PM Suraksha Bima Yojana: Did you know you can get Rs 2 lakh accident insurance for just Rs 20? Find out how

The PM Suraksha Bima Yojana (PMSBY) is an accident insurance scheme backed by the government that offers financial protection in case of accidental death or disability.

An annual premium of only Rs 20 per member is collected by the scheme, whereby the amount is deducted automatically from the bank or post office account of the individual on or before June 1 every year.

Coverage under PMSBY is valid for the period of one year from June 1 to May 31, and gets renewed each year automatically via the auto-debit facility.

In case of accidental death, the nominee of the insured person receives a compensation amount of Rs 2,00,000.

The subscriber will be eligible to receive an amount of Rs 2,00,000 if they suffer total and irrecoverable loss of both eyes, both hands, both feet, or loss of sight in one eye along with loss of a hand or foot.

For partial disability like loss of vision in one eye or the loss of use of one hand or one foot, the subscriber is entitled to receive Rs 1,00,000.

Individuals aged between 18 and 70 years who hold a bank or Post Office savings account and provide consent for auto-debit are eligible to enrol in this scheme.

PMSBY's coverage ends when the insured reaches 70 years of age, closes their bank account, or has insufficient balance to pay the premium. Moreover, if a person is enrolled through several accounts, the insurance will still only cover Rs 2 lakh.

For an extremely affordable premium of just Rs 20 a year, PMSBY offers considerable financial protection to individuals and their families by covering major accidental risks.