In the last few years the central government has introduced a number of Life Insurance Schemes and the most prominent one being 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. 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 nil. 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. To be a part of Pradhan Mantri Suraksha Bima Yojana, the applicant must first attach his AADHAAR card to the bank and then fill up a form and submit it to the bank before June 1 of each year. If one has a joint account then in this case all the account holders can join the scheme. Also, one can join the scheme only through a bank account.