How I Budget My Monthly Salary – A Realistic Plan for Indian Families

-
Image
Managing monthly expenses can feel like a never-ending puzzle, especially for Indian families trying to balance needs, goals, and surprises. I’ve been there—and after trial and error, I found a system that works. In this blog, I’ll share my simple but powerful monthly budgeting plan. It’s not perfect, but it’s practical, real, and built for Indian middle-class life.
Post a Comment

Rs.20-la 2 Lakh Accident Insurance – PMSBY Scheme Explained Simply (with My Real Experience)

-

"PMSBY ₹20 Accident Insurance Scheme Explained – Coverage Details and Eligibility"

In a world where private insurance premiums cost thousands every year, the Indian government offers a powerful accident insurance scheme for just ₹20 per year – yes, just ₹20! It's called PMSBY – Pradhan Mantri Suraksha Bima Yojana.


In this post, I’ll explain everything about PMSBY – what it is, who should take it, how to apply, and why I personally enrolled myself and my family. Read till the end – I’ve added FAQs too.


---


🔍 What is PMSBY?


PMSBY stands for **Pradhan Mantri Suraksha Bima Yojana** – an accident insurance scheme launched by the Government of India in 2015.


It provides:

- ✅ ₹2 lakh coverage for **accidental death or permanent total disability**

- ✅ ₹1 lakh coverage for **partial disability**

- 🔄 Policy auto-renews every year (May to May)

- 💰 Premium: ₹20/year only


---


👤 Who is Eligible?


- Any Indian citizen aged **18 to 70 years**

- Must have a **savings bank account**

- Should give **consent for auto-debit**


---


🏦 How to Apply?


1. Login to your **bank app or net banking**

2. Look for “Insurance” or “Govt schemes” tab

3. Select **PMSBY**

4. Fill Aadhaar and nominee details

5. Accept terms → ₹20 will be auto-debited yearly


✨ Most major banks like SBI, HDFC, ICICI, Canara, Indian Bank, and even rural banks support this.


---


🧠 Why I Chose It – My Real Thoughts


Last year, a relative of mine met with a small accident and had no insurance. It made me rethink protection. ₹20/year is not even 2 cups of tea – but gives 2 lakh security.


So I enrolled:

- Myself

- My wife

- My parents


Total premium = ₹20 x 4 = ₹80/year for ₹8 lakh total coverage 💥


---


📊 Coverage Summary:


| Situation                                   | Payout |

| Accidental Death.                   | ₹2,00,000 |

| Permanent Total Disability  | ₹2,00,000 |

| Partial Disability                     | ₹1,00,000 |


---


📌 Important Notes:


- This is **not life insurance** – only for accidents

- Claim process goes through your bank

- Keep nominee details updated

- Auto-renewal happens every May – maintain balance


---


❓ Frequently Asked Questions (FAQs)


**Q1: What if I have other insurance?**  

No problem – this is an add-on. PMSBY gives extra protection.


**Q2: Can I take for my parents?**  

Yes, if they are under 70 and have a bank account.


**Q3: How do I claim?**  

Inform the bank → Submit accident proof & documents → Claim is processed.


---


🎯 Final Words


We insure phones and bikes. But for ₹20/year, we hesitate to insure our life? PMSBY is a no-brainer. Don’t ignore it.


I’ve taken it for my family. You should too.


If you found this helpful, share this post with someone who might benefit from it. 🙏


- Sathyanand Rajendran

Comments

Post a Comment

Popular posts from this blog