🚂 Current Fix Deposit Rates 🌞 SBI - General Citizen 3% to 7.10% Senior Citizen - 3.60% to 7.60% 🌞 HDFC - General - 3.00% to 7.40% Senior Citizen - 3.50% to 7.90% 🌞 ICICI - General - 3% to 7.10% Senior Citizen - 3.50% to 7.60% 🌞 PNB - General - 3.50% to 7.25% Senior Citizen - 4% to 7.75% 🌞 Kotak Mahindra - General - 2.75% to 7.20% Senior Citizen - 3.25% to 7.70% 🌞 Axis - General - 3.50% to 7.10% Senior Citizen - 3.50% to 7.85% 🌞 Bank of Baroda - General - 3% to 7.25% Senior Citizen - 3.50% to 7.55% 🚂 Current Recurring Deposit Rates 🌞 SBI - General 4.40% to 5.50% Senior Citizen 4.90% to 6.20% 🌞 ICICI - General 3.50% to 5.50% Senior Citizen 4% to 6.30% 🌞 HDFC - General 4.40% to 5.50% Senior Citizen 4.90% to 6.25% 🌞 KOTAK - General 4.30% to 5.20% Senior Citizen 4.80% to 5.70% 🌞 AXIS - General 4.40% to 5.75% Senior Citizen 4.65% to 6.50% 🌞 IDBI - General 7% to 7.15% Senior Citizen 7.50% to 7.65% ☁️ National Pension Scheme - 9% to 12% pa ☁️ Employees Provident Fund - 8.15% pa ☁️ Public Provident Fund - 7.1% pa Pradhan Mantri Suraksha Bhima Yojna

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Pradhan Mantri Suraksha Bhima Yojna

 

What is Pradhan Mantri Suraksha Bhima Yojna (PMSBY) ?

Pradhan Mantri Suraksha Bhima Yojna is a accidental scheme in India, the goal of this scheme is to provide accidental death and disability benefits to an individuals at an affordable cost. The scheme is launched and backed by Government of India in 2015.  It is directly link with the bank account of the investors.  The premium of insurance policy is is very low, which is directly debited from the individual’s savings account.  

Following are the PMSBY Scheme Details:

Affordable Premium: The premium for Pradhan Mantri Suraksha Bhima Yojana is very low, making it accessible to a wide range of people. As of my last update, the PMSBY premium was set at  Rs. 20 per annum.

Accidental Death Coverage: The scheme provides coverage in the event of death due to an accident. In such cases, a sum assured of Rs. 2 lakh is paid to the nominee of the insured person.

Permanent Disability Coverage: Pradhan Mantri Suraksha Bhima Yojana also offers coverage for permanent total disability and permanent partial disability in an accident. In the case of permanent total disability, the sum assured is Rs. 2 lakh, while for partial disability; the benefit amount varies based on the severity of disability.

PMSBY age limit: Individuals between the ages of 18 to 70 years can enrol in this scheme. The coverage is provided for a period of one year, renewable annually.

Automatic Renewal: The policy under Pradhan Mantri Suraksha Bhima Yojana is renewable on an annual basis. It also offers the option of automatic renewal, provided the insured person maintains the required balance in the bank account linked to the scheme.

No Health Check-up Required: Unlike many other insurance schemes, Pradhan Mantri Suraksha Bhima Yojana does not require any health check-up for enrolment.

Conclusion:

This scheme was introduced to promote financial inclusion and to provide a social security net to individuals who may not have access to comprehensive insurance coverage. It has been particularly beneficial for economically weaker sections of society.


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