government insurance schemes

Pradhan Mantri Suraksha Bima Yojana is a government-backed accidental insurance scheme. It is one special scheme, in which any person can join this insurance scheme premium just at 12/- rupees a year exclusive of taxes. Goverment Insurance or Modi Insurance is the alternative name in India of the following scheme. GST is exempted from P.M. Suraksha Bima Yojana. So, this scheme’s biggest benefit goes to every single person who wants to secure his and his family’s future. This is one of the best insurance schemes ever introduced to a common man directly from the govt. In case of accidental death or full disability, the payment of 2 Lac rupees will be given to the nominee. In case of partial permanent disability, payment of 1 lac rupees will be given to the nominee. Full disability is defined as a loss of use in both eyes, hand or foot. Partial permanent disability is defined as loss of use in one eye, hand or foot. This insurance is linked to all the bank accounts opened under Pradhan Mantri Jan Dhan Yojana scheme. Initially, everybody had zero balance in these accounts. Linking these accounts with Suraksha Bima Yojana will give a benefit of reducing such zero balance accounts and will result in profit at both the ends. Now, everybody can avail this facility by the online banking system.

HOW TO APPLY FOR PMSBY | Required Documents for PMSBY

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. Aadhar would be the primary KYC for the bank account.

Anybody can enroll for this scheme by following steps.

By Internet Banking.
By visiting particular bank branch.
By phone banking (if the bank provides such facility).

PMSBY Eligibility Criteria

Anyone aged from 18 to 70. 18 years of age must be crossed and 70 must not be crossed.

They must have a savings bank account.

One Should give a consent letter for auto-debit facility.

By the end of November 2017, 13* crore people enrolled for Suraksha Bima Yojana.

PMSBY Benefits

Pradhan Mantri Suraksha Bima Yojana comes with bunch of benefits. One of the biggest benefits of this scheme is it’s premium. As compared to other govt. schemes, 12/- rupees a year is nothing but a free policy maker suggestion for everyone. This as per our knowledge is, cheapest premium in the world. Anybody especially one from a lower financial income can also opt for this scheme. PMSBY scheme involves numerous banks and insurance companies. Govt. has given free hand to all the bank if they want to involve any of the insurance companies in any account. So, that’s another feather in the scheme

If an individual has multiple accounts, they can avail this scheme in only one account.

One can’t activate this scheme in every saving account he/she has.

The primary Know Your Customer (KYC) document needed will be Aadhar card.

The premium of the scheme will be auto-debited from the account of the person.

If a policyholder exists the scheme at any time of the year, and wish to re-join again, Same rules will be applied for any person who wants to avail this scheme in any part of the year.

Suraksha Bima Yojana Claim Process | How to claim PMSBY

The Pradhan Mantri Suraksha Bima Yojana delivers accidental death and disability coverage which is confirmed by written authorities. In case of accidental death of the insured person, the accident should be reported to the police station as well as nearest legal authorities and should be clarified by immediate hospital records. The claim can be filed by the beneficiary of the policy mentioned in the enrolment form by the insured. In case of the disability claim, the sum assured amount will be credited to the bank account of the policyholder and in case of death, the death benefit will be paid to the beneficiary of the policy.

Pradhan Mantri Suraksha Bima Yojana a death benefit of Rs. 2 lakh is available to the beneficiary of the policy in case of accidental demise of the insured person. Moreover, coverage of Rs. 2 lakh is provided in case of total disability like irrecoverable or total loss of both the eyes, or loss of use of both the hands and feet, paralysis, etc. In case of partial disability, a life coverage of Rs1lakh is provided to the insured person.

official website

Claim Form

The Government of INDIA is extremely concerned about the old age income security of the working poor. They are working on encouraging and enabling them to join National Pension System (NPS). Generally, in an unorganized sector, there are risks of their future security, they did not have any formal pension provision. Govt. of India introduced Swawlamban Yojana in 2010-2011. But for some obvious reasons, it couldn’t reach every person, especially who needed it. official website for more information regarding apy is npscra.nsdl.co.in.

Therefore, the government introduced a universal security scheme in insurance and pension sectors for all the Indians especially for poor and underprivileged such as drivers, personal maid, gardeners etc. in budget 2015-16. That is why government launched Atal Pension Yojana, which will provide defined pension depending on the contribution and its period. The APY will be focused on all the people in an unorganized sector who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).

atal pension yojana information

Under the Atal Pension Yojana, the subscribers would receive the pension of 1000/-, 2000/-, 3000/-, 4000/- and 5000/- rupees per month respectively depending on their contribution, which itself is based on the age period of joining Atal Pension Yojana. The minimum age of joining APY is 18 and Maximum is 40. Therefore contribution for any subscriber for APY would be 20 years or more. Atal Pension Yojana was introduced on 1^st June 2015.

This scheme will be linked to P.M. JAN DHAN YOJANA Accounts because primarily these accounts had zero balance. By linking APY to these accounts govt. is trying to reduce such figures of zero accounts.

HOW TO APPLY FOR ATAL PENSION YOJANA

Anyone can apply for this scheme either by reaching to their respective banks, where they have opened their bank accounts or by applying online.
Whether it is offline mode or its online, subscriber has to fill up the form, give their mobile number and Aadhar Card Number.
Anybody can download the form online or visit the branch of their banks. The form is available in different National and regional languages such as English, Hindi, Gujarati, Marathi, Tamil, Telugu, Kannada, Bangla and Odia.
The contribution in the APY is through electronic auto debit way only. This means, on every month the amount is deducted from the accounts linked with this scheme.
The subscriber has to maintain the minimum account balance in their JAN DHAN ACCOUNTS. If they fail to do so, they will have to pay the fine. The accounts can also be suspended if they fail to pay the fine.
Those will taxable income are not eligible for APY.
The contributor range starts from 14/- Rs a month to 1454/-
The minimum period of contribution is 20 years.
You can increase your per month contribution anytime by visiting bank and following the process.
You can pay the premium monthly, quarterly and on bi-annual basis.
You can terminate the scheme before 60 in case of terminal deceases and receive the full amount.
In case of early closure of the scheme, you will only be returned with the amount you invested plus the interest you earned. Not the co-contribution of the govt. and interest earned on that amount.

BENEFITS OF ATAL PENSION YOJANA

It provides guaranteed pension of Rs. 1000/-, 2000/-, 3000/-, 4000/- and Rs. 5000/- to the subscribers. The Subscriber will be able to change the amount they receive during the accumulation period.
In case of death of the subscriber, the spouse will be eligible to receive the pension till his/her death. After the demise of both the subscriber and the spouse, the nominee will be entitled to receive the pension which subscriber has accumulated till 60 years of age. However, if the subscriber dies before 60 years, the spouse would have no choice except either to exit the scheme or to continuing the scheme in the name of the subscribers for the remaining vested years. He/she would be able to receive the same amount of pension till his/her death.
The govt. will also contribute 50 % of the annual premium of Rs. 1000/- which is lower for every subscriber.
The only document needed to become a member, National Aadhar Card Number is the primary KNOW YOUR CUSTOMER document for the subscriber, spouse and the nominee for entitlement purpose.
The ATAL PENSION YOJANA is basically for everyone but especially for the people who work in an unorganized firm. This way, they can contribute a small amount every month for their old age. APY is not suitable for people with decent incomes, as the pension pay-outs will not be sufficient for their old age needs.
The contributions to APY also have the same benefits as of National Pension Scheme (NPS), according to a circular released by Income Tax Department. Nearly 20 lakh subscribers have joined this scheme after it launched in 2015. NPS Lite and Swawlamban Yojana both could manage only 45 lakh subscribers in past 6 years.
The subscribers who have already enrolled for the schemes, like Swawlamban Yojana will automatically be transferred to APY unless they opt out of this Central Pension Schemes.
As govt. will contribute 50% from the annual contribution of individual subscriber, the amount every single person has to deposit will be as low as 500/- per year. That is one of the best schemes introduced so far, for the lower financial income class people. Even a labour can think about their old age security with ATAL PENSION YOJANA.
APY will address the total number of 88% of the labour force, combining all the unorganized sectors. This scheme will encourage them to join the NATIONAL PENSION SYSTEM.

ATAL PENSION YOJANA is therefore, one of its own kind. The reason is either the previous schemes were not properly introduced or it might have lacked in some other facets a normal scheme should not have. The benefits from this scheme are better.