Insurance

Pradhan Mantri Suraksha Bima Yojana – features, benefits and reviews

With an Aim to provide financial security to a broader population, PM Narendra Modi launched two schemes on May 09, 2015 namely Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana. While we have discussed about PMJJBY in another article, let us discuss about PMSBY here. Features and benefits of Pradhan Mantri Suraksha Bima Yojana PPSBY is a accidental insurance scheme which may be opted by any individual to cover the risk of death or disability due to an accident. The scheme covers both full disability as well as partial disability, in case someone met with an accident, at an amazingly low annual premium. Eligibility All those with an age between 18 to 70 years and does have the bank account can participate in this scheme. Benefits The Scheme provides the risk coverage for accidental death, full disability or partial disability in case of an accident. The coverage amount is Rs. 2 lacs in case of accidental death and full dissability. While in case of partial disability, it is Rs. 1 lacs. The amount will be paid to your nominee in case of death. The proceed amount will get tax exemption under section 10(10D) upto the limit of Rs. 1lac beyond which, it will attract TDS of 2%on the total proceeds. Premium This policy is offered at a premium of Rs. 12 per annum (Rs. Twelve per annum). This premium paid will be tax free under Section 80C. How to apply of PMSBY You need to have a bank account linked to Aadhaar number. In case you already have this, then you may apply by filling a simple form with your bank every year before Jun 01. The Scheme will be offered through Public Sector General Insurance Companies and may be later on with other Insurer who may be willing to join along with participating banks. I feel it is a must have scheme for every individual as the risk of accidental death or disability is covered with an amount which costs somewhat same as the cost of eating a samosa :). Even few minute call to chat with our friend if costlier. So let us not make our life cheaper any more and immediately approach our bank for this scheme.
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