Features of Pradhan Manatri Suraksha bima yojana and its benefits

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3. Aim to provide financial
security to a broader
population, PM
launched the scheme on
May 09, 2015 namely
Pradhan Mantri
Suraksha Bima Yojana.

4. All those with
an age between
18 to 70 years
and does have
the bank
account can
participate in
this scheme.

5. 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.

6. This policy; Pradhan
Mantri Suraksha Bima
Yojana is offered at a
premium of Rs. 12 per
annum (Rs. Twelve per
annum). This premium
paid will be tax free
under Section 80C.

7. • Insurance Premium to Insurance
Company: Rs.10/- per annum per member
• Reimbursement of Expenses to
BC/Micro/Corporate/Agent : Rs.1/- per
annum per member
• Reimbursement of Administrative expenses
to participating Bank: Rs.1/- per annum
per member

8. 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.

9. State Bank of Hyderabad Indian Overseas Bank
State Bank of Mysore Punjab National Bank
Andhra Bank Syndicate Bank
Allahabad Bank UCO Bank
Bank of Baroda Oriental Bank of Commerce
Bank of India Union Bank of India
Punjab & Sind Bank United Bank of India
Bank of Maharashtra Vijaya Bank
Canara Bank Axis Bank Ltd
Central Bank of India ICICI Bank Ltd
Corporation Bank IDBI Bank Ltd
Dena Bank State Bank of Travancore
Indian Bank

10. The accident cover of the member shall termi nate/be restricted
accordingly on any of the following events:
i. On attaining age 70 years (age neared birth day).
ii. Closure of account with the Bank or insufficiency of
balance to keep the insurance in force.
iii. In case a member is covered through more than one account
and premium is received by the insurance company
inadvertently, insurance cover will be restricted to one
account and the premium shall be liable to be forfeited.

11. Visit simplypaisa.com for more financial advice