Pradhan Mantri Suraksha Bima Yojana(PMSBY) scheme is available to the Indian citizens between the age of 18 -70 years old with an active savings account. It offers risk coverage of ₹2 lakh for accidental death and full disability and ₹1 for partial disability.The premium for PMSBY is only ₹12 per year,and the amount is auto debited from the bank account.The GST is free on pradhan mantri suraksha bima yojana.The coverage is for a period of one year,starting june 1 to may 31 of the next year.it can be renewed annually.
Features of Pradhan mantri suraksha bima yojana:
- One can purchase the policy for a small amount of ₹12.
- The beneficiaries of the policy will receive the death benefit after the unfortunate death of the insured in an accident.
- The premium amount is direct debited from the linked savings bank account.
- Easy to understand exide and re-entry measures.
Benefit of suraksha bima yojana:
- The policy offers accidental insurance cover without having to spend a lot of money.
- The policy provides financial aid to the dependents if the insured dies in an accident.
- With the auto-debit option, the insured no longer has to worry about missing the premium due dates.
- The policy offers secure processing and continuous coverage.
- The policy offers secure processing and continuous coverage.
- The insured gets the flexibility to either continue or discontinue the plan as per their wish.
| The premiums paid towards the plan can be claimed for tax deductions under Section 80C of the old income tax regime. Also, the sum of up to ₹1 lakh received by the beneficiaries is non-taxable under Section 10(10D) of the Income Tax Act, 1961. |