Social Security Schemes

SOCIAL  SECURITY SCHEMES RECENTLY INTRODUCED IN INDIA
1. Pradhanmantri  Suraksha  Bima  Yojana (PMSBY)
·         Eligibility: Any person of the age 18-70 years having an Aadhar-linked bank account.·         Sum Assured: Rs 200000/-

·         Premium: Rs 12/- per annum

·         Benefit: Risk coverage in case of Accidental Death and Full disability of entire Rs 200000/-. In case of Partial Disability Rs 100000/-

·         Tax Benefit: Premium paid is eligible for deduction u/s 80C. Amount received on maturity will be fully exempt u/s 10(10D)

2. Pradhanmantri  Jeevan Jyoti  Bima Yojana (PMJJBY)
·         Eligibility: Any person of the age 18-50 years having an Aadhar-linked bank account.·         Sum Assured: Rs 200000/-

·         Premium: Rs 330/- per annum

·         Benefit: Risk coverage in case of Death due to any reason of entire amount Rs 200000/-

·         Tax Benefit: Premium paid is eligible for deduction u/s 80C. Amount received on maturity will be fully exempt u/s 10(10D)

3. Atal Pension Yojana (APY)
·         Eligibility: All bank account holders who are not members of any statutory social security schemes. Min age should be 18 years and max. 40 years·         Pension: Rs 1000 to Rs 5000 per month on attainment of 60 years

·         Deposit: Minimum Rs 42 in order to receive pension of Rs 1000 per month and Rs 210 for pension of Rs 5000 per month till the person attains the age of 60 years.

·         Other details: If this scheme is subscribed before 31 December 2015, Central  Govt. will contribute 50% of the subscriber’s contribution or Rs 1000 per annum whichever is lower, for a period of 5 years.

 

For details visit: financialservices.gov.in

 

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