Key Features of PMSBY:
- Accidental death and disability cover: Offers financial support in case of accidental death or permanent disability due to an accident.
- Coverage amount: Provides a benefit of Rs. 2 lakhs for accidental death or total permanent disability. In case of partial permanent disability, a benefit of Rs. 1 lakh is offered.
- Eligibility: Open to savings bank account holders between 18 and 70 years old.
- Premium: Affordable at Rs. 20 per year, automatically deducted from your bank account.
- Renewal: It's a one-year policy that automatically renews every year if the premium is deducted.
Benefits of PMSBY:
- Affordable protection: Offers financial security to your family in case of an accident at a very low cost.
- Easy enrollment: No medical tests are required, you can sign up through your bank or post office (if they offer it).
- Automatic renewal: Coverage continues as long as the premium is deducted.
- Simple claim process: Streamlined claim settlement process for your nominee.
Some Important Points to Remember:
- Enrollment limitations: Only available to savings bank account holders.
- Age restrictions: You can enroll between 18 and 70 years old.
- Coverage period: The policy covers accidents that happen during the one-year validity period.
