Rs 12 premium – Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Today, Mr. Narendra Modi has launched Pradhan Mantri Suraksha Bima Yojana Scheme (PMSBY) which offers Rs 2 Lakhs accidental death benefit insurance plan with just Rs 12 premium per annum. You would spend Rs 12 for a cup of tea or coffee. Why not spend Rs 12 for Rs 2 Lakhs accidental death insurance coverage? This is low cost accidental death scheme promoted by Govt. of India. What are the features of Pradhan Matri Suraksha Bima Scheme? How to open this low cost Pradhan Matri Bima Yojana scheme with the banks?
Features of Pradhan Mantri Suraksha Bima Yojana
- This is simple plan which covers Accidental death benefit, total disability and partial disability.
- Sum assured is Rs 2 Lakhs for accidental death benefit and total disability benefit
- Sum assured is Rs 1 Lakh for partial disability.
- Age of entry is 18 to 70 years of age.
- Premium payable is Rs 12 per annum.
- Premium is same for all age groups of 18 to 70 years. This is one more unique features of this scheme.
- This scheme is promoted by Govt. Of India.
- Any individual who has Aadhar linked Savings Bank Account can opt for accidental insurance plan. They need to approach their bank and subscribe to this plan.
- This accidental death plan is for 1 year for the period 1-Jun to 31-May. One can inform their bank and opt for long term and premium would be deducted every year in May month.
FAQ’s of Pradhan Mantri Suraksha Bima Yojana
When this scheme would open for subscription?
This scheme has already opened for subscription, however the effective date of this plan would for the period 1st June, 2015 to 31st May, 2016
What is the premium charged for this life insurance plan?
The premium is Rs 12 per annum, which is same for all age groups.
Who would be nominee under this accidental death scheme?
While applying for this scheme, one need to provide a nominee name for this scheme. In case of unfortunate death of the life insured, sum assured would be paid to the nominee of this plan.
What are the tax benefits of Pradhan Mantri Suraksha Bima Yojana?
Though premium is small, premium paid is eligible for tax deduction u/s 80C of income tax act. In case of unfortunate death of the life insured, life insurance proceeds are tax free. However, any life insurance proceeds in excess of Rs 1 Lakh would attract a 2% TDS in case they have not submitted any Form 15G / Form 15H.
Who is offering this Pradhan Mantri Suraksha Bima Yojana Scheme?
This scheme is promoted by Govt. Of India. All public sector general insurance companies are offering this scheme in tie-up with banks. Other private life insurance companies can join this scheme in collaboration with any bank.
Is there any termination clause in this Suraksha Bima Yojana Scheme?
This accidental death scheme would be terminated in following cases:
- Once an insured individual attains 70 years of age.
- If he or she closes account with the bank where they opted for this scheme.
- If he or she does not keep sufficient funds to renew / pay insurance proceeds in the future who has opted for auto debit facility.
- If any member has covered through more than one account and premiums are deducted for more than 1 account.
Can I join this scheme after 1st June?
Yes. You can join this scheme any time during the year.
I have opted for this scheme, but exited due to some reasons, can I rejoin?
Yes. You can rejoin any time in case you have exited before for some reasons.
Whom I need to contact in case I have any query or question about this scheme?
In case anyone has any questions, they can contact toll free nos. 1800 110 001 or 1800 180 1111 or visit www.jansuraksha.gov.in
How to subscribe for Pradhan Mantri Suraksha Bima Yojana?
You need to have Aadhar linked Savings Bank account to subscribe to this accidental death benefit scheme. You can approach your bank, fill a simple application form of Pradhan Mantri Suraksha Bima Yojana and submit to your bank account. Many banks are offering simple SMS facility now where you can do it in 5 seconds.
Should you subscribe to Pradhan Mantri Suraksha Bima Yojana?
There is no doubt this is a very good scheme promoted by Govt. of India, which offers accident death benefit for just with a cost of a cup of tea. You can consider this scheme. Like I indicated earlier, if you observe, the sum assured of Rs 2 Lakhs is small. You can consider this as additional accidental death insurance coverage. You can suggest this option for your friends / relatives / housemaid at home / your drivers who are in low income group. Premium of Rs 12 per annum is nothing.
Readers, what is your view on this Pradhan Mantri Suraksha Bima Yojana accidental death scheme promoted by Govt. of India?
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Pradhan Mantri Suraksha Bima Yojana