Pradhan mantri suraksha bima yojana

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.