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May 11, 2015

Article on Game Changer Schemes by NDA Government

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Dear Friends,
Thanks a lot for always supporting me. Here is my 5th article on one of the current topics of the three schemes launched by our honorable P.M Narendra Modi. Hope this article will be useful for banking aspirants.

Background :
  • Prime Minister Narendra Modi has launched these three ambitious Social Security Schemes pertaining to the insurance and pension sectors on 9th May 2015 in West Bengal. 

GAME CHANGER SCHEMES OF THE NDA GOVERNMENT

Highlights of the Pradhan Mantri Suraksha Bima Yojana

(PMSBY – Scheme 1 - for Accidental Death Insurance)
  • Eligibility: Available to people in age group 18 to 70 years with bank account.
  • Premium: Rs.12 per annum.
  • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers 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.
  • Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
  • Who will implement this 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.
  • Government Contribution:
    • Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year. Common Publicity Expenditure will be borne by the Government.

Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY – Scheme 2 - for Life Insurance cover)
  • Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, 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 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. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
  • Who will 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.
  • Government Contribution:
    • Various other Ministries can co-contribute premium for various categories of their beneficiaries out of their budget or out of Public Welfare Fund created in this budget out of unclaimed money. This will be decided separately during the year. Common Publicity Expenditure will be borne by Government.
ATAL PENSION YOJNA 
  • The Government of India is extremely concerned about the old age income security of the working poor and is focused on encouraging and enabling them to join the National Pension System (NPS).
  • The Finance Minister has, therefore, announced a new initiative called Atal Pension Yojana (APY) in his Budget Speech for 2015-16.
  • The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) and who are not members of any statutory social security scheme.
  • Benefit of APY: Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000, if he joins and contributes between the age of 18 years and 40 years. The contribution levels would vary and would be low if subscriber joins early and increase if he joins late.
  • 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. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.
  • Focus of APY: Mainly targeted at unorganised sector workers.
  • Enrolment and Subscriber Payment: All bank account holders under the eligible category may join APY with auto-debit facility to accounts, leading to reduction in contribution collection charges.
  • Funding of APY: Government would provide
    • fixed pension guarantee for the subscribers; 
    • would co-contribute 50% of the subscriber contribution or Rs. 1000 per annum, whichever is lower, to eligible subscribers; and 
    • would also reimburse the promotional and development activities including incentive to the contribution collection agencies to encourage people to join the APY.

NOTE- The above schemes are not only important for the upcoming exams but also useful in our daily life.

You all kept supporting me and I kept writing these articles………       
                                  
ADITYA SRIVASTAVA
(P.O- UNION BANK OF INDIA)


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