Investor’s Query: There are recently 3 schemes has been launched under PRADHAN MANTRI SURAKSHA BEEMA YOJNA (PMSBY) which are as follows:
- Accident Insurance of Rs.2 lacs (Premium Rs.12 PA only)
- Life Insurance of Rs.2 lacs (Premium Rs.330 PA only) Age limit is up to 50 Years.
- Pension Schemes (maximum pension limit is Rs.5,000/- pm after 60 years). Age limit is up to 40 Years and premium will vary case to case as it depends on your age.
Is it worth going for the above mentioned schemes?
Mr. Gerard Colaco: “The personal accident and life insurance covers under the PMSBY are actually meant for the poor or the lower middle class at the most. The premiums are heavily subsidized and therefore very small. So are the covers. The policies are also open to everyone. There is no harm is going in for these policies.
I do not recommend the pension policy. There is no way these will give higher returns than investments in diversified equity funds over ten years or more.”
