Pradhan Mantri Awas Yojana (Urban)- PMAY (U)

Pradhan Mantri Awas Yojana (Urban) Mission launched on 25th June 2015 which intends to provide housing for all in urban areas by year 2022. The Mission provides Central Assistance to the implementing agencies through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families/ beneficiaries against the validated demand for houses for about 1.12 cr. As per PMAY(U) guidelines, the size of a house for Economically Weaker Section (EWS) could be upto 30 sq. mt. carpet area, however States/UTs have the flexibility to enhance the size of houses in consultation and approval of the Ministry.

 

In continuation to this Government’s efforts towards empowerment of women from EWS and LIG unlike earlier schemes, PMAY (U) has made a mandatory provision for the female head of the family to be the owner or co-owner of the house under this Mission. Verticals of PMAY (Urban) A basket of options is adopted to ensure inclusion of a greater number of people depending on their income,

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme 2 – for Life Insurance) are:

1. Eligibility:  Savings Bank (SB) Account holders between 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
2. 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.
3. Premium:As per the earlier guidelines by Ministry of Finance, the annual premium for PMJJBY scheme was constant at Rs 330 for a period of 1 year starting from June 1 to May 31 irrespective of the request date of the customer into the scheme.

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 structure is as follows:

1. June, July and August – Annual Premium of Rs 330 is payable
2. September, October and November – Premium of Rs 258 is payable
3. December, January and February – Premium of Rs 172 is payable
4. 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 rata premium of Rs 258 will be applicable to him/ her as per revised structure.

1. 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.
2. 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:

1. Account holder attains age of 55 years
2. Closure of account with the bank or insufficiency of balance for debiting premium.
3. 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.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) are:

1. Eligibility:  Savings Bank (SB) Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme.
2. Policy period: The cover shall be for one year starting from June 1 to May 31 of next year. For the Saving Account holder joining on or after June 1, the cover shall commence from the date of premium debit and end on May 31 of next year.
3. Premium: Rs. 12 per annum.
4. Payment Mode: The premium will be directly auto-debited by the Bank from the subscribers savings account held with the Bank. This is the only mode available. For renewal of the policy, it will be auto debited between May 25 and May 31, unless the customer has given a cancellation request to the Bank for the policy.
5. Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.

 

	Table of Benefits*	Sum Insured
I.	Death	Rs. 2 Lakh
II.	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 one hand or one foot	Rs. 2 Lakh
III.	Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot	Rs. 1 Lakh
*The total amount that can be claimed under the policy is INR 2 lakh only

 

The cover is subject to exclusions of the policy.

 Atal Pension Yojana  (APY)

APY stands for annual percentage yield. Banks are required to prominently display this rate for their deposit accounts, like savings accounts and certificates of deposit (CDs). APY gives you the most accurate idea of what your money could earn in a year

APY provides guaranteed pension of Rs 1,000 to Rs 5,000 (as explained above) to the subscribers. The scheme also allows a subscriber to decrease or increase pension amount during the course of accumulation phase, once an year.