Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojna

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Today on 30th April 2015, I got a message in my mobile about enrollment for Pradhan Mantri, Jeevan Jyoti, Suraksha Bima & Atal Pension Yojana from 1st May. As we have heard about all these Yojana on 1st March 2015 from Finance Minister Arun Jaitely but forget the detail information to share here on my blog but not to worry today I am going to share detail information about the Pradhan Mantri suraksha bima yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Atal Pension Yojana (APY).

Before I do proceed with the highlights of Pradhan Mantri, Jeevan Jyoti, Suraksha Bima & Atal Pension Yojana just would like to share a short speech with you which is said by the Finance Minister on 1st March 2015.

“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,”

pradhan mantri suraksha bima yojanaIt is the highly appreciated step taken by the Pradhan Mantri Narendra Modi towards the common people of India I just can say a big thanks to his policy and whatever your thoughts about these scheme you can drop it in below comment box after reading detail information about these scheme.

Highlights of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Scheme 1 – for Accidental Death Insurance

  • 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

Highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Scheme 2 – for Life Insurance Cover

  • 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.
  • Premium: Rs 330 per annum. It will be auto-debited in one instalment.
  • Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account.
  • Risk Coverage: Rs. 2 Lakh in case of death for any reason.
  • 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 Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.

Highlights of Atal Pension Yojna (APY)

The scheme will be launched on June 1 2015 and focus is on the unorganized sector. A pension provides people with a monthly income when they are no longer earning. A Subscriber receives pension based on accumulated contribution out of his current income.Under the Atal Pension Yojna Scheme (APY), the subscribers ,under the age of 40, would receive the fixed monthly pension of Rs. 1000, Rs.2000, Rs.3000, Rs.4000 to Rs 5000 at the age of 60 years, depending on their contributions.

To make the the pension scheme more attractive, government would co-contribute 50 per cent of a subscriber’s contribution or Rs 1,000 per annum, whichever is lower to each eligible subscriber account for a period of of 5 years from 2015-16 to 2019-20. The benefit of government’s co-contribution can be availed by those who subscribe to the scheme before December 31, 2015. Official information about ABY is available at pib.nic.in/newsite/PrintRelease.aspx?relid=116208

Form for Atal Pension Yojna is available at http://www.npstrust.org.in/images/APY_SubReg_Form.pdf (pdf)

  • Eligibility for APY: Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
  • Age of joining and contribution period: The minimum age of joining APY is 18 years and maximum age is 40 years. One needs to contribute till one attains 60 years of age.
  • Enrolment agencies: All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through setup of National Pension System.

Soon I will visit the bank to get detail information about these schemes and will update this page soon if I missed anything during this if you have any doubt question or appreciation for Pradhan Mantri Yojana can drop your comment below.