There are many such schemes of the Central Government which are proving beneficial for different sections. One such scheme is Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Under this scheme, if you have only Rs 20, then you can avail insurance cover up to Rs 2 lakh. Let us tell you that under the scheme, coverage of Rs 2 lakh is available for accidental death and permanent total disability. At the same time, Rs 1 lakh is given on permanent partial disability. However, let us know the details of this plan.
What is the plan
This is a one year accident insurance plan, which is renewable every year. This plan covers death or disability due to an accident. Individuals in the age group of 18-70 years having account in savings bank or post office are eligible for registration under this scheme.
May 31 is an important day
The coverage period under this scheme is from 1st June to 31st May. Renewals are done annually on or before 31st May. Under this, an amount of Rs 20 will automatically be deducted from your account.
How to register
Registration under the scheme can be done by visiting the branch/BC point or website of the account holder’s bank or by visiting the post office in respect of post office savings bank account. Under the scheme, the premium can be paid by auto-debit from the bank account based on the order placed by the subscriber only once.
