Pradhan Mantri Suraksha Beema Yojana is one of the ambitious
social security scheme launched by Government of India on May 2015. Pradhan
Mantri Suraksha Bima Yojana (PMJJBY) is accidental insurance plan which is
aimed at covering the life insured for sum of Rs 2.00 Lakhs at a highly
affordable premium of just Rs.12 per year. PMSBY Scheme is available for people
in the age group 18 to 70 years.
PMSBY can be availed through all the commercial banks in
India. Person with savings bank account can enrol for the scheme.
Multiple enrollments are not allowed. Risk coverage of Rs. 2 Lakhs is
offered for accidental death and permanent total disability and Rs. 1 lakh for
permanent partial disability for one year period stretching from 1st June to
31st May. PMSBY is one year accidental insurance plan and renewed every year by
end of May through auto debit from savings account.
PMSBY Premium is eligible for tax deduction under section 80C
Of Income Tax Act. And Sum Assured Received up to Rs 1.00 Lakh is tax free
under Section 10(10D) of Income Tax Act.
MentoTax recommends every individual to avail/purchase PMSBY
Scheme because of various advantages like Low cost at Rs 12/per year, covers
high risk people, Provides disability cover and Tax Adjusted Premium is very
negligible.
As per the assessment year 2020-2021 and financial year
2019-2020, Tax Adjusted Premium for PMSBY Scheme
Person Tax Slab
|
Original Premium
|
Tax Adjusted Premium
|
5% Tax Slab + Cess
|
Rs 12
|
Rs 11
|
20% Tax Slab + Cess
|
Rs 12
|
Rs 9.50
|
30% Tax Slab + Cess
|
Rs 12
|
Rs 8
|
PMSBY Scheme is available at less than the price of a Cup of
Tea/Coffee. Sacrificing a single coffee/Tea will help your family in
unfortunate crisis.
#Mentotax #PMSBY #insurance #Tax
