An accidental death cover for up to RS. 2 lakh, it is
available to people in the age group of 18 to 70 years having a bank account.
The premium is Rs.12 per annum & the amount will be auto-debited by the
bank from the subscriber’s account.
Subscribers have to opt for the scheme every year.
He/she can also choose the long-term option of continuing, in which case his/her
account will be auto-debited every year by the bank.
The scheme will be offered by all public sector general
insurance companies and other insurers willing to join the scheme and tie-up
with banks for this purpose.
The premium paid will be tax-free under Section 80C
and
the proceeds will get tax-exemption under Section 10(10D).
In fact, Canara Bank has entered into an MoU with LIC
for offering PMJJBY & United India Insurance for offering PMSBY to its
eligible customers.
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