a) Atal Pension Yojana (APY)
The Atal Pension Yojana (APY) is focused on all citizens in the un organized sector, and administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Under the APY, the subscribers will receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month at the age of 60 years, depending on their contributions. The contribution is based on the age of joining the APY and the pension amount chosen by the subscriber. The benefit of fixed pension is guaranteed by Government of India.
Eligibility for APY
Atal Pension Yojana (APY) is open to all savings bank account holders.
Age of joining and contribution period
The minimum age of joining is 18 years and maximum age is 40 years. The age of exit and start of pension will be 60 years.
Enrolment and Subscriber Payment
All Savings bank account holders under the eligible category may join APY with auto debit facility to accounts, leading to reduction in contribution and collection charges.
The subscribers should keep the required balance in their savings bank accounts on the stipulated due dates to avoid any late payment penalty. Due dates for monthly contribution payment is arrived based on the deposit of first contribution amount. In case of repeated defaults for specified period, the account is liable for closure and the GoI co-contributions, if any, shall be forfeited. Also, any false declaration about his/her eligibility for benefits under this scheme for whatsoever reason, the entire government contribution shall be forfeited along with the penal interest. For enrolment, Aadhaar is the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.
The subscribers are required to opt for a monthly pension from Rs. 1000 to Rs.5000 and ensure payment of stipulated monthly contribution regularly. The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts.
However, the switching option shall be provided once in year during the month of April. Each subscriber will be provided with an acknowledgement slip after joining APY which would invariably record the guaranteed pension amount, due date of contribution payment, PRAN etc.
According to a gazette notification issued by the Ministry of Finance, any citizen who is or has been an income tax payer according to the Income Tax Act will not be eligible to join the Atal Pension Yojana or APY from October 1,2022.
b) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The scheme will be of one year coverage of insurance, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason. The scheme is offered / administered through LIC.
Scope of coverage:
All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person will be eligible to join the scheme through one savings bank account only. Aadhar is the primary KYC for the bank account.
Enrolment Modality:
The cover shall be for one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year, with the exception as above for the initial year. Delayed enrolment with payment of full annual premium for prospective cover may be possible with submission of a self-certificate of good health.
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 proforma. In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing, subject to submission of self-certificate of good health.
Benefits:
Rs.2 lakhs is payable on member’s death due to any reason.Premium: Rs.436/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one instalment, as per the option given, on or before 31st May of each annual coverage period under the scheme. Delayed enrolment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a selfcertificate of good health. The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.
c) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The scheme will be a one-year cover, renewable from year to year, Accident Insurance Scheme offering coverage for accidental death and disability on account of an accident. The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.
Scope of coverage:
All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. 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. Aadhar would be the primary KYC for the bank account.
Enrolment Modality / Period:
The cover shall be for one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year, extendable up to 31st August. Joining subsequently on payment of full annual premium may be possible on specified terms. However, applicants may give an indefinite / longer option for enrolment / auto-debit, subject to continuation of the scheme with terms as may be revised on the basis of past experience. Individuals who exit the scheme at any point may re-join the scheme in future years through this modality. New entrants into the eligible category from year to year or currently eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing
Benefits:
a Death-Rs. 2 Lakh
b Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foots. -Rs.2 Lakh
c Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot ----Rs. 1 Lakh
Premium:
The premium of Rs 20/- will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one instalment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit.
Eligibility Conditions:
The savings bank account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme. In case of Joint Account holders, both the Account holders are eligible to join on payment of premium for each account holders.
Master Policy Holder:
Participating Bank will be the Master policy holder on behalf of the participating subscribers. A simple and subscriber friendly administration & claim settlement process shall be finalized by the respective general insurance company in consultation with the participating Banks.
Termination of cover:
The accident cover for the member shall terminate on any of the following events and no benefit will be payable there under:
*On attaining age 70 years (age nearest birth day).
*At the time of renewal, closure of account with the Bank or insufficiency of balance to keep the insurance in force.
*In case a member is covered through more than one account and premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
*If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that may be laid down. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company.
*Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.
Administration:
The scheme, subject to the above, will be administered as per the standard procedure stipulated by the Insurance Company. The data flow process and data proforma will be provided separately. It will be the responsibility of the participating bank to recover the appropriate annual premium from the account holders within the prescribed period through ‘auto-debit’ process. Enrolment form / Auto-debit authorization in the prescribed proforma shall be obtained and retained by the participating bank.
In case of claim, the Insurance Company may seek submission of the same. Insurance Company reserves the right to call for these documents at any point of time. The experience of the scheme will be monitored on yearly basis for re-calibration etc., as may be necessary.