Prime
Minister Narendra Modi on 9 May 2015 launched three mega social security
schemes in Kolkata, West Bengal.
Three
schemes intend to widen the process of financial inclusion in the country. These are :-
1. Pradhan Mantri Jeevan Jyoti Bima Yojana
2. Pardhan Mantri Suraksha Bima yojana
3. Atal Pension Yojana - National Pension System
Pradhan Mantri Jeevan Jyoti Bima Yojana –
Here are highlights of This Scheme :-
1. Eligibility - Available
to people in the age group of 18 to 50 and having a bank account. People who
join the scheme before completing 50 years can, however, continue to have the
risk of life cover up to the age of 55 years subject to payment of premium.
2. Policy
period - The cover shall be for one year period starting from June 1, 2015
to May 31, 2016.
3. Premium - Rs. 330/- (per annum).
4. Payment
Mode - The premium will be directly auto-debited by the bank from the
subscribers’ savings bank account. This is the only mode available currently.
5. Risk
Coverage - Sum Assured of Rs. 2, 00,000 on death of the Insured member for
any reason is payable to the Nominee.
6. Termination
of assurance :-
(i) Account
holder attains age of 55 years
(ii) Closure
of account with the Bank or insufficiency of balance for debiting premium.
(iii) In
case of multiple coverage under the scheme, the cover will be restricted to
Rs.2 lakhs and other insurance covers are terminated and premium shall be
forfeited.
7. Who
will implement this Scheme :-
The scheme will be offered by Life Insurance
Corporation and all other life insurers who are willing to join the scheme and
tie-up with banks for this purpose.
Pardhan Mantri Suraksha Bima yojana – PMSBY
The
Union Finance Minister, Shri Arun Jaitely presenting the Union Budget 2015-16,
said that a large proportion of India’s population is without insurance of any
kind – health, accidental or life worryingly, as our young population ages, it
is also going to be pension-less.
Encouraged
by the success of the Pradhan Mantri Jan Dhan Yojana, the Finance Minister
proposed to work towards creating a universal social security system for all
Indians, specially the poor and the under-privileged. So Government of India has
launched Pradhan mantri Suraksha Bima yojana for poor people of India .
Here
are highlights of This Scheme :-
1. Eligibility - Available to people in age group 18 to 70 years with bank account.
2. Premium - Rs.12 per annum.
3. Payment
Mode - The premium will be directly auto-debited by the bank from the
subscribers account. This is the only mode available.
4. Risk
Coverage - For accidental death and full disability – Rs.2 Lakh and
for partial disability – Rs.1 Lakh.
5. 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.
6. Benefits
1. Accidental Death - Rs. 2 Lakh
2. Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or one foot - Rs. 2 Lakh
3. Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot - Rs. 1 Lakh
7. 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.
Atal Pension Yojana - National Pension
System
PM
Modi will launch Atal Pension Yojana on 1 June 2015 to provide guaranteed
pension at the age of 60. The pension amount will start from Rs1000/-, Rs2000/-,
Rs 3000/-, Rs 4000/-, Rs 5000/, depending upon the contribution made by you.
The main reason to start this Pension Yojana is to the provide Pension to
unorganized sector of workers.
Here are highlights of This Scheme :-
1. Eligibility
- Any Indian Citizen whose age is in between 18 to 40 years having the bank
account or in the process of opening bank account can enroll in this Pension
Yojana.
2. Government
Contribution - The Govt contribution
will be 50% or max of Rs 1000/- for 5 years i.e 2015-16 to 2019-20.This
Government contribution will be given to those who have enrolled in this Yojana
from 1st June 2015 to 31 Dec 2015.Tax Payer and Statutory Social Security
Schemes will not get Government Contribution.
3. List
of Social Security Schemes under which no Government Contribution are
(i)
Employee`s Provident Fund & Miscellaneous Provision Act, 1952.
(ii)
Assam Tea Plantation Provident Fund and Miscellaneous Provision Act, 1955.
(iii)
The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
(iv)
Jammu Kashmir Employee`s Provident Fund and Miscellaneous Provision Act, 1961.
(v)
Seamen`s Provident Fund Act, 1966.
(vi)
Any other Statutory Social Security Scheme.
4. How
much Guaranteed Pension - The guaranteed pension will be Rs 1000/-,Rs 2000/-,Rs
3000/-,Rs 4000/-,Rs 5000/- .The pension will start at the age of 60 years
depending on the contribution made by you.
5. Why
to Join APY Scheme - There are two reasons to join in the APY Scheme
(i)
Government will make 50% or Rs 1000/- contribution for five years from FY
2015-16 to 2019-20.
(ii)
At the age of 60 you will be get a guaranteed pension which will be from Rs
1000/-, Rs 2000/-, Rs 3000/-, Rs 4000/- or Rs 5000/-.
6. Contributions
of APY Invested - The APY Scheme are controlled by PFRDA/GOVERNMENT. The
amount contributed in APY is invested as per the guidelines of Ministry of
finance.
7. Process
to Open APY Yojana
(i)
You have to approach to your bank where you have a saving Account.
(ii)
Fill the API Registration form.
(iii)
Provide Mobile number/Aadhaar Number.
(iv)
For Monthly contribution keep sufficient amount in your saving account.
8. Aadhaar
Number Compulsory - To open the APY Account Aadhaar number is not compulsory.
9. APY
Account without Saving Account - If you don’t have a saving account you
cannot open APY account. Saving account is compulsory.
10. Mode
of Contribution in APY - The mode of contribution in APY account will be
auto-debit facility from your saving bank account on monthly basis.
11. Due
date of Monthly Contribution - The due date for monthly contribution will be the
initial date of contribution into APY Account.
12. Penalty
in APY - If Monthly contribution is not done due to insufficient balance, then
there is penalty.
(i)
Rs 1 per Month for contribution upto Rs 100/-.
(ii)
Rs 2 per Month for contribution upto Rs 101/- to 500/-.
(iii)
Rs 5 per Month for contribution upto Rs 501/- to 1000/-.
(iv)
Rs 10 per Month for contribution upto Rs 1001/-.
13. In
case of Discontinuation -
(i) If Monthly Contribution is not done till 6
months, the APY account will be frozen.
(ii)
If Monthly Contribution is not done till 12 months, the APY account will be
deactivated.
(iii)
If Monthly Contribution is not done till 24 months, the APY account will be
closed.
14. Nominee
Requirement - To open the APY account the Nominee name is required. The spouse
details are also mandatory wherever applicable.
15. Number
of APY Account - Any Indian Citizen can open only one APY account.
16. Option
to Increase /Decrease Contribution - In APY you can increase or decrease the
monthly contribution toward APY Account. This can be done only once in a year
in the month of April.
17. Withdrawal
Process - You can get withdrawal at two stage
(i)
You can exit from APY account at the age of 60 with 100% annutisation of
pension Wealth.
(ii)
In case of Death the Subscriber pension would be given to spouse. But if both
are death the pension corpus would be returned to nominee.
(iii)
You can exit before the age of 60 years in some exceptional circumstances like
terminal disease.
18. Status
of Contribution - The status of monthly contribution will be received by periodic
SMS Alert on the registered number. Apart from SMS you would be receiving
Physical Statement also.
19. In
case of moving from Residence City, how contribution is done - In case of moving
from residence city to some other city there will be no problem in contribution
,Because the contribution is done on Auto-Debit basis.
20. What
will happen to Swavalamban Yojana - All the subscribers under Swavalamban Yojana
under 18 to 40 years will be automatically migrated to APY Account. But if he
/she wants to stay with Swavalamban Yojana in case the automatically migration
will not done.