“Dear customer, XXX bank
offers Pradhan Mantri Suraksha Bima Yojana, an accidental cover of Rs.2 lakh
for annual premium amount of Rs.12. To enroll, SMS PMSBY <nominee name> Y
to XXX from your registered mobile number. The premium amount will be debited
from your bank savings account.”
Did you recently get this message from your
bank? If not, then you may soon get it. In his budget speech, finance minister
Arun Jaitley said the government will launch two insurance products — Pradhan
Mantri Suraksha Bima Yojna (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY).
“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 (PMJDY), I propose to work towards
creating a universal social security system for all Indians that will ensure
that no Indian citizen will have to worry about illness, accidents or penury in
old age,” said Finance Minister Arun Jaitley in his budget speech on 1 Mar
2015.
For the above mentioned reason, Government
announced insurance schemes Pradhan Mantri Suraksha Bima Yojana (for Accidental
Death and Disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life
insurance) and Atal Pension
Yojna (for pension).
Let us know these schemes in Detail:
Pradhan
Mantri Suraksha Bima Yojna (PMSBY)
Nature of the Scheme:
The scheme will be a one year cover,
renewable from year to year, Accident Insurance Scheme offering accidental
death and disability cover for death or disability on account of an accident.
Who will be
eligible to subscribe?
All savings bank account holders in the age
18 to 70 years in participating banks will be entitled to join. In case of
multiple saving 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.
What is the premium
payable under this Scheme?
Premium payable is Rs.12/- per annum per
member.
How will the
premium be paid?
The premium will be directly auto-debited by
the bank from the subscribers account. This is the only mode available.
Risk
Coverage/Benefits incurred under this Scheme?
Who All are
eligible to subscribe?
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.
What are the Terms
and conditions 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.
When can the
accident cover assurance terminate?
The accident cover of the member shall
terminate / be restricted accordingly on any of the following events:
Ø On attaining age 70 years (age
neared birth day).
Ø Closure of account with the Bank
or insufficiency of balance to keep the insurance in force.
Ø In case a member is covered
through more than one account and premium is received by the insurance company
inadvertently, insurance cover will be restricted to one account and the
premium shall be liable to be forfeited.
Government
Contribution:
Ø Various Ministries can
co-contribute premium for various categories of their beneficiaries from their
budget or from Public Welfare Fund created in this budget from unclaimed money.
This will be decided separately during the year.
Ø Common Publicity Expenditure will
be borne by the Government.
Pradhan
Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Who All are
eligible to subscribe?
The Scheme is 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.
What is the premium
payable under this Scheme?
Premium paid will be Rs 330 per annum. It will be auto-debited in one installment.
How will the
premium be paid?
The payment of premium will be directly
auto-debited by the bank from the subscribers account.
Risk Coverage under
this scheme?
Rs. 2 Lakh in case of death for any reason.
What are the Terms
and conditions 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 Life Insurance
Corporation and all other life insurers who are willing to join the scheme and
tie-up with banks for this purpose.
Atal
Pension Yojna (APY)
The Atal Pension Yojana (APY) will be
focussed on all citizens in the unorganised sector, who join the National
Pension System (NPS) administered by the Pension Fund Regulatory and
Development Authority (PFRDA).
The existing subscribers of Swavalamban
Scheme would be automatically migrated to APY, unless they opt out.
What are the
benefits of APY?
It provides fixed pension for the subscribers
ranging between Rs. 1000 to Rs. 5000, if he joins and contributes between the
age of 18 years and 40 years. The contribution levels would vary and would be
low if subscriber joins early and increase if he joins late.
Who All are
eligible to subscribe?
Atal Pension Yojana (APY) is open to all bank
account holders who are not members of any statutory social security scheme.
All bank account holders under the eligible
category may join APY with auto-debit facility to accounts, leading to
reduction in contribution collection charges.
What is the Age of
joining and contribution period?
The minimum age of joining APY is 18 years
and maximum age is 40 years. Therefore, minimum period of contribution by the
subscriber under APY would be 20 years or more.
Who will implement
this Scheme?
It is Government of India Scheme, which is
administered by the Pension Fund Regulatory and Development Authority. The
Institutional Architecture of NPS would be utilised to enrol subscribers under
APY.
What is the
Contribution by Government?
The benefit of fixed pension would be
guaranteed by the Government. Government would provide
Ø fixed pension guarantee for the
subscribers.
Ø would co-contribute 50% of the
subscriber contribution or Rs. 1000 per annum, whichever is lower, to each
eligible subscriber account, for a period of 5 years, i.e., from 2015-16 to
2019-20, who join the NPS before 31st December, 2015 and who are not income tax
payers.
Ø would also reimburse the
promotional and development activities including incentive to the contribution
collection agencies to encourage people to join the APY.
The Table of contribution levels, fixed
monthly pension to subscribers and his spouse and return of corpus to nominees
of subscribers and the contribution period is given below.
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