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
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 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.
