The government’s Pradhan Mantri Bima Suraksha Yojana came as a relief to those families who had no means to deal with sudden accidents. The objective of this scheme was that every citizen should have basic security at minimum cost.

Accident insurance cover is given under this scheme. That is, if a serious accident happens to a person and he loses his life. So his family can get financial help. This cover has been designed to support poor and needy families in times of crisis.

Accident cover of Rs 2 lakh is given at an annual premium of just Rs 20. It was started in 2015 and since then lakhs of people have joined this scheme. If the policy holder dies in an accident. So the nominee gets the full amount.

image 4The plan is not limited to death only. If the insured becomes partially disabled in an accident. So Rs 1 lakh is given. In case of complete disability, one gets Rs 2 lakh. In this way, this scheme directly benefits not only the family but also the policy holder himself.

Another specialty of this scheme is its simple process. The premium is Rs 20 annually and is auto-debited directly from the account. The cover is valid from 1st June to 31st May every year. With this, people neither need to remember dates nor have to worry about separate payments.

Any Indian citizen between 18 to 70 years can participate in it. Interested people can fill the form by visiting their bank or nearest common service centre. Due to low premium and large cover, this plan remains one of the most affordable protection options today.