All You need to Know About Pradhan Mantri Suraksha Bima Yojana

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Important points of the Pradhan Mantri Suraksha Bima Yojana (PMSBY) – It is an accidental Death Insurance.

Eligibility: Available to people in age group 18 to 70 years with bank account.
Premium: Rs 12 per annum.
Payment Mode: The annual premium will get directly auto-debited by the bank from the subscriber’s account.
Risk Coverage: For accidental death and full disability – Rs 2 Lakh and for partial disability – Rs 1 Lakh.
Eligibility: Any person with bank a bank account and Aadhaar number linked to the bank account can apply by just submitting the form to the bank every year before 1^st of June. Nominee name to be given in the form at the time of applying.
Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
Who will implement this Scheme?: The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).But if the proceeds from insurance policy exceed Rs.1 lakh , TDS at the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.

The official scheme website: www.jansuraksha.gov.in.

National Toll-Free – 1800-180-1111 / 1800-110-001

StateWise Toll free numbers: Statewise Toll-Free (pdf)

pradhan mantri suraksha bima yojna