana is not a substitute for health insurance. The coverage provided by the scheme may not be sufficient to cover the entire range of medical expenses or provide long-term financial assistance to your family. Therefore, it is crucial to assess your insurance needs and opt for policies that provide comprehensive coverage.
Conclusion
In conclusion, Pradhan Mantri Suraksha Bima Yojana is a robust insurance scheme that provides financial security to people in case of accidental death or disability. It is accessible, affordable, and has unique features that make it an attractive choice for people from all walks of life. By enrolling in PMSBY, you can secure the financial future of your loved ones and live without the fear of unexpected events. However, it is essential to opt for additional health and life insurance policies to ensure comprehensive coverage.
