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Saturday, 27 June 2015

PM Insurance & Pension Schemes – A Ready Referencer



PM Insurance & Pension Schemes 
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)


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)


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)


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.

28 comments:

  1. A very helpful article (y) specially for those whose job does nt have organized pension and insurance benefits :)

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  2. A very helpful article (y) specially for those whose job does nt have organized pension and insurance benefits :)

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  3. Thanks and yeah true Prasanna... Very useful for those in unorganized sector. And I would like the people to share this with their maids at home. Or they can even deposit on their behalf in their SB a/c.

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