Pradhan Mantri Suraksha Bima Yojana: Get Rs 2 lakh insurance by paying just Rs 20 annually; details here

The Union government recently launched Pradhan Mantri Suraksha Bima Yojana (PMSBY) which offers the risk coverage of Rs 2 lakh in case of accidental death and full disability, and Rs 1 lakh in case of partial disability. Individuals between the age of 18 and 70 years can take the benefit of this scheme. The interested individuals should have a bank account. The coverage period is from 1 June to 31 May on a yearly renewal basis, so policyholders have to give their consent for joining or enabling auto-debit on or before 31 May. According to a report by News18, at least 75 per cent of Indians are not covered under any type of life insurance. In order to increase the reach of life insurance to the rest of the population, this initiative has been taken by the government. Details of the scheme: The scheme is being provided by the Public Sector General Insurance Companies or any General Insurance Company, who want to give the product on similar terms with the required approvals and tie up with banks for this purpose. With the help of the auto-debit facility, a premium of Rs 20 per annum will be deducted from the bank account of the account holder in one installment. The individual’s Aadhaar card is going to be the primary KYC for the bank account. The accident cover for the member will be terminated once he/she attains the age of 70 years. The same can also happen in case of insufficient balance or account closure with the bank (or Post Office). The participating bank or post office is going to be the master policy holder on behalf of the subscribers who are participating. This is not the only insurance scheme introduced by the Centre. Another such scheme is Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY). This scheme offers risk coverage of Rs 2 lakh in case of death of the insured due to any cause. One must be between the age of 18 and 50 years in order to enter this scheme. In the scheme, a premium of Rs 436 per annum will be auto-debited from the subscriber’s bank account in one installment. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.