PM Suraksha Bima Yojana

Insurance is an essential service to enrol into. Times are unpredictable, and you never know what comes your way. Insurance is a soft-bed to free fall on when the going gets tough. The government actively acknowledges the importance of insurance and hence has started its own insurance scheme known as PM Suraksha Bima Yojana (PMSBY). 

About the PM Suraksha Bima Yojana

The PM Suraksha Bima Yojana is an accident and disability insurance scheme where it covers the policyholder in cases like death and disability. There are, however, certain restrictions to the cause of death and the nature of the disability. For example, death by suicide is not covered under the PM Suraksha Bima Yojana. In the case of non-permanent disabilities or even partial disability without irrecoverable loss, the benefits of the scheme will not be applicable. 

Features of the PM Suraksha Bima Yojana

The scheme has specifically been designed to offer financial aid and assistance to those in the lower-income group so that they have a chance to insure themselves against unfortunate events in life. 

Here are some of the features that the PMSBY offers:

  1. The PMSBY offers a low-priced policy that can be purchased for just ₹12. You get accident insurance for this price, without having to spend a lot as compared to other policies available. 
  2. In case of the unfortunate death of the policyholder, the money is given to the nominee. This is so done to maintain the welfare of the family. 
  3. Auto-debit is a fine feature which this scheme offers. So forget having to go to your bank to renew your policy. This would be an automated process, and therefore, one less thing to worry about; one less chore to take care of. 
  4. With the PMSBY, you have the choice to choose a long-term policy or stick with a short term policy. You can even opt for yearly renewability. 
  5. Super easy exit and re-entry, in case you aren’t so sure about your finances. This offers flexibility to those who do not always have a steady source of income and leads to their finances dwindling regularly. 
  6. It saves up on tax. Deductions according to section 80C and Sum insured of ₹1 lakh are non-taxable as per section 10 (10D) of the Income Tax act. 

Eligibility criteria for the PM Suraksha Bima Yojana

In order to benefit from the features of the PMSBY, there are certain eligibility criteria to meet. Here there go, as follows:

  1. The minimum age needed to be a part of this scheme is 18 years
  2. The maximum age limit prescribed by the PMSBY is 70 years. 
  3. The potential policyholder should have active savings account with a government bank
  4. The applicant’s savings bank account should be integrated with the person’s Aadhar card
  5. The applicant would have to make a minimum premium payment of ₹12. 

In conclusion

The PMSBY is eventually a sure-fire way to ensure your future and make sure that any harm coming your way will not have a financial consequence thereafter. Life is unpredictable; and hence with this scheme, you get a chance to secure the future of your family members.

Similar Yojanas

Prime minister-launched schemes in India

Over the years of Indian Politics, many prime ministers have implemented schemes and welfare initiatives. These schemes are mainly funded by the central government of India and also by the state governments. Atal Bihari Vajpayee, Manmohan Singh, Rajiv Gandhi, and Narendra Modi have worked for the betterment of society.

One unique aspect of the schemes is their catchy names, such as Swachh Bharat Mission and Smart Cities Mission. The names have much more attention from masses. The government of India under the influence of prime ministers has doubled many of its flagship schemes and programs. Recently, on May 31, 2019, the government declared to extend PM Kisan Samman Nidhi. The scheme was originally available to only some categories of farmers; it has now been made available to all farmers in the country. Under this scheme, farmers are annually paid Rs. 6,000 in three installments. Over 145 million people would be benefitted from this. Launched by September 2018, PM Jan Arogya Yojana would be targeting 107 million people. New Jal Shakti Ministry has been announced with the aim of availing piped water to all Indian families by 2024. Schemes have also been launched for better skill-training activities and entrepreneurship, such as Skill India Mission and Make in India Mission. The National Rural Employment Guarantee Act was launched in 2005 for social security purposes, promising livelihood and employment to rural areas.

There are many pension-related schemes for our country’s farmers, traders, and entrepreneurs. Startup India is one of the flagship initiatives launched for strengthening startup culture and professional ecosystem. While prime ministers-launched schemes have done the best to fix agricultural crisis, employment and investment are expected to be next on the government’s agenda.