Are you working in the private sector? Enroll yourself in the Atal Pension Yojana and get ₹ 5000 pension after 60 years
₹Prime Minister Narendra Modi on 9 May 2015 in Kolkata launched three most powerful scheme for who is working in the unorganised sectors -
- Atal Pension Yojana (APY)
- Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Modi Government Schemes for common people get extra security benefit on your savings account
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| Atal Pension Yojana (APY) |
If you are working in the private sector? Enroll yourself in the Atal Pension Yojana and get Rs.5000 pension after 60 years. Atal Pension Yojana (APY) is a government-backed pension scheme in India, primarily targeted at the unorganised sector. It was mentioned in the 2015 Budget speech by the then Finance Minister Arun Jaitley.
Atal Pension Yojana (APY): This change happening from July 1, know what you will get.
👉 Click for more detail - Atal Pension Yojana
In April, PFRDA announced that auto debit from APY subscribers' bank account will be stopped till 30 June 2020. The PFRDA started that the decision was taken because more of the pension scheme subscribers were from the lower strata of the society and were facing a crisis due to the lockdown enforced by the Corona virus.
PFRDA's latest information states that the penalty interest will not be levied if the subscriber's pension scheme account is regularized before 30 September 2020. He has stated that the penalty will not be imposed if your non-deducted APY contribution is regularized before April 30, 2020, with regular APY contributions from April 2020 to August 2020.
Normally, fines are collected by banks for delay in contribution. According to the official website of APY, there is a provision for penalty for delay in contribution. There is a charge of up to Rs.100 per month but Rs.1 per month. Apart from this, between Rs.101 and Rs.500 is Rs.2 per month. There is a fine of Rs.5 per month for contribution between Rs.501 and Rs.1000. Crossing Rs.1,001 will attract a fine of Rs.10 per month.
What is Atal Pension Yojana
Atal Pension Yojana was started for the better future by keeping the specially weaker sections in mind. Any Indian citizen from 18 to 40 years can participate in this. Under the age of 60, after opening 1000 accounts every month, he has to make partial contribution according to different age and pension slabs.
Eligibility: Bank Account (Saving) holders between 18 years and 40 years who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
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| Atal Pension Scheme Premium Calculator |
Nowadays, this scheme is active for common people and you can enroll yourself with it. Besides, you can also share the important government scheme to you relative and friends.
Source: Pension Fund Regulatory and Development Authority (PFRDA)
2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India. This is scheme launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata.
PMSBY scheme came into existence to offer accident insurance to the people of India. In 2016, it was observed that only 20% of the Indian citizens had an insurance cover. However, Pradhan Mantri Suraksha Bima Yojana aspires to change this statistic in a positive manner.
Eligibility: Bank Savings Account holders between 18 years and 70 years who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
Premium: As per the guidelines by Ministry of Finance, the premium will be Rs.12 gets debited automatically from the insured person’s bank account every year.
Risk Coverage: This policy offers an annual cover of Rs.1 lakh for partial disability and Rs.2 lakhs for total disability/death for a premium of Rs.12.
👉 Click for more detail Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Source: Ministry of Finance
3. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJYBY)
Eligibility: Bank Savings Account holders between 18 years and 50 years who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
Policy period: The cover shall be for one year starting from June 1 to May 31 of next year. For the Savings Account holder joining on or after June 1, the cover shall commence from the date of Account holder’s request and end on May 31 of next year.
With effect from September 1, 2018, Ministry of Finance has revised the premium payment structure on quarterly basis depending on the request date of the Account holder into the scheme.
The revised premium structure is as follows:
- June, July and August – Annual Premium of Rs.330 is payable
- September, October and November – Premium of Rs.258 is payable
- December, January and February – Premium of Rs.172 is payable
- March, April and May – Premium of Rs.86 is payable.
The premium amount will be decided basis the date of request of the Account holder into the scheme and not as per the date of debit from the account.
For e.g. if an Account holder has placed a request for PMJJBY scheme on August 31, 2018 the annual premium of Rs.330 will be applicable to him/ her for the entire one year. Although the debit in his/ her account will be completed in the month of September 2018.
At the same time, if Account holder has requested for PMJJBY scheme on September 1, 2018 the pro rate premium of Rs.258 will be applicable to him/ her as per revised structure.
Payment Mode: The premium will be directly auto-debited by the bank from the Account holder’s Savings Account held with the Bank. This is the only mode available currently. For renewal of the policy, it will be auto debited between May 25 and May 31, unless the customer has given the cancellation request to the bank for the policy.
Risk Coverage: Sum assured of Rs.2 lakh on death of the Insured member for any reason is payable to the Nominee.
Termination of assurance:
- Account holder attains age of 55 years
- Closure of account with the bank or insufficiency of balance for debiting premium.
- In case of multiple coverage under the scheme, the cover will be restricted to Rs.2 lakh and other insurance covers are terminated and premium shall be forfeited.
👉 Click for more detail Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Download the Aarogya Setu App to tracker launched to alert you and keep you safe. Indian Government and Ministry of Health & Family Welfare has provided the following helpline number (Covid-19):
Central Helpline: +91-11-23978043
MyGov WhatsApp: 91+90131-51515
Thanks a lot for reading!
Reviewed by Neel Kamal
on
August 18, 2020
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