Pradhan Mantri Suraksha Bima Yojana Notification


The success of PM Jan Dhan Yojana is known to all now.  Through these welfare schemes, Indians would get a universal social security system and the government aims that it should provide such a system that no Indian should ever worry about getting ill or meeting unexpected accidents.

Pradhan Mantri Suraksha Bima Yojana is a scheme for ensuring insurance in case of disability and accidental deaths.  On the other hand, Pradhan Mantri Jeevan Jyoti Bima Yojana provides cover for life insurance and Atal Pension Yojana ensures that everyone gets pension after they get into old age.
In all these welfare schemes, the government is using technology as much as possible and avoids possible leakages in the system.

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana would ensure that people should be covered for their disabilities and accidental deaths.  The features of the scheme are as following:
  • Eligibility:  Anyone within the age group of 18 to 70 years with a saving bank account is eligible under the scheme.  It is noteworthy that Aadhar number and a working bank account are prerequisites for th subscriber to avail this insurance scheme.
  • Annual Premium:  The scheme would charge a small premium of Rs 12 per annum that would be auto-debited from the subscriber’s saving bank account
  • Mode of Payment:  There is only one mode of payment under the scheme.  As mentioned above, the premium would be auto-debited from the subscriber’s saving bank account on an annual basis.  As of now, there is no other mode of payment of premium.
  • Risk Coverage: in case of complete disability or sudden death of the subscriber, he/she would get an insurance cover of Rs 2 lakh.  Rs 1 lakh would be assured in case of partial disability of the subscriber.
  • Terms of Risk Coverage:  in order to receive the coverage, the subscriber is required to opt for the scheme each year.  At the same time, he/she can choose to select a long term subscription while filling up the form.
  • Who would implement the scheme:  The scheme would be implemented by all General Insurance Companies in public sector and by other private sector companies who opt to float the scheme. The premiums paid through this scheme are although quite low, but they would be completely tax free under section 80C of Income Tax.

Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Yojana Notification

The Prime Minister has launched yet another useful life insurance scheme for the weaker sections of societies who is working in unorganized sector and is not covered under any other insurance schemes.  This scheme too would be linked to PM Jan Dhan Yojana.  The features of the scheme are as under:
  • Eligibility of the scheme:  The scheme is available for any Indian National under the age of 18 to 50 years and has a working saving bank account.  The benefits of the scheme can be availed till 55 years for those joining it before they turn 50.
  • Premium amount:  The annual premium under the scheme is quite nominal.  Only Rs 330 has to be paid by the subscriber and that too would be auto-debited from their Jan Dhan Saving Bank Account.
  • Mode of Payment:  the mode of payment under the scheme is auto-debit from the saving account of the subscriber.
  • Risk Coverage:  the scheme covers the subscriber with an amount of Rs 2 lakh in case of death of the subscriber due to any reason
  • Terms of Risk Coverage:  Every year, the scheme has to be renewed by the subscriber by choosing to renew the scheme. For a long term option, the subscriber can also choose the keep the scheme for several years and in that case the auto-debit would happen automatically, every year.
  • Who would implement this scheme?  Life Insurance Corporation would float and implement the scheme. Along with, any other insurance company, which is interested in dealing in the scheme, can opt to float it with proper authorization.
Those who want to subscribe for this scheme should contact their bank branch or their respective Bank Mitra or Micro Insurance Agent within no time.  They can also chose to visit several camps that are organized throughout the nation and fill up the required form to avail the benefits under the scheme.

Comparison between PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) vs. PMSBY (Pradhan Mantri Suraksha Bima Yojana)

Features
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Eligibility
18-70 years
18-50 years
Number of Policy
One Policy Per Person
One Policy Per Person
When to Join the Scheme?
Any time
Any time
Sum Assured (Fixed)
Rs 2 lakhs
Rs 2 lakhs
Premium
Rs 12 per annum
Rs. 330 per annum
Cover stops at age
At the age of 70 years
At the age of 55 years
Maturity Benefit
Nil
Nil
Death Benefit (Natural Death)
Nil
Rs 2 lakhs
Death Benefit (Accidental Death)
Rs 2 lakhs
Rs 2 lakhs
Disability of both eyes, both hands, both legs or one eye and one limb
Rs 2 lakhs
Nil
Disability of one eye or one limb
Rs 1 lakh
Nil
Maximum Insurance cover
Rs 2 lakhs
Rs.2 lakhs
Risk Period
1st June to 31st May every year.
1st June to 31st May every year.
Mode of Payment
Premium will be auto debited from account in the month of May every year.
Premium will be auto debited from account in the month of May every year.

 Atal Pension Yojana

Atal pension Yojana Notification
Atal Pension Yojana is officially launched effective June 2015 and is targeting the workers involved in unorganized sectors who do not have access to regular pension schemes from employers or from anywhere else.
Pension is a monthly amount that a person gets after he has stopped earning during old age.  Pension is not only provided by the government but is also contributed by the individual while he has been working.  Under Atal Pension Yojana too, the subscriber would keep contributing whatever he/she can to their pension account and would receive a pension of Rs 1000 to Rs 5000 after the age of 60 years.
The amount of pension an individual would get after 60 years is directly proportional to the amount he/she has been contributing towards the scheme.  The government, on the other hand would contribute 50% of the contribution towards the subscriber’s account till a period of 5 years.
Eligibility for Atal Pension Yojana:  In general terms, Atal Pension Yojana can be joined by any India national who falls under the age of 18 to 40 years on a condition that he/she should not be enjoying any other social security scheme.
The maximum age of contribution:  no matter when the subscriber joins, he/she would have to contribute towards the pension account till the age of 60 years, after which they would be eligible for getting pension.
Enrolment agencies:  this scheme is a continuation to the popular Swavalamban scheme, that was launched earlier.  Every service provider who was registered under the Swavalamban scheme would be involved in Atal Pension Yojana.
The Premiums and Contributions towards the scheme:  The table below would show a clearer picture of how and what the subscriber is required to contribute towards their pension account.
Age of Joining
Years of Contribution
Indicative Monthly Contribution for Monthly Pension of Rs 1000 and Corpus of Rs 1.7 Lakh(in Rs.)
Indicative Monthly Contribution for Monthly Pension of Rs 2000and Corpus of  Rs 3.4 Lakh(in Rs.)
Indicative Monthly Contribution for Monthly Pension of Rs 3000 and and Corpus of Rs 5.1 Lakh(in Rs.)
Indicative Monthly Contribution for Monthly Pension of Rs 4000 and Corpus of Rs 6.8 Lakh(in Rs.)
Indicative Monthly Contribution for Monthly Pension of Rs 5000 and Corpus of  Rs 8.5 Lakh(in Rs.)
19
41
46
92
138
183
228
21
39
54
108
162
215
269
26
34
82
164
246
327
409
31
29
126
252
379
504
630
36
24
198
396
594
792
990
39
21
264
528
792
1054
1,318

 Atal Pension Yojana and Swavalamban Yojana NPS

Atal Pension Scheme is a continuation to the government’s previous scheme Swavalamban Scheme NPS, which was not really a success.  Those who have already subscribed towards Swavalamban Scheme would automatically get carried forward to Atal Pension Yojana.
How to join Atal Pension Yojana?
Joining Atal Pension Yojana is simple.  All you have to do is get in touch with the bank in which you have your saving account and ask for form for Atal Pension Yojana.
  • Submit the Atal Pension Yojana Form
  • Provide the subscriber’s mobile number and Aadhar number
  • Make the initial deposit to the pension scheme
Those who do not have a bank account with the concerned bank would need following documents:
  • Open a bank account by submitting their respective KYC documents
  • Fill and submit APY proposal form
  • Provide nominee’s details
  • Choose the auto-debit facility approval

The contribution to Atal Pension Yojana would be deducted automatically from the subscriber’s saving account.  The subscriber has to maintain the minimum required balance so that the auto-debit happens without any error.  If there is no minimum balance available for auto-debit, a fee would be charged from the subscriber.