Pradhan Mantri Suraksha Bima Yojana: Invest as little as Re 1 to get Rs 2 lakh, here’s how

PMSBY has a low annual premium of Rs 12 which is paid at the end of May.

New Delhi: The central government runs a number of programmes that are designed to benefit the general public. One such efficient scheme is the Pradhan Mantri Suraksha Bima Yojana, which allows you to receive accidental insurance worth Rs 2 lakh by investing just one rupee per month or  Rs 12 per year. This plan offers life insurance at a very low cost. Let's get to the bottom of it.

Premium in the month of May

It's worth remembering that the Central Government launched the Pradhan Mantri Suraksha Bima Yojana at a relatively cheap premium a few years ago. PMSBY has a low annual premium of Rs 12. It has a premium that is paid at the end of May. The most crucial part is that on May 31st, this sum will be taken automatically from your bank account. So, if you've taken PMSBY, keep in mind that your bank account should not be empty.

Terms and Conditions of PMSBY

The advantages of the PMSBY Scheme are subject to certain limitations. To take advantage of this, the applicant's age has been set as 18-70 years old. This plan's annual cost is merely Rs 12 (about Re 1 each month). Keep the balance in the bank because the PMSBY policy premium is deducted immediately from the bank account. Apart from that, when the policy is purchased, the bank account is linked to PMSBY. In the event of the customer's accidental death or handicap, a sum of Rs 2 lakh is granted to the dependent of the customer who purchased the insurance.

Registration Process 

You can apply for this policy at any bank office to take benefit of this scheme. Friends from the bank are also promoting the PMSBY plan door to door. You can also call an insurance agent for this. This plan is also sold by the government and numerous commercial insurance providers.