Pradhan Mantri Jeevan Jyoti Bima Yojana :premium Is
Eligible for Tax Deduction Under Sec. 80C...
Providing life insurance for a year, it will be
renewable every year. It will be offered through Life Insurance Corporation of
India (LIC of India) and other life insurers willing to offer the product on
similar terms.
The risk cover is Rs. 2 lakh upon death due to any
reason. Subscribers who wish to continue beyond the first year will have to
give consent for auto-debit before May 31 every year.
It will be available to those in the age group of 18 to
50 years with a bank account. People who join the scheme before completing 50
years can, however, continue to have the life cover up to the age of 55 years,
subject to payment of premium.
The premium is Rs. 330 per annum, auto-debited in one
instalment from the bank account. The bank account will have to be linked to
the Aadhaar number. This cover can be in addition to any other insurance scheme
the subscriber has taken.
Moreover, like all insurance products, the premium paid
is eligible for tax deduction under Section 80C of the Income Tax act, 1961.
In case of multiple savings bank accounts held by an
individual in one or / different banks, the person would be eligible to join
the scheme through one savings bank account only. Aadhaar would be the primary
KYC for the bank account.
For the cover period June 1, 2015 to May 31, 2016,
subscribers will be required to enrol & give their auto-debit consent by
May 31, 2015. Late enrolment for a prospective cover will be possible up to
August 31, 2015.
An individual can exit the scheme at any point and
rejoin by paying the annual premium & submitting a self-declaration of good
health. While applying for the scheme, one can provide nomination. In the event
of unfortunate death of the life insured, the sum assured would be paid to the
nominee of the plan.
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