PM Suraksha Bima Yojana, ₹2 lakh cover for just ₹20:18–70-year-olds eligible for this scheme; know the key details

The Pradhan Mantri Suraksha Bima Yojana provides life insurance cover of up to ₹2 lakh for an annual premium of ₹ 20, less than ₹2 a month. Under this insurance scheme, the nominee or family receives ₹2 lakh if the beneficiary dies in an accident. No medical examination is required to purchase the insurance. Here, we explain this scheme to you… Question 1: What is this accident insurance scheme, and how much coverage and premium does it involve? Answer: This is a personal accident insurance scheme with a one-year term that can be renewed every year. Under the scheme, the insurance benefit is paid in the event of death or disability caused by an accident. Its annual premium is only ₹20. Question 2: What is considered an ‘accident’ under the scheme? Are natural disasters or murder covered? Answer: Under the scheme, an ‘accident’ means an event caused by sudden, unexpected and external or visible factors. Question 3: Who can join this scheme and what is the age limit? Answer: All individual (single or joint) savings account holders of banks or post offices aged 18 to 70 are eligible for this scheme. If a person has accounts with more than one bank, they can still join the scheme through only one bank account. In the case of a joint account, all account holders can avail themselves of the benefits of the scheme by paying an individual premium of ₹20 each. Question 4: How is the premium paid, and when does the insurance cover begin and end? Answer: The premium is paid once a year from a bank or post office account through the ‘auto-debit’ facility. The insurance period runs from 1 June to 31 May every year. If a person is unable to enrol at the outset, they can join in the following months or years by paying the annual premium. However, the risk cover will begin from the date the premium is debited. Question 5: Can NRIs benefit from this scheme? If someone leaves the scheme midway, can they rejoin? Answer: NRIs who hold an account with a bank located in India can also avail themselves of this cover. However, in the event of a claim, the amount will be paid only in Indian rupees. Question 6: Under what circumstances can the insurance cover end or be cancelled? Answer: The accidental insurance cover ends in the following circumstances: Question 7: Will hospitalisation expenses be covered after an accident? Who will receive the claim in the event of death? Answer: The scheme does not cover medical expenses incurred during hospitalisation. Question 8: How important is a police report or FIR for making a claim? Answer: A police report/FIR is required in cases of death caused by a road, rail, or vehicle accident, drowning or any criminal incident. However, in incidents such as snake bites or falls from trees, the claim may be processed on the basis of the immediate medical records from the hospital. Question 9: Where can one avail the benefits of this scheme?​​​​​​ Answer: Insurance can be obtained under this scheme through insurance companies. In addition, the benefits of the Pradhan Mantri Suraksha Bima Yojana can be availed of at any branch of the bank where you hold an account.