Accidents and unforeseen events can leave families financially vulnerable. To mitigate this risk, the Indian government launched Pradhan Mantri Suraksha Bima Yojana (PMSBY), a affordable insurance scheme. Let us explore PMSBY’s features, benefits, eligibility, and enrollment process.
*What is PMSBY?*
PMSBY is a government-backed accidental insurance scheme launched in 2015. It provides financial protection to families against accidental deaths or disabilities.
*Key Features:*
1. Annual premium: ₹12
2. Age limit: 18-70 years
3. Coverage: ₹2 lakh (accidental death), ₹1 lakh (partial disability)
4. Policy period: June 1 to May 31
5. Renewal: Automatic, subject to premium payment
*Benefits:*
1. Affordable premium
2. Financial protection for families
3. Simple enrollment process
4. Government-backed scheme
5. Tax benefits under Section 80C
*Eligibility:*
1. Indian citizens
2. Age 18-70 years
3. Having a savings bank account
4. Not covered under other government-funded insurance schemes
*How to Enroll:*
1. Visit nearest bank branch or insurance company
2. Fill application form
3. Provide required documents (ID, address proof, etc.)
4. Authorize auto-debit for premium payment
*Claims Process:*
1. Notify insurance company/bank within 30 days of accident
2. Submit claim form and documents (post-mortem report, etc.)
3. Claim settlement within 30 days
*Conclusion:*
PMSBY offers financial security to individuals and their families against unforeseen events. With its affordable premium and simplified enrollment process, it’s an essential safety net for India’s vast population.