What Is PMSBY Insurance ?

PMSBY Insurance : In today’s fast-paced world, unexpected accidents can occur at any moment, leaving individuals and families grappling with financial burdens. This is where Personal Accident Insurance comes into play, offering a safety net in times of adversity. One such insurance scheme that aims to provide affordable personal accident coverage to the masses is the Pradhan Mantri Suraksha Bima Yojana (PMSBY). In this article, we will delve into what PMSBY insurance is all about, its key features, benefits, and how you can avail of this essential financial protection.

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Understanding PMSBY Insurance

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-backed insurance scheme launched by the Government of India to provide accidental death and disability coverage to individuals at an affordable premium. Launched in 2015, PMSBY aims to ensure financial security and peace of mind for individuals and their families in the event of an unfortunate accident.

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Key Features of PMSBY Insurance

1. Affordable Premium

One of the most attractive features of PMSBY insurance is its affordability. With an annual premium of just Rs. 12 (plus applicable taxes), PMSBY offers extensive coverage at a nominal cost, making it accessible to individuals from all walks of life.

2. Accidental Death Coverage

PMSBY provides coverage in the event of death due to an accident. In case of the policyholder’s demise due to an accident, the nominee is entitled to receive a sum assured of Rs. 2 lakh, providing financial support to the bereaved family during their time of need.

3. Permanent Total Disability Coverage

In addition to accidental death coverage, PMSBY also offers coverage for permanent total disability resulting from an accident. If the insured individual sustains permanent total disability due to an accident, they are eligible to receive the sum assured of Rs. 2 lakh, which can help cover medical expenses and other financial obligations.

4. Partial Disability Coverage

PMSBY insurance extends coverage for partial disability caused by an accident. In case of partial disability, the insured individual is entitled to receive a partial benefit amount, depending on the severity of the disability as per the terms and conditions of the policy.

5. Easy Enrollment Process

Enrolling for PMSBY insurance is a hassle-free process. Individuals between the ages of 18 to 70 years with a savings bank account can avail of this scheme by submitting a simple application form and authorizing the annual premium deduction from their bank account.

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Benefits of PMSBY Insurance

1. Financial Security

PMSBY insurance provides financial security to individuals and their families in the event of an unforeseen accident. The sum assured offered under this scheme can help mitigate the financial impact of medical expenses, loss of income, and other related costs.

2. Peace of Mind

By enrolling in PMSBY insurance, individuals can enjoy peace of mind knowing that they are protected against the financial consequences of accidental death or disability. This assurance allows them to focus on their personal and professional endeavors without worrying about the uncertainties of life.

3. Accessibility

PMSBY insurance is designed to be accessible to all sections of society, including those from rural and economically disadvantaged backgrounds. The low premium amount and simple enrollment process make it easy for individuals to avail of this essential financial protection.

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How to Avail PMSBY Insurance ?

1. Eligibility Criteria

To avail of PMSBY insurance, individuals must meet the following eligibility criteria:

• Age: Individuals between 18 to 70 years of age are eligible to enroll in PMSBY.
• Savings Bank Account: Applicants must have an active savings bank account linked to Aadhaar.

Enrolling for PMSBY insurance is a straightforward process:

• Visit your bank branch or insurance provider’s website.
• Fill out the PMSBY application form with accurate details.
• Authorize the annual premium deduction from your savings bank account.
• Upon successful enrollment, you will receive a confirmation message and policy document. Conclusion

conclusion :

PMSBY insurance is a valuable financial tool that provides affordable personal accident coverage to individuals across India. With its low premium, extensive coverage, and easy enrollment process, PMSBY ensures that everyone has access to essential financial protection against the uncertainties of life. By enrolling in PMSBY insurance, individuals can safeguard their financial future and enjoy peace of mind knowing that they and their families are protected in the event of an unfortunate accident.