Pradhan Mantri Yojnas' - A Social Need

PRADHAN MANTRI JAN-DHAN YOJANA 

            (PMJDY) was launched with much fanfare by our honorable Prime Minister of India, last year on Independence Day. The programme is aimed at economic upliftment of the weaker and lower income strata of population. The intention of the entire programme is to make the maximum number of our population participate in our economic growth.

             So as first step to bridge this gap, a zero balance savings account in bank was announced, this would be made available in any nearby bank branch. The minimum savings earns them modest interest along with a secure place to collect their funds. This would ensure that there is at least one savings account per household. Also, availability of credit for future loan requirement is also easy.

PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA

• The scheme will provide one year renewable life cover, offering life insurance cover for death due to any reason. This would cover risk to human life and ensure safety to entire family.
• The maximum benefit to be made available in case of death is of Rs 2 lakhs. The premium chargeable would be Rs 330 pa.
• Any savings bank account holder between the age of 18 -50 years is eligible to join the scheme. Also, holding an Aadhar card is mandatory for KYC process.
• Initial cover period is from 1^st June 2015 – 31^st May 2016, via the participating bank with filled application form (made available with majority banks) and auto debit consent. Also, a certificate of good health (details to be made available at your bank) .For future years also, the account holder has to give his consent for auto debit of premium from his savings account.
• There will be a single Master policy issued to the bank covering all the enrolled account holders. It is similar to the group insurance.
• The bank would be a contact point for the nominee to claim benefit under the scheme.

PRADHAN MANTRI SURAKSHA BIMA YOJANA

• The scheme will provide one year renewable cover, offering insurance cover for any accidental death or permanent disability due to any accident.
• The maximum benefit to be made available in case of death/total disability is of Rs 2 lakhs. The premium chargeable would be Rs 12 pa.
• Any savings bank account holder between the age of 18 -70 years is eligible to join the scheme. Also, holding an Aadhar card is mandatory for KYC process.
• The rest of the administrative details are similar to the above scheme.

ATAL PENSION YOJANA

• The scheme would focus on all people in unorganized sector to help them save for their retirement.
• The scheme is administered by Pension Fund Regulatory and Development Authority
• The subscribers can receive fixed monthly pension between Rs 1000 – Rs 5000 on attaining 60 years based on their contribution and age of joining. ( Minimum Age – 18 years – Maximum age – 40 years)
• The Central government would co – contribute 50% of total contribution or Rs 1000 which is lower for first five years. The Scheme would launch on 1^st June 2015. The only required condition is that the subscriber should not be having any alternate statutory social security scheme membership. He should also not be income tax payers.
• The working of the pension scheme would be administered in lines similar to National Pension Scheme.  

   

        These schemes might not be beneficial to you who earn good salary or have secured business wealth. But it is necessary that we encourage the people, who serve us like our domestic maids, drivers, staff, workers, who toil for our growth and well being, participate in these schemes. It is not essential to help the society only through hefty donations, some moral duties can be fulfilled even otherwise.

Thanks and Regards

Team

Saarthi Financial Planner

Email: saarthifp@gmail.com

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