Net-Banking Login Social Security Schemes
A social security scheme is a government program designed to provide financial support and protection to individuals against various risks and vulnerabilities, such as old age, disability, unemployment, and death. The goal of social security schemes is to enhance economic security and reduce poverty by ensuring a basic level of income and support for individuals during times of need.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are two Social Security Schemes initially launched on 9th May, 2015 and implemented w.e.f. 01/06/2015. PMJJBY is one of the flagship schemes under the ambitious social security scheme captioned "Jan Dhan Se Jan Suraksha" launched by Government of India on 1st of June, 2015. In absence of any formal social security system in India, Government had envisioned a larger set of population through the banking channel.
Under both schemes the risk period is fixed for 12 months i.e. 1st June to 31st May. In PMSBY, any good health certificate is not required. The PMJJBY scheme is also a strong enabler to canvass new savings Account which are fully funded in nature. It has been decided to aggressively canvas this scheme to our existing eligible SB account holders who are still not covered under the scheme till date along with other SB accounts which are being opened fresh.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana is a Govt. Sponsored Life Insurance Scheme. The scheme is a one
year
cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due
to
any reason. The scheme is offered/administered by Baroda Rajasthan Kshetriya Gramin Bank through M/s India
First Life Insurance Company.
Lien clause of 30 days will be applicable.
Scheme Features
Eligibility
All Savings Bank Account holders in the age 18-50 years can join this scheme. 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.
Policy period
From 1st June to 31st May of subsequent year.
Premium
Renewal of policy from next year payable @ Rs. 436 per annum but payment of pro rata premium for enrolment under PMJJBY will be charged as per the following rates:
| Sr.No | Enrollment Period | Applicable Premium |
|---|---|---|
| 1 | June, July, August | Annual Premium of Rs. 436. |
| 2 | September, October & November | 3 quarters of premium @Rs.114 i.e. Rs.342. |
| 3 | December ,January & February | 2 quarters of premium @Rs.114 i.e. Rs. 228. |
| 4 | March, April & May | 1 quarter premium i.e. Rs.114. |
Bank’s Insurance Partner: IndiaFirst Life Insurance Company Ltd
Enrollment Mode
An account holder can enrol for PMJJBY by any of the following methods:
- Visiting the branch
- Visiting the BC
Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed Performa.
Termination of Assurance
The assurance on the life of the member shall terminate on any of the following events and no benefit will be payable under the following scenarios:
- On attaining age 55 years (age neared birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the bank or insufficiency of balance to keep the insurance in force
- In case of multiple coverage under the scheme, insurance cover will be restricted to Rs. 2 lakhs and the premium shall be liable to be forfeited
Annual Premium through ‘auto debit’ facility from bank account.
It is desirable to present your claim within 30 days of the accident. The customers already enrolled in the scheme should maintain sufficient balance in their account as on 31st May of every subsequent year to avoid discontinuation of insurance coverage subject to eligibility as per scheme guidelines
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at a highly affordable premium of just Rs. 20 per year. The Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.
Eligibility
The Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.
PolicyPeriod
One year period stretching from 1st June to 31st May
Premium
In light of the fact that a large proportion of the population have no accidental insurance cover, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at an highly affordable premium of just Rs.20 per year
EnrolmentMode
An account holder can enrol for PMSBY by any of the following methods
- Visiting the branch
- Visiting the BC
Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed Performa
Insurance Benefits
The details of insurance benefit are given below:
| Particulars | Sum assured |
|---|---|
| accidental death and permanent total disability | Rs. 2 lakhs |
| permanent partial disability | Rs. 1 lakhs |
Annual Premium through ‘auto debit’ facility from bank account.
It is desirable to present your claim within 30 days of the accident. The customers already enrolled in the scheme should maintain sufficient balance in their account as on 31st May of every subsequent year to avoid discontinuation of insurance coverage subject to eligibility as per scheme guidelines
Atal Pension Yojana (APY)
The Atal Pension Yojana (APY) is a government-backed pension scheme in India, aimed at providing financial security to individuals in their retirement years, particularly targeting the unorganized sector workers and those who lack access to formal pension systems. Here’s an overview of the scheme:
Key Features of Atal Pension Yojana:
Eligibility:
- Available to Indian citizens aged 18 to 40 years.
- Must have a savings bank account
- Subscribers should not be part of any other pension scheme.
Contributions and Benefits:
- The scheme provides a fixed monthly pension ranging from ₹1,000 to ₹5,000, depending on the amount of contribution made and the age at which the subscriber starts investing
- Contributions are based on age, pension amount, and the duration of contributions.
- The pension amount is guaranteed by the government and is provided after the age of 60.
EnrolmentMode
An account holder can enrol for APY by any of the following methods
- Visiting the branch
- Visiting the BC
The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) and implemented through Baroda Rajasthan Kshetriya Gramin Bank.
The primary objective of the Atal Pension Yojana is to provide a reliable and secure pension to individuals from the unorganized sector who often lack access to formal pension schemes. By encouraging early and consistent contributions, the scheme aims to ensure that individuals have a steady income post-retirement.
Overall, the APY is a crucial initiative to enhance financial security and promote a culture of saving for retirement among India's working population.
