1. After Jan Dhan, Prime Minister Narendra Modi will launch three mega
social security initiatives -- one pension and two insurance schemes on
Saturday.
The schemes will be launched in Kolkata, capital of WestBengal where
assemblyelections are due next year. More than a dozen Union ministers
will also fan out across the country roll-out of Pradhan Mantri Jeevan Jyoti
Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana
(PMSBY) and Atal PensionYojana (APY).
There will be simultaneous nation-wide launch of the schemes through
functions organised at 112 centres in various States and UTs which would
be attended by the respective Chief Ministers or Governors and the Union
Ministers, according to a finance ministry statement. Senior Union Ministers
including the Home Minister Rajnath Singh (Lucknow), Finance Minister
Arun Jaitley (Mumbai), External Affairs Minister Sushma Swaraj (Bhopal),
Urban DevelopmentVenkaiah Naidu (Varanasi), Food,ConsumerAffairs
and Public Distribution Minister Ram Vilas Paswan (Patna) and Road
Transport and Highways Minister Nitin Gadkari (Bhagalpur) will launch the
schemes.
Pradhan Mantri Suraksha Bima Yojana
Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental
Death Insurance) are:
• Eligibility: ICICI Bank 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.
• Policy period: The cover shall be for one year period starting from June 1, 2015 to May
31, 2016 for which option to join / pay by auto-debit from the designated Savings Bank
account on the prescribed forms will be required to be given by May 31, 2015 -
extendable up to August 31, 2015. For the saving A/c holder joining after May 31, 2015
and on or before August 31, 2015 the cover shall end on May 31, 2016.
• Premium: Rs. 12 per annum.
• Payment Mode: The premium will be directly auto-debited by the bank from the
subscribers account. This is the only mode available.
• 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 Rs. 2 Lakh

2. hands or feet or loss of sight of one eye and loss of use of one hand
or one foot
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.
Exclusions:
Major Exclusions: Intentional self injury, suicide or attempted suicide whilst under the influence
of intoxication liqour or drugs, Any loss arising from an act made in breach of law with or
without criminal intent.” For more details, please refer the Master Policy wordings.
Terms and conditions:
Customer should not be insured under Pradhan Mantri Suraksha Bima Yojana under any other
Savings Bank Account. In case the same is found to exist, premium shall stand forfeited and no
claims would be paid.
The cover shall commence from the 1st of the month, subsequent to the date of enrollment in the
scheme.
Customer will have to pay full annual premium even if he/she joins the Scheme after the
commencement of the Group Policy.
The membership in the scheme will remain in force as long as all premium due are paid until
attaining age of 70 years as on Annual Renewal Date.
Policy shall not be issued if nominee details are not provided in SMS / available in SB account.
No separate intimation shall be provided for the same. To have a different nomination, please
enroll for the scheme at the branch.
The customer response received through their registered mobile number shall be considered as
their consent for auto-debit from their savings bank account. The Savings Bank account shall be
debited on or before May 31, 2015 which is extendable up to August 31, 2015. For the Savings
Bank account holder, joining after May 31, 2015 on or before August 31, 2015, the cover shall
end on May 31, 2016.
The personal details, as required, regarding admission into the Pradhan Mantri Suraksha Bima
scheme will be shared with ICICI Lombard General Insurance Company Ltd., under Group
Policy Number 4005/102417353/00/000 certifying coverage as per the Scheme, and in
accordance to the information available in your account and your authorisation for the auto
deduction of the premium amount.
Any information provided by the customer if found to be untrue, the membership to the scheme
shall be treated as cancelled from the date of joining the scheme and all premium paid in respect
thereof shall stand forfeited.

3. Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed Life insurance scheme in
India. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in
February 2015.[1] It was formally launched by Prime Minister Narendra Modi on 9 May in
Kolkata.[2] As of May 2015, only 20% of India's population has any kind of insurance, this
scheme aims to increase the number.[3] Government’s PMJBY (Pradhan Mantri Jeevan Jyoti
Bima Yojana) Scheme provides life Insurance Cover to your family in case of any unfortunate
death of scheme holder due to any reason. This PMJBY scheme provides life insurance cover
for only one year which can also be renewable from year to year with low premium.
The Annual Premium payable by Scheme holder is Rs.330 only which is valid for one year.
Under this PMJBY Govt’s scheme Rs. 2,00,000 is payable to scheme holder’s family in case of
death due to any reason. PMJBY life insurance cover scheme will start from 01 June 2015 to
31 May 2016.
Highlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby – Scheme 1 – for Accidental
Death Insurance) are
Eligibility: Available to people in age group 18 to 70 years with bank account.
Premium: Rs 12 per annum.
Payment Mode: The premium will be directly auto-debited by the bank from the subscribers
account. This is the only mode available.
Risk Coverage: For accidental death and full disability – Rs 2 Lakh and for partial disability –
Rs 1 Lakh.
Eligibility: Any person having a bank account and Aadhaar number linked to the bank account
can give a simple form to the bank every year before 1st of June in order to join the scheme.
Name of nominee to be given in the form.
Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to
give a long-term option of continuing in which case his account will be auto-debited every year
by the bank.
Who will implement this Scheme?: The scheme will be offered by all Public Sector General
Insurance Companies and all other insurers who are willing to join the scheme and tie-up with
banks for this purpose.
The premium paid will be tax-free under section 80C and also the proceeds amount will get
tax-exemption u/s 10(10D).But if the proceeds from insurance policy exceed Rs.1 lakh , TDS at
the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.
Overview
Pradhan Mantri Jeevan Jyoti Bima Yojana is available to people between 18 and 50 years of age
with bank accounts. It has an annual premium of Template:Currency 330 Rupees excluding
service tax, which is above 14% of the premium. The amount will be automatically debited from
the account. In case of death due to any cause, the payment to the nominee will be ₹200,000.[1][2]

4. This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan
Yojana scheme. Most of these account had zero balance initially. The government aims to reduce
the number of such zero balance accounts by using this and related schemes.[3]
Criticism
The banks have complained that revenue received will be very low. Some bankers have claimed
that amount they are receiving is not sufficient to cover the service costs. Since, this a group
insurance scheme, banks have not received instruction regarding cases where excessive claims
are in a year. Insurers have also pointed out that no health certificate or information of pre-
existing disease is required for joining.[1]
Government Pradhan Mantri Jeevan Jyoti Bima Yojana
Scheme Eligibility Conditions
Entry Age
• Minimum – 18 years
• Maximum – 50 years
Scheme Period • One year (Renewable from year to year).
Date
of Implementation
• 1st June 2015
Premium • Rs. 330 per annum plus service tax as applicable.
Premium Payment
Mode
• Directly Auto-debited by the bank from the scheme
holder’s account in one instalment.
Risk Coverage • 2 Lakhs in case of death for any reason.
Primary KYC • Aadhar number.
Tax benefits
• Premium paid towards this scheme is eligible for tax deduction
under section 80C.
Government PMJBY Scheme Key Features
Main Key Features of Government PMJBY Scheme are as follows
• One year Renewable group life insurance cover.
• One time Annual premium is payable i.e., Rs.330 per subscriber.
• On death of Scheme holder due to any reason Rs.2 lakhs is payable.
• Premium will be deducted annually from scheme holder’s savings bank account through
‘auto debit’ facility in one installment on or before 31st May every year.
• Under this PMJBY scheme, Bank will be the master policyholder. Individual members
will be provided with certificate of Insurance (COI).

5. • Terms of Risk Coverage: Account holder has to opt for this PMJBY scheme every year.
He can also prefer to give a long term option of continuing, in which case his account
will be auto-debited every year by the bank.
PM Jeevan Jyoti Bima Yojana Scheme Enrollment period
• All account holders who are interested towards this scheme are required to enroll and
give their auto-debit consent by 31 May 2015.
• Late Enrollment for prospective cover will be possible up to 31 August
2015. Government had extended the enrollment for another 3 months, i.e. upto 31 Nov
2015.
• Candidates who are joining subsequently after 31 August 2015, will be able to do so with
payment of full Annual premium for prospective cover and with submission of self-
certificate of good health in the prescribed proforma.
Termination of Assurance
• Scheme holder attains age of 55 years.
• Closure of Bank account or low balance for debiting premium.
• In case of multiple coverage under this PMJBY scheme then the insurance cover will be
restricted to Rs.2 lakhs and all other life insurance covers are terminated and the premium
shall be forfeited.
Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme 2 – for Life
Insurance) are:
• Eligibility: ICICI Bank 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.
• Policy period: The cover shall be for one year period starting from June 1, 2015 to May
31, 2016 for which option to join / pay by auto-debit from the designated savings bank
account on the prescribed forms will be required to be given by May 31, 2015,
extendable up to August 31, 2015. Those joining subsequently may be able to do so with
payment of full annual premium for prospective cover, with submission of a self-
certificate of good health in a form acceptable to Us.
• Premium: Rs. 330 (per annum).
• Payment Mode: The premium will be directly auto-debited by the bank from the
subscribers’ savings bank account. This is the only mode available currently.
• Risk Coverage: Sum Assured of Rs. 2 Lakh on death of the Insured member for any
reason is payable to the Nominee. No claim is admissible for deaths during the first 45
days from the entry date, except for cases of death due to accident.

6. 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 lakhs
and other insurance covers are terminated and premium shall be forfeited.
Terms & Conditions:
Customer should not be insured under Pradhan Mantri Jeevan Jyoti Bima Yojana under any other
Savings Bank Account. In case the same is found to exist, premium shall stand forfeited and no
claims would be paid.
The cover shall commence from the 1st of the month, subsequent to the date of enrollment in the
scheme.
Customer will have to pay full annual premium even if he/she join the Scheme after the
commencement of the Group Policy.
Policy shall not be issued if nominee details are not provided in SMS / available in SB account.
No separate intimation shall be provided for the same.
The customer response received through their registered mobile number shall be considered as
their consent for auto-debit from their savings bank account. The Savings Account shall be
debited on or before May 31, 2015.
The personal details, as required, regarding admission into the Pradhan Mantri Jeevan Jyoti Bima
scheme will be shared with ICICI Prudential Life Insurance Company Ltd., under Group Policy
Number 000022773 certifying coverage as per the Scheme, subject to correctness of information
provided regarding eligibility and receipt of consideration amount.
Any information provided by customer if found to be untrue, the membership to the scheme shall
be treated as cancelled from the date of joining the scheme and all premium paid in respect
thereof shall stand forfeited.
Atal Pension Yojana Scheme Introduction
Atal Pension Yojana Scheme was introduced by Government of India in the year 2015-16.
Main aim of starting this Pension Yojana Scheme was to provide income security to society in
the old age. This Government Atal Pension Yojana Scheme provides Guaranteed Pension

7. as monthly income after retirement age. Under this APY scheme a guaranteed minimum pension
of Rs. 1,000 and upto maximum Rs. 5,000 per month will be given at the age of 60 years which
depends on the contributions by the scheme holder.
All account holders who are interested can join under this Government APY Scheme and can
pay premium through savings bank account or open a savings bank account to join in this
Government Pension Scheme. Premiums are based on the Pension selected by the scheme
holder and based on the starting age of APY scheme. Detailed information about Monthly
Premiums to be paid, entry age, starting age of Pension and other benefits of Atal Pension
Yojana Scheme are given below.
Government Atal Pension Yojana Scheme Eligibility
Conditions
Entry age to join in
APY Scheme
• Minimum – 18 years
• Maximum – 40 years
Guaranteed Monthly
Pension
• Minimum – Rs. 1000
• Maximum – Rs. 5000
Starting Age to receive
Pension
• 60 Years
Contribution Period • Based on Entry Age of Scheme holder
Mode • Monthly Premium will be Auto-

8. of Paying Premium debited by the bank from the
Scheme holder’s account.
Date of Implementation • 1st June 2015
Primary KYC • Aadhar number
Government APY Scheme Monthly Contribution Chart
EntryAge
Number of Years
of Paying
Contribution (in
Years)
Based on Pension Needed, the Monthly Contribution has to
Pay in Rs.
For
Monthly
Pension of
Rs. 1000
For Monthly
Pension of
Rs. 2000
For Monthly
Pension of
Rs. 3000
For
Monthly
Pension of
Rs. 4000
For
Monthly
Pension of
Rs. 5000
18 42 42 84 126 168 210
19 41 46 92 138 183 228
20 40 50 100 150 198 248
21 39 54 108 162 215 269
22 38 59 117 177 234 292
23 37 64 127 192 254 318
24 36 70 139 208 277 346
25 35 76 151 226 301 376
26 34 82 164 246 327 409
27 33 90 178 268 356 446
28 32 97 194 292 388 485
29 31 106 212 318 423 529
30 30 116 231 347 462 577
31 29 126 252 379 504 630
32 28 138 276 414 551 689
33 27 151 302 453 602 752

9. 34 26 165 330 495 659 824
35 25 181 362 543 722 902
36 24 198 396 594 792 990
37 23 218 436 654 870 1,087
38 22 240 480 720 957 1,196
39 21 264 528 792 1,054 1,318
40 20 291 582 873 1,164 1,454
Atal Pension Yojana – Key Features
The name of this scheme was decided as per our former honorable PM Atal Bihari Vajpayee.
Govt is trying to cover people in unorganized sector who are not going to get any pension in
future. FM Arun Jaitley is stressing much for pension schemes during budget 2015 to improve
social security after 60+ age for senior citizens. It could be a good scheme which will provide
social security when someone retires.
1. Benefitsofthe Scheme:APYis a guaranteedpensionscheme fromGovtof India. Dependingonthe
contributionlevel,thisscheme will provide afixed pensiontothe poorunorganizedsectorof people.
The Atal Pensionschemewillbe focussedtowardseveryIndiacitizenunder the National PensionSystem
(NPS).
2. Migration from Swavalamban Scheme: If you have subscribed to Swavalamban Scheme,
then you will be automatically migrated to atal pension yojana (APY).
If any subscriber beyond the age of 40 under Swavalamban scheme do not wish to continue
can opt out of the scheme. They can either completely withdraw the entire amount, or to be
eligible for annuities there under, may continue till the age of 60 years .
3. Eligibility: All Indian citizen within the given age limit is eligible to avail the APY scheme
provided they have a savings bank account.
4. Age Limit: The entry age for this scheme will be 18-40 years. The pension will be started
from the age of 60 years. That means min duration of contribution will be 20 years.
PensionAmount,DueDate & Payment Mode
5. Amount of Pension: Monthly pension amount will vary from 1000 – 5000 as per one’s
contribution.
6. Changing Pension Amount: If the subscriber wants, he/she can opt to increase/decrease the
pension amount as per the available monthly pension amounts. The switching option will be
available once in a year during the month of April.

10. 7. Due Date of Contribution: In Atal pension scheme, the due date for monthly contribution
will be decided as per the initial date of deposit of the amount. After joining the scheme,
the subscriber will receive an acknowledgement slip which will be the record for the due date of
contribution, guaranteed pension amount, Permanent Retirement Account Number (PRAN) etc.
8. Payment Mode: The payment method for Atal Pension Yojana is also direct auto-debit like
PM Suraksha Bima Yojana & PM Jeevan Jyoti Bima Yojana. To ensure that no penalty is levied,
the subscriber must keep a track that sufficient balance is maintained in the account.
9. Contribution Period: The minimum period of contribution is 20 years & the maximum
period of contribution is 42 years. The contribution period depends on the age of joining.
10. Where to Enrol: All points of presence (service providers) & aggregators under
Swavlamban Scheme will enrol for the APY scheme by setting up National Pension System.
Atal pension yojana (APY) Contribution Level
11. Minimum Contribution Limit – As per the age of joining, the contribution amount
will vary. The subscribers will start getting the pension from the age of 60 years. An 18 years old
subscriber needs to contribute a minimum of Rs. 42 per month to get a monthly pension amount
of Rs. 1,000. Similarly, for a 40 years old subscriber, minimum contribution amount is Rs. 291
per month.
12. Maximum Contribution Limit – If someone of age 40 years, started contributing for atal
pension yojana (APY) scheme he/she has to pay a monthly contribution of 1454 for 20 years.
After 20 years he/she will get guaranteed Rs 5000 / month pension.
You can see the exact calculation of contribution amount in the detailed article on Atal Pension
Yojana Calculator.
13. Nomination Facility: Nomination is mandatory under APY scheme. One needs to provide
nominee details while opening the account. Also wherever applicable the spouse details with
Aadhaar card no. should be provided.
Govt. Contribution&Operational Authority
14. Contribution by Government – Govt. will also co-contribute 50% of the subscriber’s
contribution or Rs 1,000 per annum, whichever is lower. This facility will be provided to people
who open atal pension yojana (APY) before December 31st, 2015. The Government will co-
contribute to the eligible Permanent Retirement Account Number (PRAN) holders by PFRDA
after receiving the confirmation from Central Record Keeping Agency.
To encourage people to join the APY scheme, Govt. will also reimburse the promotional and
development activities including incentive to the agencies who will collect the contribution
amount.
15. Operational Authority: APY is a Government of India Scheme. It will be administered by
PFRDA (Pension Fund Regulatory and Development Authority). PFRDA will originate the
account opening form along with the offer document of this scheme.
Penalty for Default & False Declaration
16. False Declaration: While opening the account, if any false declaration is made about the
person’s eligibility, entire government contribution along with the penal interest will be forfeited.

11. 17. Penalty for Default: Penalty will be levied for defaulters. The account may get foreclosed in
case of repeated defaults for a specified period. Govt. co-contributions will also be forfeited.
For any delayed payments, the respective banks need to collect the additional amount. Below is
the different variations per month for this amount:
• Rs. 1 for contributionuptoRs.100 per month
• Rs. 2 for contributionuptoRs.101 to 500/- per month
• Rs. 5 for contributionbetweenRs501/- to1000/- permonth
• Rs. 10 for contributionbeyondRs1001/- per month.
18. Discontinuation Effect: If discontinuation of payment happens for a specified period of
time, it may lead to even closure of the account. The other effects of non-contribution of amount
are:
• After6 months – Accountwill be frozen
• After12 months – Account will be deactivated
• After24 months – Account will be closed
Other DetailsofAPY
19. Information Alert: While making the subscription, one needs to provide his/her mobile no.
So the subscriber will receive periodical information on the auto-debit of the account, balance
amount, contribution credits etc. through SMS alerts.
20. Exit Atal pension yojana:
On attaining the age of 60 years:
• Exit will be permitted at the age of attaining 60 years only.
• After exit, Pension will start to scheme holder based on his contribution.
In case of death of the Subscriber due to any cause:
• In case of death of scheme holder, pension would be available to the spouse
• On the death of both of them (subscriber and spouse), then the pension corpus would be
returned to his nominee.
Exit Before the age of 60 Years:
• In case of exit before 60 years of age then such conditions are not permitted.
• But, in case of death of Scheme holder or terminal disease such cases are exceptional
under this APY Scheme.
Benefits of Atal Pension Yojana:
• Subscribers of APY will get monthly pension at the age of 60 years. If someone joins at
the age of 18 years and contributes Rs.42 till he reaches 60 years, then monthly pension
received would be Rs. 1,000.

12. • Pension amount will range from Rs.1,000 – Rs. 5,000.
• Auto-debit facility will also be provided. With this monthly contribution would be
automatically debited from the subscriber’s account.
• In case of death of the pensioner (father), the monthly pension would continue to be paid
to the wife. And to the child (if both father and mother die).
APY Scheme Delay Charges
In case of late payments, banks are required to collect additional amount as penalty. This for
delayed payments will vary from minimum Rs. 1 per month to Rs. 10 per month as shown below
• Rs. 1 per month for contribution upto Rs. 100 per month.
• Rs. 2 per month for contribution upto Rs. 101 to 500 per month.
• Rs. 5 per month for contribution between Rs. 501 to 1000 per month.
• Rs. 10 per month for contribution beyond Rs. 1001 per month.
Note: The fixed amount of interest or penalty will remain as part of the pension corpus of the
subscriber.
How to Enroll?
To sign up for the Atal Pension Yojana, an account holder must fill in an authorisation form and
submit it to his/her bank. The form will require complete details including account number,
spouse and nominee details, and authorisation for auto debit of contribution amount. Account
holders signing up for the scheme need to ensure that sufficient balance is maintained in the
account every month, failing to do so will attract a monthly fine of –
• INR 1 for monthly contribution up to INR 100
• INR 2 for monthly contribution between INR 101 and INR 500
• INR 5 for monthly contribution between INR 501 and INR 1,000
• INR 10 for monthly contribution beyond INR 1,001
If no payment is made towards the scheme
• for six months, the holder’s account will be frozen

13. • for 12 months, the holder’s account will be deactivated
• for 24 months, the holder’s account will be closed
For those who does not have a bank account: A person needs to open a bank account first by
submitting the KYC document and Aadhar card. He/she is also required to submit the APY
proposal form.
The Atal Pension Scheme and the other insurance schemes were launched on 9 May,
simultaneously by Union and Chief Ministers. Indian Prime Minister Narendra Modi launched
the scheme from Kolkata. Launch functions were held at about 116 locations across the country
including state capitals and a number of district headquarters. Post its launch, 41,124 people have
already registered for the scheme as on 11 May 2015.