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 premium 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 Year
Premium*
(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.
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