The scheme helpline 1800-180-1111 also informed that an Aadhaar number was a must.
Any individual in the country in the age group 18 to 70 years with a aadhaar linked bank account(savings) is eligible to Join this govt scheme.
Note : Haven’t linked your bank account to aadhaar card yet? Click here to Do it Now
Note : An individual with multiple saving bank account is eligible to join this scheme under one savings bank account only
Required KYC Document
Aadhaar Card is the primary KYC document.
Pradhan Mantri Suraksha Bima Yojana
- Eligibility: Available to people in age group 18 to 70 years with bank account.
- Premium:Rs 12 per annum.
- Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
- Risk Coverage: For accidental death and full disability – Rs 2 Lakh and for partial disability – Rs 1 Lakh.
- Eligibility: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.
- Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
- Who will implement this Scheme?: The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
- The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).But if the proceeds from insurance policy exceed Rs.1 lakh , TDS at the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.
Also Read – How to Apply for Aadhaar Card
Aadhaar (alias UID – unique identity number), is not to be made mandatory for any government service according to repeated Supreme Court orders in September 2013, March 2014 and the latest on 16th March 2015. Recently in the apex court, the judge further reprimanded the central government, “It is your duty to ensure our orders are followed. You can’t say states are not following our order.”
Supreme Court of India,
New Delhi-110 201 (India)