The Government of India has introduced several social security schemes so that citizens can avail of insurance and financial security at reasonable rates. Among these, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the most sought-after schemes. For a mere small monthly contribution, a person is entitled to a huge risk cover. Below is a detailed explanation about how an investment of ₹1,000 monthly can provide financial security and returns of up to ₹3 lakh under this scheme.
What Is PM Suraksha Bima Yojana?
PM Suraksha Bima Yojana is an accidental insurance scheme introduced by the Government of India. It offers coverage against accidental death or disablement at a very subsidized premium rate. The scheme aims to grant social security to poor and middle-class families who cannot afford to pay high premiums for any other form of insurance.
Benefits of PMSBY
- Upon accidental death, a sum of ₹2 lakh is payable to the nominee.
- In case of a permanent total disability, the sum insured of ₹2 lakh would be paid.
- In terms of partial permanent disability, an amount of ₹1 lakh is paid to the insured.
- Annual premiums are almost negligible at ₹12, which is auto-debited from the bank account.
How ₹1,000 Monthly Investment Works
Though the premium of PMSBY is just ₹12 yearly, individuals often invest additional money through related small saving plans or insurance-linked deposits to create a secure financial cushion. By consistently investing ₹1,000 monthly in linked saving options alongside PMSBY, one can build a corpus of around ₹3 lakh over time, while also enjoying accident insurance coverage under the scheme.
Eligibility for PMSBY
- The applicant should be aged between 18 and 70 years.
- Must have a savings bank account.
- The premium will be auto-debited directly from the linked bank account.
Why Should You Enroll
The PMSBY is a super cheap accident insurance that benefits families in the event of an accident. For just ₹12 per annum, you stand to have optional disciplined savings combining saving with protection. It offers you peace of mind and provides security to the dependents.
Conclusion
Pradhan Mantri Suraksha Bima Yojana is a mightier financial security measure at very low costs. While contributing ₹1,000 monthly along with the scheme, you can ensure your safety and financial future. This is a must-have scheme for all, especially for people coming from the middle and lower-income class.
