PM Insurance & Pension Schemes
A Ready Referencer
A Ready Referencer
Death is the one term which makes everyone scary and the
same fear plays the vital role in availing the insurance on our lives. Death is
certain to happen, how many of us think about what happens to our family after
our death? The insurance provides the solution for this question. It is obvious
that the human life can’t be replaced with the monetary returns, but still,
running a family after losing someone in our family is not an easy thing. These
monetary returns in the form of Insurance claims will be handy at those times.
The below quote holds good to explain about insurance in a nut-shell:
“It's not for you - it's for those you care most about!”
I am sure almost all of you are aware about the recently
launched Prime Minster’s Insurance & Pension schemes. I am just trying to explain the procedures to
apply for these insurance & pension schemes in a nut-shell. I will be
posting about three different schemes launched by the Government:
1. Pradhan Mantri
Jeevan Jyoti Bima Yojana (LIFE INSURANCE)
2. Pradan Mantri
Suraksha Bima Yojana (ACCIDENT INSURANCE) &
3. Atal Pension Yojana (PENSION SCHEME)
I have tried to explain the details of these schemes in the
form of Infographic, so that it will be easier for the people to understand.
1. Pradhan Mantri
Jeevan Jyoti Bima Yojana (LIFE INSURANCE)
The basic information is presented in the form of
Infographic below.
How to Apply?
Applying to this scheme is just a simple task. No need for
ID proof, Address Proof, DOB Proof documents. Some banks offer online
application, whereas others offers
offline application.
Off-Line Application
(By Submitting Application form in Bank)
1. Download the form
from the below link: http://www.jansuraksha.gov.in/Files/PMJJBY/English/ApplicationForm.pdf#zoom=250
2. Fill in the form with the necessary details. Since we
already have the account with our banker, this form has very minimal entries to
be filled in. It wont take more than 15 minutes to fill this form.
3. Don’t forget to fill the Aadhar Number if you have one.
4. No need to have / affix Photograph in the application
form.
5. Submit the duly filled in application form to your
banker. They will take care of the rest. Within a week’s time the scheme will
be activated.
On-Line Application:
As far I know, only 4
banks are offering the Online Application for this scheme and links are given
below:
1. ICICI Bank:
Service Requests > Bank Accounts > Enroll for Pradhan
Mantri Jeevan Jyoti Bima Yojana
SMS PMJJY <Nominee name> Y to 5676766 from your
registered mobile number.
2. HDFC Bank:
NetBanking > Click on the ‘Insurance’ tab > Select
Scheme > Select the SB A/C
3. Kotak Mahindra
Bank:
Link: https://www.kotak.com/j1001mp/netapp/MainPage.jsp
SMS JYOTI <nominee name> to 5676788
4. SBI:
Login to NetBanking > My Accounts > Social Security
Schemes > Select the Scheme & Acc no
How and When to
Claim?
The claim can be made only if the member / subscriber died
before 55 years of age after paying the required premiums. The claim should be
initiated by the nominee whose name is mentioned in the application form. The procedure is explained in the form of Infographic
below:
Claim form can be downloaded from the below link:
http://www.jansuraksha.gov.in/Files/PMJJBY/English/ClaimForm.pdf
Key Points to note:
1. This is a one year cover renewable from year to year
2. Cover for the members enrolled after 31st May
2015 will be the prospective period from the date when they enroll to 31st
May 2016. But full premium to be paid.
3. The cover is for the period is till the insured attains
55 years of age. No maturity benefit -
if the contingency (Death) happens before 55 years of age, the claim
will be settled, else no return.
4. It should be operated through savings bank a/c only. If
the members have more than one savings a/c, he can choose any one savings a/c
of his choice. One policy for one
member.
2. Pradan Mantri Suraksha Bima Yojana (ACCIDENT
INSURANCE)
The basic information is presented in the form of
Infographic below.
How to Apply?
As similar to Life Insurance scheme (Pradan Mantri Jeevan
Jyoti Bima Yohana), we can apply online or offline.
Off-Line Application
(By Submitting Application form in Bank)
1.. Download the form
from the below link: http://www.jansuraksha.gov.in/Files/PMSBY/English/ApplicationForm.pdf#zoom=250
2. Fill in the form with the necessary details. Since we
already have the account with our banker, this form has very minimal entries to
be filled in. It wont take more than 15 minutes to fill this form.
3. Don’t forget to fill the Aadhar Number if you have one.
4. No need to have / affix Photograph in the application
form.
5. Submit the duly filled in application form to your
banker. They will take care of the rest. Within a week’s time the scheme will
be activated.
On-Line Application:
As far I know, only 4
banks are offering the Online Application for this scheme and links are given
below:
1. ICICI Bank:
Service Requests > Bank Accounts > Enroll for Pradhan
Mantri Suraksha Bima Yojana
SMS PMSBY <Nominee name> Y to 5676766 from your
registered mobile number*.
2. HDFC Bank:
NetBanking > Click on the ‘Insurance’ tab > Select
Scheme > Select the SB A/C
3. Kotak Mahindra
Bank:
Link: https://www.kotak.com/j1001mp/netapp/MainPage.jsp
SMS SURAKSHA <nominee name> to 5676788
4. SBI:
Login to NetBanking > My Accounts > Social Security
Schemes > Select the Scheme & Acc no
How and When to
Claim?
The claim can be made only if the member / subscriber died
or disabled due to accident before his / her 70 years of age after paying the
required premiums. Keep the below
mentioned details before hand while applying for the claim:
1. Day, Date & Time of Accident
2. Place and Exact location where the accident took place
3. Nature of Accident
4. Details of Injury / Exact cause of death
5. Name address & contact details of Hospital / the
attending doctor(s)
6. Possible time where the medical officer of the company
can visit injured
7. FIR / Death certificate should be obtained
The procedure is explained in the form of Infographic below:
Claim form can be downloaded from the below link:
http://www.jansuraksha.gov.in/Files/PMSBY/English/ClaimForm.pdf
Key Points to note:
1. This is a one year cover renewable from year to year
2. Cover for the members enrolled after 31st May
2015 will be the prospective period from the date when they enroll to 31st
May 2016. But full premium to be paid.
3. The cover is for the period is till the insured attains
70 years of age. No maturity benefit -
if the contingency (Death / disability due to accident) happens before
70 years of age, the claim will be settled, else no return.
4. It should be operated through savings bank a/c only. If
the members have more than one savings a/c, he can choose any one savings a/c
of his choice. One policy for one
member.
3. Atal Pension
Yojana (PENSION SCHEME)
The basic information is presented in the form of
Infographic below.
Indicative Atal
Pension Yojana Monthly Contribution Chart (Based on Age):
1.
Indicative Contribution Chart for Monthly Pension of `1,000
Age of Entry
|
Indicative Monthly
Contribution (`)
|
Age of Entry
|
Indicative Monthly
Contribution (`)
|
|
18
|
42
|
31
|
126
|
|
19
|
46
|
32
|
138
|
|
20
|
50
|
33
|
151
|
|
21
|
54
|
34
|
165
|
|
22
|
59
|
35
|
181
|
|
23
|
64
|
36
|
198
|
|
24
|
70
|
37
|
218
|
|
25
|
76
|
38
|
240
|
|
26
|
82
|
39
|
264
|
|
27
|
90
|
40
|
291
|
|
28
|
97
|
|||
29
|
106
|
|||
30
|
116
|
2. Indicative Contribution Chart for Monthly Pension of `2,000
Age of Entry
|
Indicative Monthly
Contribution (`)
|
Age of Entry
|
Indicative Monthly
Contribution (`)
|
|
18
|
84
|
31
|
252
|
|
19
|
92
|
32
|
276
|
|
20
|
100
|
33
|
302
|
|
21
|
108
|
34
|
330
|
|
22
|
117
|
35
|
362
|
|
23
|
127
|
36
|
396
|
|
24
|
139
|
37
|
436
|
|
25
|
151
|
38
|
480
|
|
26
|
164
|
39
|
528
|
|
27
|
178
|
40
|
582
|
|
28
|
194
|
|||
29
|
212
|
|||
30
|
231
|
3. Indicative Contribution Chart for Monthly Pension of `3,000
Age of Entry
|
Indicative Monthly
Contribution (`)
|
Age of Entry
|
Indicative Monthly
Contribution (`)
|
|
18
|
126
|
31
|
379
|
|
19
|
138
|
32
|
414
|
|
20
|
150
|
33
|
453
|
|
21
|
162
|
34
|
495
|
|
22
|
177
|
35
|
543
|
|
23
|
192
|
36
|
594
|
|
24
|
208
|
37
|
654
|
|
25
|
226
|
38
|
720
|
|
26
|
246
|
39
|
792
|
|
27
|
268
|
40
|
873
|
|
28
|
292
|
|||
29
|
318
|
|||
30
|
347
|
4. Indicative Contribution Chart for Monthly Pension of `4,000
Age of Entry
|
Indicative Monthly
Contribution (`)
|
Age of Entry
|
Indicative Monthly
Contribution (`)
|
|
18
|
168
|
30
|
462
|
|
19
|
183
|
31
|
504
|
|
20
|
198
|
32
|
551
|
|
21
|
215
|
33
|
602
|
|
22
|
234
|
34
|
659
|
|
23
|
254
|
35
|
722
|
|
24
|
277
|
36
|
792
|
|
25
|
301
|
37
|
870
|
|
26
|
327
|
38
|
957
|
|
27
|
356
|
39
|
1054
|
|
28
|
388
|
40
|
1164
|
|
29
|
423
|
5. Indicative Contribution Chart for Monthly Pension of `5,000
Age of Entry
|
Indicative Monthly
Contribution (`)
|
Age of Entry
|
Indicative Monthly
Contribution (`)
|
|
18
|
210
|
31
|
630
|
|
19
|
228
|
32
|
689
|
|
20
|
248
|
33
|
752
|
|
21
|
269
|
34
|
824
|
|
22
|
292
|
35
|
902
|
|
23
|
318
|
36
|
990
|
|
24
|
346
|
37
|
1087
|
|
25
|
376
|
38
|
1196
|
|
26
|
409
|
39
|
1318
|
|
27
|
446
|
40
|
1454
|
|
28
|
485
|
|||
29
|
529
|
|||
30
|
577
|
How to Apply?
We can apply only through off-line mode. To my knowledge,
Banks are not offering online application for this Pension scheme.
Off-Line Application
(By Submitting Application form in Bank)
1. Download the form
from the below link: http://www.jansuraksha.gov.in/Files/APY/ENGLISH/ApplicationForm.pdf#zoom=250
2. Fill in the form with the necessary details. Since we
already have the account with our banker, this form has very minimal entries to
be filled in. It wont take more than 15 minutes to fill this form.
3. Don’t forget to fill the Aadhar Number if you have one.
4. No need to have / affix Photograph in the application
form.
5. Submit the duly filled in application form to your
banker. They will take care of the rest. Within a week’s time the scheme will
be activated.
Key Points to note:
1.The contribution to be made every month.
2. Contributions should be made till 60 years of age.
3. Upon the completion of 60 years, we will have to submit
the request to the our bank (Where we opted for this scheme) for drawing the
guaranteed monthly pension.
4. One can open only one APY account
5. It should be operated through savings bank a/c only. If
the members have more than one savings a/c, he can choose any one savings a/c
of his choice.
6. In case of the death of the subscriber after 60 years of
age, pension would be available to the spouse and on the death of both of them
(subscriber and spouse), the pension corpus would be returned to his nominee.
Once it is done, we will receive an acknowledgement from the bank for all the 3 schemes like the one below:
For Clarifications and doubts regarding any of the above mentioned 3 schemes, we can contact the toll-free numbers below:
Pan India toll-free no: 1800110001 / 18001801111
Toll-Free number for TamilNadu: 18004254415
Credits: http://www.jansuraksha.gov.in, Advertisements in TOI, RBI website etc.,
Conclusion:
It’s a wonderful initiative and we should make use of these
schemes. For a subsidized premium, they offer reasonable return to land the
future in safe hands. Of the 3 above, I personally feel PENSION YOJANA is the
best one.
Voluntary savings for the future has become a history these days. We
got used to spend a lot more than what we earn. This pension scheme will surely
help those who are working in unorganized sector. They face more risk than
those working in organized sector.
Requesting you all to make use of this opportunity and save for the
future. Small drops maketh an ocean,
similarly, these small contributions will turn out to be a lumpsum money in the
future.
This post is just my observation of the PM Insurance &
Pension schemes based on my understanding of the rules prescribed in the Govt
website. Feel free to mail me at innovativedeepak87@gmail.com, if you feel that
the content is being misinterpreted.
I should thank my friends Suren Kumar, Pavithra & Rajiv
for sharing the information and clarifying my doubts while drafting this blog
post. Thanks so much. Thanks to you all for your patience in reading this post.
Let’s make a better tomorrow.