Pradhan Mantri Suraksha Bima Yojana: Here’s all you need to know

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The central government started Pradhan Mantri Suraksha Bima Yojana (PMSBY) a few years ago to cover those who cannot afford to pay insurance premiums. The annual premium of PMSBY is only Rs 12.

This amount is automatically deducted from your bank account on May 31. If there is zero balance in the bank account at the end of May, then this policy will be cancelled.

What are the conditions?

– The policy will end in case of bank account closure.

– Only one bank account can be linked to the scheme.

– The policy cannot be renewed if the premium is not deposited.

So far, 13.53 crore people have been covered under PMSBY. According to government data, about 1.5 lakh people are joining the scheme every week. People between the age of 18-70 years can take advantage of the scheme. The plan is linked to the bank account at the time of purchasing the policy. According to the policy, on the death or accident of a customer buying insurance, his dependent gets Rs 2 lakh. On being partially disabled, he gets an amount of 1 lakh rupees.

How to register for PMSBY?

– You can apply for Suraksha Bima Yojana by going to any bank branch

– Through Bank Mitra, you can also open this from home

– Insurance agents can also be contacted for this

– Government insurance companies and many private insurance companies also sell this plan