Suraksha bandhan scheme:
- 0.1 Suraksha bandhan scheme:
- 0.2 Benefits
- 0.3 Process to activate Social Security Schemes through NetBanking
- 0.4 Termination of benefit cover:
- 1 Pradhan Mantri Suraksha Bima Yojana (PMSBY) – An accidental insurance scheme:
- 1.0.1 Pradhan Mantri Suraksha Bima Yojana
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- 1.1 pradhan Mantri Suraksha Bandhan Gift Card – 201 Rs/-
- 1.2 Pradhan Mantri Suraksha Bandhan Gift Card – 351 Rs/-
- 1.3 Pradhan Mantri Suraksha Bandhan Gift Card – 5001 Rs/-
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Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015.It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. As of May 2015, only 20% of India’s population has any kind of insurance, this scheme aims to increase the number.
The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.
Scope of coverage: 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.
As per the following table:
|Table of Benefits||Sum Insured|
|a.||Death||Rs. 2 Lakh|
|b.||Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot||Rs. 2 Lakh|
|c.||Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||Rs. 1 Lakh|
Process to activate Social Security Schemes through NetBanking
- Log in to NetBanking > Click on the ‘Insurance’ tab.
- You will be shown both the schemes to choose from.
- Select the Account through which you wish to pay your premium.
- Policy Cover amount, Premium amount and Nominee details (as per the selected account) will be displayed. You can choose to replicate the Savings Account nominee OR add a new nominee.
- Click on the following declarations/details:
– Good Health declaration
– Terms & Conditions / Scheme Details / FAQs
– “I do not hold any other policy of the same”
- Click on ‘Continue’. You will then be shown the complete details of the social security scheme you have registered for.
- If you are okay with the scheme registration details displayed, click on ‘Confirm’
- Download the Acknowledgement, which carries a unique reference number.
- Do save the Acknowledgement document for future reference.
Termination of benefit cover:
In following cases the cover will be terminated and no benefit will be payable to the subcribers.
- On attaining age 70 years or the age nearest birth day
- At the time of renewal in subsequent years,due to insufficiency of balance to keep the insurance in force the account gets closed.
- In case a subscriber is covered by more than one account and premium is paid by the subscriber intentionally, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
- If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that are to be issued in future. During this period, the risk cover will be” suspended” and reinstatement of risk cover will be at the sole discretion of Insurance Company.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) – An accidental insurance scheme:
Pradhan Mantri Suraksha Bima Yojana Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.
Pradhan Mantri Suraksha Bima YojanaHighlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby – Scheme 1 – for Accidental Death Insurance) are
- 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.
- Eligibility: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.
- 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.
- The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).But if the proceeds from insurance policy exceed Rs.1 lakh , TDS at the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.The participating banks of the new Raksha Bandhan Yojana
SBI (State Bank of India)
PNB (Punjab National Bank)
And all other leading banks of India Like Oriental Bank of Commerce , ICICI etc.
The “Raksha Bandhan Yojana” is one more great step to enrich the social security schemes declared by Government.The gift cards are available in 3 different amount and for gifting the same as detailed below.
pradhan Mantri Suraksha Bandhan Gift Card – 201 Rs/-
Under this scheme rupees 201 will be deposited.24 rupees will be reserved as payment for Suraksha Bima Yojana for 2 years as first premium would be rupees 12 and second premium would be rupees 12. and 177 rupees will be deposited fixed for 5 to 10 years for the re payment of PMSBY subscriptions.
Pradhan Mantri Suraksha Bandhan Gift Card – 351 Rs/-
Another option for gift amount of 351 Rs/ – on Raksha Bandhan towards financing one-time protection premium of PMSBY and PMJJBY.In this scheme Total premium 342 Rs/- will be deducted and paid to the insurance company as a first year premium.Rupees 9 will be credited to your savings bank account as insured amount.If anyone In order to continue the insurance for the next year you need to deposit premium amount Rupees 351 again.
Pradhan Mantri Suraksha Bandhan Gift Card – 5001 Rs/-
Anyone can opt for gift amount of Rs. 5001/- on Raksha Bandhan towards funding insurance premium of PMSBY and PMJJBY for many years.Here 342 Rs/- will be deducted and paid to the insurance company as a first-year premium and Rs. 342 will be kept for next year premium.The amount of 4317 Rs/- will be invested in the term deposit for five or ten years at 8% annual interest rate of .