1.1 Eligible for PMSBY
1.2 Enrolment of PMSBY
1.3 Raising a Claim
1.4 Termination Scheme
2.2 Funding of APY
2.3 Exit and pension payment
Pradhan Mantri Suraksha Bima Yojana could be a government-backed accident insurance theme in Asian countries. It had been originally mentioned within the 2015 Budget speech by the minister of finance Late Arun Jaitley in February 2015. it had been formally launched by Prime Minister Narendra Modi on eight might in Calcutta. PMSBY is associate degree accidental insurance theme that gives accidental death and incapacity coverage for one year, with associate degree annual renewal. With the minimum premium rate of Rs. 12/- every year this policy is most useful to the poor and low-income section of the society. All individual checking account holders, whether or not single or joint account standing, within the age bracket 18-70 years, area unit eligible to hitch the PMSBY theme. Points to be noted: just in case the individual holds multiple accounts in multiple banks then he are going to be allowed to hitch the theme through one checking account solely.
Eligible for PMSBY
- All individual checking account holders, whether or not single or joint account standing, within the age bracket 18-70 years, area unit eligible to hitch the PMSBY theme.
- In case the individual holds multiple accounts in multiple banks then he is going to be allowed to hitch the theme through one checking account solely
- In the case of joint account holders, all the holders are going to be allowed to hitch the theme
- NRI’s also can be part of the scheme; but, within the event of a claim arising, the beneficiary/ campaigner are going to be paid in Indian currency solely.
Enrolment of PMSBY
To enroll in to the theme through SMS the subsequent steps to be taken:
- The individual can receive the activation SMS.
- The individual should answer the SMS as ‘PMSBY Y’.
- The individual can receive the acknowledgment message.
- The Bank can method the request with the knowledge out there within the bank account.
Raising a Claim
In the event of associate degree unfortunate incident like associate degree accident, drowning, etc. a similar should be reported to the police. Altogether different cases, the hospital record evidencing the event should be out there.
In case of death, the claim will be filed by the campaigner/ appointee as per the entrance kind or by the legal heirs just in case of no nominee. The claim for incapacity is going to be attributable within the checking account of the individual. Just in case of death, it’ll be attributable to the checking account of the nominee/legal heir.
Termination of theme
- The individual turns seventy.
- Closure of a checking account or insufficiency of balance to stay insurance alive.
- In case of multiple bank accounts and receipt of the premium is unwittingly received by the underwriter, the insurance cowl are going to be restricted to at least one account and therefore the premium to be confiscate.
Atal Pension Yojana, once referred to as Swavalamban Yojana could be a government-backed pension theme in Asian country, primarily targeted at the unorganized sector. It had been mentioned within the 2015 Budget speech by the then minister of finance Arun Jaitley. It had been launched by Prime Minister Narendra Modi on nine might in Calcutta. The government of Asian country is extraordinarily involved concerning the maturity financial gain security of the operating poor and is concentrated on encouraging and enabling them to hitch the National Pension System (NPS). to handle the longevity risks among the employees in unorganized sector and to encourage the employees in unorganized sector to voluntarily however their retirement, United Nations agency represent half of one mile of the overall labor force of forty seven.29 large integer as per the 66th spherical of NSSO Survey of 2011-12, however don’t have any formal pension provision, the govt. had started the Swavalamban theme in 2010-11.
- Fixed pension for the subscribers travels between Rs. 1000 to Rs. 5000, can contribute between the age of eighteen years and forty years. The contribution levels would vary and would be low if the subscriber joins early and increase if he joins late.
- APY is receptive to all checking account holders. The Central Government would conjointly co-contribute five hundredth of the overall contribution or Rs. a thousand every year, whichever is lower, to every eligible subscriber account, for a amount of five years.
- The Government co-contribution is collectable to eligible PRANs by PFRDA when receiving the confirmation from Central Record Keeping Agency at such regularity as is also determined by PFRDA.
- Atal Pension Yojana could be a Social Security theme introduced by Govt. of India, aimed toward providing a gradual stream of financial gain when the age of sixty to all or any voters of Asian country. it’s supported National Pension theme (NPS) framework. Permanent retirement savings account ranges (PRAN) are going to be provided to the subscriber straight off by the Branch.
Funding of APY
The government would supply the subsequent funding underneath APY
- Fixed pension guarantee for the subscribers;
- Will co-contribute five hundredths of the overall contribution or Rs. a thousand every year, whichever is lower, to eligible subscribers; and
- Also reimburse the promotional and development activities as well as incentive to the contribution assortment agencies to encourage folks to hitch the APY.
Exit and pension payment
- Upon completion of sixty years, the subscribers can submit the request to the associated bank for drawing the warranted monthly pension.
- And additional over, Exit before sixty years older isn’t allowable, however, it’s allowable solely in exceptional circumstances, i.e., within the event of the death of a beneficiary or terminal illness