What is the Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana

Pradhan Mantri Suraksha Bima Yojana Notification
The success of PM Jan Dhan Yojana is known to all now.  Through these
welfare schemes, Indians would get a universal social security system and the
government aims that it should provide such a system that no Indian should ever
worry about getting ill or meeting unexpected accidents.
Pradhan Mantri Suraksha Bima Yojana is a scheme for ensuring insurance in
case of disability and accidental deaths.  On the other hand, Pradhan
Mantri Jeevan Jyoti Bima Yojana provides cover for life insurance and Atal
Pension Yojana ensures that everyone gets pension after they get into old age.
In all these welfare schemes, the government is using technology as much as
possible and avoids possible leakages in the system.

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana would ensure that people should be
covered for their disabilities and accidental deaths.  The features of the
scheme are as following:
  • Eligibility: 
    Anyone within the age group of 18 to 70 years with a saving bank account
    is eligible under the scheme.  It is noteworthy that Aadhar number
    and a working bank account are prerequisites for th subscriber to avail
    this insurance scheme.
  • Annual Premium:  The
    scheme would charge a small premium of Rs 12 per annum that would be
    auto-debited from the subscriber’s saving bank account
  • Mode of Payment: 
    There is only one mode of payment under the scheme.  As mentioned
    above, the premium would be auto-debited from the subscriber’s saving bank
    account on an annual basis.  As of now, there is no other mode of
    payment of premium.
  • Risk Coverage:
    in case of complete disability or sudden death of the subscriber, he/she
    would get an insurance cover of Rs 2 lakh.  Rs 1 lakh would be
    assured in case of partial disability of the subscriber.
  • Terms of Risk
    Coverage:
     in order to receive the coverage, the subscriber
    is required to opt for the scheme each year.  At the same time,
    he/she can choose to select a long term subscription while filling up the
    form.
  • Who would implement
    the scheme:
      The scheme would be implemented by all General
    Insurance Companies in public sector and by other private sector companies
    who opt to float the scheme. The premiums paid through this scheme are although
    quite low, but they would be completely tax free under section 80C of
    Income Tax.

Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti  Yojana Notification

The Prime Minister has launched yet another useful life insurance scheme for
the weaker sections of societies who is working in unorganized sector and is
not covered under any other insurance schemes.  This scheme too would be linked
to PM Jan Dhan Yojana.  The features of the scheme are as under:
  • Eligibility of the
    scheme:
      The scheme is available for any Indian National
    under the age of 18 to 50 years and has a working saving bank account.
     The benefits of the scheme can be availed till 55 years for those
    joining it before they turn 50.
  • Premium amount:  The
    annual premium under the scheme is quite nominal.  Only Rs 330 has to
    be paid by the subscriber and that too would be auto-debited from their
    Jan Dhan Saving Bank Account.
  • Mode of Payment: 
    the mode of payment under the scheme is auto-debit from the saving account
    of the subscriber.
  • Risk Coverage: 
    the scheme covers the subscriber with an amount of Rs 2 lakh in case of
    death of the subscriber due to any reason
  • Terms of Risk Coverage: 
    Every year, the scheme has to be renewed by the subscriber by choosing to
    renew the scheme. For a long term option, the subscriber can also choose
    the keep the scheme for several years and in that case the auto-debit
    would happen automatically, every year.
  • Who would implement
    this scheme?
     Life Insurance Corporation would float and
    implement the scheme. Along with, any other insurance company, which is
    interested in dealing in the scheme, can opt to float it with proper
    authorization.
Those who want to subscribe for this scheme should contact their bank branch
or their respective Bank Mitra or Micro Insurance Agent within no time. 
They can also chose to visit several camps that are organized throughout the
nation and fill up the required form to avail the benefits under the scheme.

Comparison between PMJJBY (Pradhan Mantri Jeevan Jyoti Bima
Yojana) vs. PMSBY (Pradhan Mantri Suraksha Bima Yojana)

Features
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Eligibility
18-70 years
18-50 years
Number of Policy
One Policy Per Person
One Policy Per Person
When to Join the Scheme?
Any time
Any time
Sum Assured (Fixed)
Rs 2 lakhs
Rs 2 lakhs
Premium
Rs 12 per annum
Rs. 330 per annum
Cover stops at age
At the age of 70 years
At the age of 55 years
Maturity Benefit
Nil
Nil
Death Benefit (Natural Death)
Nil
Rs 2 lakhs
Death Benefit (Accidental Death)
Rs 2 lakhs
Rs 2 lakhs
Disability of both eyes, both hands, both legs or
one eye and one limb
Rs 2 lakhs
Nil
Disability of one eye or one limb
Rs 1 lakh
Nil
Maximum Insurance cover
Rs 2 lakhs
Rs.2 lakhs
Risk Period
1st June to 31st May every year.
1st June to 31st May every year.
Mode of Payment
Premium will be auto debited from account in the month of
May every year.
Premium will be auto debited from account in the month of
May every year.

 Atal Pension Yojana

Atal pension Yojana Notification
Atal Pension Yojana is officially launched effective June 2015 and is
targeting the workers involved in unorganized sectors who do not have access to
regular pension schemes from employers or from anywhere else.
Pension is a monthly amount that a person gets after he has stopped earning
during old age.  Pension is not only provided by the government but is
also contributed by the individual while he has been working.  Under Atal
Pension Yojana too, the subscriber would keep contributing whatever he/she can
to their pension account and would receive a pension of Rs 1000 to Rs 5000
after the age of 60 years.
The amount of pension an individual would get after 60 years is directly
proportional to the amount he/she has been contributing towards the
scheme.  The government, on the other hand would contribute 50% of the
contribution towards the subscriber’s account till a period of 5 years.
Eligibility for Atal Pension Yojana:  In general
terms, Atal Pension Yojana can be joined by any India national who falls under the
age of 18 to 40 years on a condition that he/she should not be enjoying any
other social security scheme.
The maximum age of contribution:  no matter when the subscriber joins,
he/she would have to contribute towards the pension account till the age of 60
years, after which they would be eligible for getting pension.
Enrolment agencies:  this scheme is a continuation to the popular
Swavalamban scheme, that was launched earlier.  Every service provider who
was registered under the Swavalamban scheme would be involved in Atal Pension
Yojana.
The Premiums and Contributions towards the scheme:  The table below
would show a clearer picture of how and what the subscriber is required to
contribute towards their pension account.
Age of Joining
Years of Contribution
Indicative Monthly Contribution for Monthly Pension of Rs
1000 and Corpus of Rs 1.7 Lakh(in Rs.)
Indicative Monthly Contribution for Monthly Pension of Rs
2000and Corpus of  Rs 3.4 Lakh(in Rs.)
Indicative Monthly Contribution for Monthly Pension of Rs
3000 and and Corpus of Rs 5.1 Lakh(in Rs.)
Indicative Monthly Contribution for Monthly Pension of Rs
4000 and Corpus of Rs 6.8 Lakh(in Rs.)
Indicative Monthly Contribution for Monthly Pension of Rs
5000 and Corpus of  Rs 8.5 Lakh(in Rs.)
19
41
46
92
138
183
228
21
39
54
108
162
215
269
26
34
82
164
246
327
409
31
29
126
252
379
504
630
36
24
198
396
594
792
990
39
21
264
528
792
1054
1,318

 Atal Pension Yojana and Swavalamban Yojana NPS

Atal Pension Scheme is a continuation to the government’s previous scheme
Swavalamban Scheme NPS, which was not really a success.  Those who have
already subscribed towards Swavalamban Scheme would automatically get carried
forward to Atal Pension Yojana.
How to join Atal Pension Yojana?
Joining Atal Pension Yojana is simple.  All you have to do is get in
touch with the bank in which you have your saving account and ask for form for
Atal Pension Yojana.
  • Submit the Atal Pension
    Yojana Form
  • Provide the subscriber’s
    mobile number and Aadhar number
  • Make the initial deposit to the
    pension scheme
Those who do not have a bank account with the concerned bank would need
following documents:
  • Open a bank account by
    submitting their respective KYC documents
  • Fill and submit APY proposal
    form
  • Provide nominee’s details
  • Choose the auto-debit
    facility approval

The contribution to Atal Pension Yojana would be deducted
automatically from the subscriber’s saving account.  The subscriber has to
maintain the minimum required balance so that the auto-debit happens without
any error.  If there is no minimum balance available for auto-debit, a fee
would be charged from the subscriber.

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