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

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

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

A large proportion of India’s population is without insurance like health, accidental or life. Suffering our young population making support less and pension-less. By launching 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 poverty or helplessness in old age,” said Finance Minister Arun Jaitley in his budget speech on 1/03/2015. Schemes were launched by Prime minister on 9/5/2015.

The official website of the scheme is  www.jansuraksha.gov.in. National Toll-Free – 1800-180-1111 / 1800-110-001  and  State Wise Toll free number  are listed in this document State wise Toll-Free (pdf)

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

Government announced insurance schemes Pradhan Mantri Suraksha Bhima Yojana (for Accidental Death or Disability), Pradhan Mantri Jeevan Jyoti Bhima Yojana (for life insurance) and Atal Pension Yojna (for pension).These schemes would be come in effect from 1/06/2015.

The government plans to use technology to the extent possible to reach out to the beneficiaries, thereby amending the problems in the system. The JAM (Jan Dhan Yojana, Aadhaar and mobile) number trinity will allow government to transfer benefits in a non problematic, well-targeted and cashless manner.

Pradhan Mantri Suraksha Bima Yojana

Highlights of the Pradhan Mantri Suraksha Bhima Yojana (PMSBY – Scheme-1 – for Accidental Death Insurance) are

eligibility: Available to people in age group of 18 years  up to 70 years with bank account.

	Table of Benefits	Sum Insured
1	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 hand or foot	Rs. 2 Lakh
3	Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot	Rs. 1 Lakh

Premium:  Rs 12 per annum.

Payment Mode: The premium will be directly auto-debited by the bank from the beneficiaries 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. A long-term option is also available for continuing every year  in which case his account will be auto-debited every year by the bank.

Who is going to  implement the 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 under section  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.

Pradhan Mantri Suraksha Bima Yojna

Pradhan Mantri Jeevan Jyoti Bima Yojana

Highlights of The Pradhan Mantri Jeevan Jyoti Bhima Yojana  (PMJJBY – SCHEME-2 – FOR LIFE INSURANCE COVER)

Eligibility: Available to people in the age group from  18 years and up to 50 years and having a bank account. In this scheme before completing 50 years can, 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 instalment as 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.  A long-term option is available in this scheme of continuing every year the instalment will be deducted from the account automatically by auto-debited system every year by the bank.

Who is going to 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.

Pradhan mantri Jeevan Jyoti Yojna

Atal Pension Yojna (APY)

The scheme will be launched from 1/06/2015.  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, can  receive the fixed monthly pension of  Rs. 1000 and Rs 5000 at the age of 60 years, depends  on the instalments paid.

To make the the pension scheme more attractive,  govt is contribute 50%  of a subscriber’s contribution or Rs 1,000 per annum, whichever is lesser  to each eligible subscriber account for a period of of 5 years from 2015-2016 to 2019-2020. The benefit of government’s co-contribution can be availed by those who subscribe to the scheme before 31/12/ 2015.

official Details of Atal Pension Yojna,including form, are now available at http://financialservices.gov.in/APY.asp .

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. The  premium payments will be 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. 

In  Atal Pension Yojna at 35 years, subscriber  will contribute till age of 60 years ie 25 years.

If he wants monthly pension of Rs 1000/-  he would contribute Rs 181/-  per  month. On his death his wife would get Rs 1000/-  per month and after her death the nominees will get 1 lac 70 thousand.

If he wants monthly pension of Rs 3000 he would contribute Rs 543/-  a month. On his death his wife would get Rs 3000/-  per month and after her death the nominees will get 5 lakh 10 thousannd.

If he joins at the age of 18 years to get a fixed monthly pension of Rs. 1,000/- per month, the subscriber has to contribute on monthly basis Rs. 42/-  for Rs 5000/-  pension he has to contribute Rs. 210/- .

if he joins at the age of 40 years to get a fixed monthly pension of Rs. 1,000/- per month, the subscriber has to contribute on monthly basis Rs. 291/- and for Rs 5000/-  pension he has to contribute Rs. 1,454/-

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the ubscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	42	1,000	1.7 Lakh
20	40	50	1,000	1.7 Lakh
25	35	76	1,000	1.7 Lakh
30	30	116	1,000	1.7 Lakh
35	25	181	1,000	1.7 Lakh
40	20	291	1,000	1.7 Lakh

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the ubscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	84	2000	3.4 Lakh
20	40	100	2000	3.4 Lakh
25	35	151	2000	3.4 Lakh
30	30	231	2000	3.4 Lakh
35	25	362	2000	3.4 Lakh
40	20	582	2000	3.4 Lakh

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the ubscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	126	3000	5.1 Lakh
20	40	150	3000	5.1 Lakh
25	35	226	3000	5.1 Lakh
30	30	347	3000	5.1 Lakh
35	25	543	3000	5.1 Lakh
40	20	873	3000	5.1 Lakh

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the ubscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	168	4000	6.8 Lakh
20	40	198	4000	6.8 Lakh
25	35	301	4000	6.8 Lakh
30	30	462	4000	6.8 Lakh
35	25	722	4000	6.8 Lakh
40	20	1164	4000	6.8 Lakh

Age of Joining	Years of Contribution	Indicative Monthly Contribution (in Rs.)	Monthly Pension to the ubscribers and his spouse (in Rs.)	Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18	42	210	5000	8.5 Lakh
20	40	248	5000	8.5 Lakh
25	35	376	5000	8.5 Lakh
30	30	577	5000	8.5 Lakh
35	25	902	5000	8.5 Lakh
40	20	1,454	5000	8.5 Lakh

Atal Pension Yojana (APY) 

Swavalamban Yojana NPS Lite

Atal Pension Yojana (APY), will replace the previous government’s Swavalamban Yojana NPS Lite, which was not much popular and acceptability in the people. The existing subscribers of Swavalamban Scheme will be automatically migrated to APY, unless they opt to quit. It is Government of India Scheme, and administered by the Pension Fund Regulatory and Development Authority. The NPS would be utilised to enrol subscribers under APY.

Our article National Pension Scheme covers NPS in detail including details of Swavalamban Yojana NPS Lite . Quoting from it .

Swavalamban scheme or the NPS Lite :is the extension of the variant available to the government employees. The government contributes Rs 1,000/-  per year to the pension account in NPS Lite,. Under the scheme, Govt. will contribute Rs.1000/-  per year to each NPS account opened in the year 2010-2011 and for the next three years, that is, 2011-2012, 2012-2013 and 2013-2014. As a special case and in recognition of their faith in the NPS, all NPS accounts opened in 2009-2010 will be entitled to the benefit of Government contribution if they fulfil the eligibility criteria prescribed under these guidelines.

How to open Atal Pension Yojna Account

fill in the Atal Pension Yojana subscriber registration form  in English (pdf)  or  Hindi(pdf) available at the The  Bank branches under core banking platform.

If one has a Bank Account

Submit the APY Form

Provide Aadhaar No and Mobile Number

Deposit the initial contribution accordingly the type of pension opted.

If one does not have a Bank Account

Provide KYC Documents to open a Bank account by providing KYC document and Aadhaar

Submit a signed APY proposal form

It’s Mandatory to provide

Savings Bank account details, mobile number and authorization letter to the bank for the monthly auto debit option for remittance of contribution. •

Spouse/Nominee details in APY form

Penalty for not paying Monthly Contributions

In Atal Pension Yojna monthly contribution would automatically be deducted from Subscriber’s bank account. Subscriber has to ensure that the Bank account to be funded enough for auto debit of contribution amount. If any  delay in contributions then Bank would levy penalty. The amount of interest/penalty will remain as part of the pension corpus of the subscriber.

Rs 1/- per month for contribution upto Rs. 100/- per month.

Rs 2/- per month for contribution upto Rs. 101/- to 500/- per month.

Rs 5/- per month for contribution between Rs 501/- to 1000/- per month.

Rs 10/- per month for contribution beyond Rs 1001/- per month.

Irregular payment of contribution amount shall lead to following:

After 6 months account will be frozen.

After 12 months the account will be deactivated.

After 24 months account will be closed.

Exiting from Atal Pension Yojna

On attaining the age of 60 years: The exit from APY is permitted at the age with 100% annuitisation of pension wealth. On exit, pension will be  available to the subscriber.

 In case of death of subscriber pension will be paid to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.

Exit Before the age of 60 Years: Exit before 60 years of age is not permitted however it is permitted only in exceptional circumstances like death of beneficiary or terminal disease.

http://www.pmjdy.gov.in/