Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium is Rs. 330 per annum which is to be auto-debited in one installment f rom the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.
The waiting period for claims
Risk cover under PMJJBY is applicable only after the first 45 days of enrolment. In other words, insurers do not have to settle claims during the first 45 days from the date of enrolment. However, deaths due to accidents will be exempt from the lien clause and will still be paid.
Enrolment
PMJJBY is administered through LIC and other Indian private life insurance companies. One may also approach their bankers as for the process of enrolment banks have tied up with insurance companies. In the case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only.
CLAIM SETTLEMENT
The death claim will be settled by the designated Office of Insurance Company concerned. The process followed will be as under:
Steps to be taken by the Nominee
1. Nominee to approach the bank wherein the member was having the 'savings bank account' through which he/she was covered under PMJJBY, along with the death certificate of the member.
2. Nominee to collect claim form, and discharge receipt, from the bank or any other designated source like insurance company branches, hospitals, insurance agents etc., including from designated websites.
3. Nominee to submit duly completed claim form, discharge receipt, death certificate along with a photocopy of the canceled cheque of the nominee's bank account(if available) or the bank account details to the bank wherein the member was having the 'savings bank account' through which he/she was covered under PMJJBY.
Steps to be taken by the Bank
1. Upon receipt of death intimation, the Bank should check whether the cover for the said member was in force on the date of his death, i.e., whether the premium for the said cover on Annual Renewal Date, i.e. 1st of June, prior to the Member's death was deducted and remitted to the Insurance Company concerned.
2. Bank to verify the claim form & the nominee details from the records available to them and to fill in the relevant columns of the claim form.
3. Bank to submit the following documents to the designated office of the insurance company concerned:
Claim Form duly completed
Death certificate
Discharge Receipt
Photocopy of canceled cheque of the Nominee (if available).
4. Maximum time limit for the bank to forward duly completed claim form to the insurance company is thirty days from the submission of the claim to it.
Steps to be taken at the designated office of Insurance Company
1. Verify that the Claim form is complete in all respects and all the relevant documents have been attached. If not, take up with the Bank concerned.
2. If the claim is admissible, the designated office of the insurer shall check whether the member's coverage is in force and no death claim settlement has been effected for the member through any other account. In case any claim has been settled, then the nominee shall be intimated accordingly with a copy marked to the bank.
3. In case the coverage was in force and no claim has been settled for the said member, payment shall be released to the nominee's bank account and a communication shall be sent to the nominee with a copy marked to the bank.
4. Maximum time limit for the insurance company to approve claim and disburse money is thirty days from the receipt of the claim from the bank.
In the case where the claim form is directly submitted to any office of the insurer by the claimant, then the insurer's office would forward the same to the concerned bank of the deceased account holder immediately to get necessary verification etc. done from the bank concerned. The concerned bank branch will forward the claim form to the designated office of the insurance company for processing the claim.
Source: www.jansuraksha.gov.in
Important Link: Click Here For The Application Form
BPL Cardholders Will Get The Benefit Of Prime Minister's Insurance Scheme.
Janshree Bima Yojana for all the families living below the poverty line, the new Prime Minister Jeevan-Jyoti and Pradhan Mantri Suraksha Bima Yojana have been started. In the scheme, persons from 18 to 50 years of age will be benefited.
1) Atal Pension Yojana
WHAT IT OFFERS: Pension between Rs 1,000 and Rs 5,000 a month.
WHAT IT COSTS: For a monthly pension of Rs 1,000, a 40-year-old subscriber will have to invest Rs 291 per month for 20 years, while an 18-year-old will have to contribute Rs 42 per month for 40 years.
WHO IS ELIGIBLE: All individuals between 18 and 40, who will have to contribute till they turn 60.
WHO SHOULD OPT FOR IT: This is an investment you need to make on behalf of your domestic staff who may not have anyone to look after them once they stop working.
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2) Pradhan Mantri Suraksha Bima Yojana
WHAT IT OFFERS: Accidental death and disability cover of Rs 2 lakh.
WHAT IT COSTS: Premium is Rs 12 per year.
WHO IS ELIGIBLE: Anybody who has a savings account in the banks that offer this scheme.
WHO SHOULD OPT FOR IT: Although it is for everybody, this scheme especially suits drivers, security guards, newspaper vendors, vegetable vendors and others who are exposed to the risk of accidental death or disability.
3) Pradhan Mantri Jeevan Jyoti Bima Yojana
WHAT IT OFFERS: A pure protection term insurance cover which pays Rs 2 lakh to dependents in the event of the policyholder's death.
WHAT IT COSTS: Premium is Rs 330 a year.
WHO IS ELIGIBLE: Anybody in the age band of 18-70 years who has a savings account in a bank that offers this scheme.
WHO SHOULD OPT FOR IT: This is a must for any member of your staff who is the sole breadwinner in his or her family.
4) Pradhan Mantri Jan Dhan Yojana
WHAT IT OFFERS: A savings account with no minimum balance. The Rupay ATM-cum-debit card comes with inbuilt accident and life covers of Rs 1 lakh and Rs 30,000 respectively.
WHAT IT COSTS: Nil
WHO IS ELIGIBLE: Anyone belonging to the economically weaker sections of society. As all future welfare and subsidy schemes are likely to be linked to it, it is a must for your staff.
WHO SHOULD OPT FOR IT: All those working in the unorganized sector. You can transfer salaries directly into the accounts of your domestic staff to inculcate a banking habit in them.
5) Post office time deposits and bank FDs
WHAT IT OFFERS: Time deposits with tenures of one to four years yield 8.4%, while five-year deposits will earn 8.5%. Bank fixed deposits in the name of your employees' senior citizen parents will earn 9-9.25%.
WHAT IT COSTS: The minimum investment for post office time deposits is Rs 200 and there is no cap.
WHO IS ELIGIBLE: Anyone with a bank account or Aadhar card.
WHO SHOULD OPT FOR IT: These investments will help shorter-term requirements of your staff and other unorganized workers like housing loan down payment, coaching class fees and so on.
6) Kisan Vikas Patra
WHAT IT OFFERS: A secure interest rate of 8.7% and the promise to double the investment in 100 months.
WHAT IT COSTS: The minimum investment is Rs 1,000. No maximum limit.
WHO IS ELIGIBLE: All
WHO SHOULD OPT FOR IT: All domestic workers, vendors and neighborhood workers to fund their medium-term requirements.
7) Sukanya Samriddhi Scheme
WHAT IT OFFERS: Guaranteed annual returns of 9.2%.
WHAT IT COSTS: Minimum contribution is Rs 1,000 a year and the maximum is Rs 1.5 lakh.
WHO IS ELIGIBLE: Girl child below the age of 10.
WHO SHOULD OPT FOR IT: Most domestic workers tend to take their daughters out of school to help with household chores or to make way for their brothers, whose education is considered more important. This serves as an incentive to save for a daughter's education and marriage.
8) Health insurance
WHAT IT OFFERS: Cover for expenses incurred during hospitalization due to illness or surgery.
WHAT IT COSTS: Rs 700-800 a year for a cover of Rs 50,000 for individuals aged between 18 and 40 years.
WHO IS ELIGIBLE: All
WHO SHOULD OPT FOR IT: Hospitalisation can wipe out the entire savings of those already at a financial disadvantage. Though not offered by the government, affordable policies are available from state-owned non-life insurers like New India Assurance and Oriental Insurance.
The ET has further calculated how much these might cost.
HOW IT STACKS UP
Pradhan Mantri Jan Dhan Yojan = NIL + Pradhan Mantri Jeevan Jyoti Bima Yojana = Rs 330 + Pradhan Mantri Suraksha Bima Yojana = Rs 12 + Atal Pension Yojana = Rs 3,492* + Health Insurance = Rs 800* + Sukanya Samriddhi Scheme = Rs 1,000# + Kisan Vikas Patra = Rs 1,000# + Post Office Time Deposits = Rs 200#
All this adds up to = Rs 6,834 (The total amount you need to spend on staff welfare measures in a year)
*Assuming your employee is 40 years old and monthly pension chose is Rs 1,000 in case of APY. #If minimum requirement is invested
Source: business insider
