New Delhi The Prime Minister Suraksha Bima Yojana (PMSBY) was started by the Central Government to provide benefits of the insurance scheme to the economically weaker sections. In this plan, a nominal premium is charged from the insured. The annual premium under this scheme is only Rs 12. That means only 1 rupee per month. This premium has to be paid in May.
What is Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana is a kind of accident policy. If someone dies or becomes crippled during an accident, the sum assured can be claimed. There is insurance of up to 2 lakh rupees and only 12 rupees have to be paid annually for this.
Insurance up to 2 lakh rupees in the plan
The duration of this plan is one year. This has to be paid in May. To register under this scheme, an application can be made by going to any nearest bank. In this, the amount is deducted from the bank account linked to the scheme in May. It has to be renewed every year. In the event of death due to accident or being completely crippled, insurance of Rs 2 lakh is provided under this scheme and Rs 1 lakh for partial disability.
Policy premium is cut in May
People between the age of 18-70 years can avail the benefit of Pradhan Mantri Suraksha Bima Yojana. To take advantage of this scheme, there should be a bank account, which is linked to this scheme. Premium amount is deducted from this account. This policy is canceled if there is no balance in the account. Apart from this, this policy gets canceled even when the bank account is closed. Therefore, it is necessary to keep the bank account current and the balance in it.
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