Pradhan Mantri Shishu Suraksha Yojana (PMSBY): Protecting Children with Affordable Insurance
- Financial Vines
- Dec 7, 2023
- 2 min read
The Pradhan Mantri Shishu Suraksha Yojana (PMSBY) is a government-backed insurance scheme launched in 2016 to provide accidental death and disability cover to children aged 0-18 years. This affordable scheme aims to provide financial security to families in case of an unfortunate event, ensuring children's well-being and future.
Eligibility
All children in India, aged 0-18 years, are eligible for PMSBY.
Parents or guardians can enrol their children in the scheme.
How to Apply
PMSBY can be applied for through authorised banks and post offices across India.
The application process is simple and requires minimal documentation, including:
Child's birth certificate
Address proof of parent/guardian
Identity proof of parent/guardian
Bank account details (for auto-debit of premium)
The annual premium for PMSBY is a mere ₹12, making it accessible to families from all income backgrounds. This premium can be paid annually or in instalments.
Benefits
Accidental Death
In the unfortunate event of accidental death, the child's nominee will receive a lump sum payment of ₹2 lakh.
Permanent Total Disability
If the child suffers permanent total disability due to an accident, they will receive a lump sum payment of ₹2 lakh.
Partial Disability
In case of partial disability, the child will receive a proportionate amount of the ₹2 lakh sum assured, based on the extent of disability.
Simple Claim Settlement
The claim settlement process for PMSBY is quick and hassle-free.
Auto-Debit Facility
The premium can be auto-debited from the parent/guardian's bank account, ensuring timely payment and uninterrupted coverage.
Key Features
Affordable premium: ₹12 per year
Extensive coverage: Accidental death and disability
High sum assured: ₹2 lakh
Easy application process
Wide reach: Available through banks and post offices
Simple claim settlement
Tax benefits: Premiums paid towards PMSBY are eligible for tax deduction under Section 80C of the Income Tax Act.
Additional Resources
PMSBY Official Website: [https://pfms.nic.in/](https://pfms.nic.in/)
Contact the helpline number: 1800-111-565 or 14555 for further assistance.
With its minimal cost and extensive benefits, the Pradhan Mantri Shishu Suraksha Yojana offers a valuable safety net for children and their families. Consider enrolling your child in this scheme today and ensure their future financial security.
Nice scheme