Pradhan Mantri Suraksha Bima Yojna (PMSBY) is offering accidental insurance at Rs. 12 to the poor and low-income group people. The security cover is for one year but it can be renewed every year. Run by government of India, the scheme covers accidental death and disability.
Low cost PMSBY
People aged between 18-70 years of age with savings accounts can take advantage of this insurance scheme. The scheme covers accidental death including murder and disability. But temporary and partial disabilities aren’t covered under the insurance.
Highlights of PMSBY
• Rs. 2 lakh insurance for death due to accident and permanent total disability. Rs. 1 lakh for permanent partial disability.
• Permanent disability could be loss of a limb or vision in both eyes or even in one eye.
• The insured persons are allowed to quit the scheme at any time they want.
• Like other insurance policies, PMSBY also allows the nominee or the next of the kin of the deceased to collect the insurance amount.
• The insurance cover is provided at a much lower cost in comparison to other insurance policies.