PRADHAN MANTRI SNEH BANDHAN YOJANA

In terms of Government guidelines, two schemes of Govt. of India were announced viz.,

i) Pradhan Mantri Suraksha Bima Yojana (PMSBY) and

ii) Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY).

These schemes will be available at all the times.

(i) Gift for Composite insurance under PMSBY and PMJJBY:-

For One time premium payment

(Amount in Rs.)

Amount

(A)

OneYear Premiumfor PMSBY

(B)

One Year Premium for PMJJBY

(C)

Total

(D=B+C)

Balance to be credited in the SB Account

( A-B-C)

351 12 330 342 9

An individual may gift an amount of Rs. 351/- on Raksha Bandhan towards funding of the recipients one time insurance premium for PMSBY and PMJJBY (Rs. 12/- + Rs. 330/- i.e Rs. 342/-), with the balance amount of Rs. 9/- to be credited to the savings bank account of the insured. Subsequent insurance premia will have to be deposited by the insurer for continuing the insurance cover.

(ii) Gift of Fixed deposit for insurance under PMSBY only:

TotalDepositAmountto be paid

(A)

1st Year Premium

(B)

2ndYearPremium * (C) Total Amount of FD

(D=A-B-C)

Returns on (D)

@ applicable ROI

(8% p.a)

201 12 12 177 14.16

* To be parked in SB account of the insurer till the date of next premium.

An individual may invest an amount of Rs. 201/- any time during the year for gifting from which:-

  • Rs. 12/- will be immediately paid to the insurance company as first years’ premium.
  • Rs.12/- will be parked separately in a SB account of the insurer towards payment of second years’ premium.
  • Balance amount of Rs. 177/- will be invested in a T.D (Term Deposit) for ten years at the then prevalent interest rate (8% p.a) for earning annual interest income of Rs. 14.16 which will be sufficient for annual insurance premiums, at the current rate, up to the date of the Term Deposit.

(iii) Gift of Fixed deposit for composite insurance under PMSBY and PMJJBY:

(Amount in Rs.)

TotalDepositAmountto be paid

(A)

1st Year Premium

(B)

2ndYearPremium*

(C)

Total Amount of FD

   (D=A-B-C)

Returns on (D)

@ applicable ROI

(8% p.a)

5001 342 342 4317 345.36

* To be parked in SB account of the insurer till the date of next premium

An individual may invest an amount of Rs. 5001/- any time during the year for gifting from which:-

  • Rs. 342/- will be immediately paid to the insurance company as first years’ premium.
  • Rs. 342/- will be parked separately in a SB account of the insurer towards payment of second years’ premium.
  • Balance amount of Rs. 4317/- will be invested in a T.D (Term Deposit) for Five or Ten years at the then prevalent interest rate (8% p.a) for earning annual interest income of Rs.345.36 which will be sufficient for annual insurance premiums, at the current rate, up to the date of the Term Deposit.

TERMS AND CONDITIONS:

  1. Maintenance of desired insurance schemes’ premium will be the responsibility of the customer / insured.
  2. Prevailing rate of interest will be paid on the term / fixed deposits.
  3. Extant guidelines related to deduction of tax at source will be applicable on the term / fixed deposit accounts.

Author: Admin Bankedge

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