Indian Military Veterans
Pradhan Mantri Sneh Bandhan Insurance Focused Deposit Scheme can be bought and gifted to your sister or any relative for memorable occasions like Raksha Bandhan
The gift we make under Pradhan Mantri Sneh Bandhan would pay the insurnace premia for Accident Insurance and Life Insurance Schemes recently launched by govt – Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY).
The are three types of gifts under Pradhan Mantri Sneh Bandhan Insurance Focused Deposit Scheme which would meet out partial or full insurnace premia payment for receipient as detailed below.
1. Gift for Rs. 201, which pay full term premium for the receipient in Pradhan Mantri Suraksha Bima Yojana (PMSBY)2. Gift for Rs. 351, which can pay one year premium for Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY). Rest of the premia of Rs.12 and Rs. 330 per year for PMSBY and PMJJBY respectively will have to be paid receipient of the gift.3. Gift of Rs. 5001/- will be sufficient to pay the entire premium amount for full term for both Insurance Schemes – PMSBY and PMJJBY for receipient.
What is Pradhan Mantri Suraksha Bima Yojana (PMSBY) ? Who can invest in PMSBY? How PMSBY works ? Check the following link to get all the information for this govt sponsored Accident Insurance Scheme.
How Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY) is different from PMSBY ? How long should I Pay for PMJJBY? What is the benefit of covered by this Life Insurance Scheme? Get answers for all these questions by checking out following link
A gift under Pradhan Mantri Sneh Bandhan can be purchased at any of branches belonging to all Nationalised Banks in India
We have provided the text of official release of IBA containing all information relating to Pradhan Mantri Sneh Bandhan Insurance Focused Deposit Scheme.
PRADHAN MANTRI SNEH BANDHAN YOJANA (PROPOSED NAME)
Hon’ble Prime Minister earlier announced two schemes of Govt. of India i.e Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY).
On the occasion of Raksha Bandhan, three specially designed gift products are now being announced by Hon’ble Prime Minister, which will be purchased from the Banks on payment of specified amount, for gifting the same as detailed below. However, the scheme 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)
|
One Year Premium for 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:(Amount in Rs.)
Total Deposit Amount to be paid (A)
|
1st Year Premium
(B)
| 2nd Year Premium * (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:-
(a) Rs. 12/- will be immediately paid to the insurance company as first years’ premium.
(b) Rs.12/- will be parked separately in a SB account of the insurer towards payment of second years’ premium.
(c) 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.)
Total Deposit
Amount to be paid
(A)
|
1st Year Premium
(B)
| 2nd YearPremium * (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:-
(a) Rs. 342/- will be immediately paid to the insurance company as first years’ premium.
(b) Rs.342/- will be parked separately in a SB account of the insurer towards payment of second years’ premium.
(c) 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.
Text of Letter addressed by IBA to all Banks:
NO.RB/PMSBY/I092July 20, 2015Indian Banks’ AssociationChief Executives of all Member BanksDear Sirs/Madam,Pradhan Mantri Sneh Bandhan Scheme – An insurance focused Deposit SchemePlease find enclosed a Scheme called Pradhan Mantri Sneh Bandhan Scheme received from the Department of Financial Services to be launched with effect from 1st August 2015. This gift product is designed keeping in view the ensuing Raksha Bandhan festival in mind. However, the product is relevant for other festivals, social occasions and family celebrations also. Essentially the gifter buys the gift instrument (typically a bankers’ cheque or Gift Card), and gives to a sister or a relative as a gift on the given occasion. The giftee presents the instrument to the bank to be deposited in her existing account or a new account to be opened. The bank can open a Zero balance BSBDA account, if need be. The three variations of the gift instrument are as under:1. Instrument for Rs. 201. This will facilitate premium payment for Pradhan Mantri Suraksha Bima Yojana over a period of several years.2. Instrument for Rs.351. This will facilitate one year premium payment for Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana.3. Instrument for Rs.5001. This will facilitate premium payment for both PMJJBY and PMSBY over a period of several years.It is envisaged that in respect of product 1 and 3 above, the interest on fixed deposit created will meet premium payment of the insurance product(s). In the illustration given in the Scheme, it is envisaged that the premium for initial 2 years will be retained in the savings account and the balance amount kept in fixed deposit for 5 to 10 years.. Banks could however, examine alternate approaches to optimize the process and to ensure availability of balance in the account for meeting premium payment every year on the designated date. (example: after deducting the 1st year premium, the balance could be kept in short term deposit maturing on 31st May 2016. On that day, after retaining amount required for premium payment on 1st June 2016 the remaining amount could be placed in longer term deposits with annual interest getting credited to the savings account on 31st May every year which will facilitate premium payment on 1st June).Banks may ensure the giftee is eligible for enrolment in the insurance schemes concerned and necessary enrolment forms are got filled up. In the event, the giftee is already covered for the current year under the said insurance schemes, the amount may be utilized for premium payment in subsequent years. This is for your information and necessary action.
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