Pradhan Mantri Suraksha Bandhan Yojana – Details

August 15, 2015 4:00 pm Published by Leave your thoughts

Pradhan Mantri Suraksha Bandhan Yojana

Government launched a new scheme “Suraksha Bandhan Yojana” in August 2015.  The scheme is launched to promote the Social Security Schemes. Under this “Pradhan Mantri Suraksha Bandhan Yojana”, people can gift social security schemes to there loved ones. The receiver of this gift card have to visit there bank (if account is already opened) or open a zero balance account and deposit this gift card.

Government already launched three Social Security Schemes :
1) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
2) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
3) Pradhan Mantri Atal Pension Yojana (PMAPY)

The Pradhan Mantri Suraksha Bandhan Yojana gift cards available in denominations of Rs. 201, Rs. 351 And Rs. 5001.

The scheme will be purchased from the banks, for gifting the scheme cards. The scheme will be available at all times.

The Pradhan Mantri Suraksha Bandhan Yojana – Gift Card Rs. 201
(Insurance under Pradhan Mantri Suraksha Bima Yojana – PMSBY)
An individual can invest Rs. 201 in the Pradhan Mantri Suraksha Bandhan Yojana.
The invested amount Rs. 201 will be used to pay the premium for 1st year (Rs. 12)and 2nd year (Rs. 12) of Pradhan Mantri Suraksha Bima Yojana. And the amount remaining (Rs. 177) will be used for investing in term deposit for 10 Years. The interest rate offered is 8% per annum. The interest earned annually on the deposit will be used for annual insurance premiums to the end of Term Deposit.

The Pradhan Mantri Suraksha Bandhan Yojana – Gift Card Rs. 351
(Insurance under Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana)
The amount invested in scheme will be used to pay one year premium of Pradhan Mantri Suraksha Bima Yojana (Rs. 12) and Pradhan Mantri Jeevan Jyoti Bima Yojana (Rs. 330). And the remaining balance Rs. 9 will be credited to the scheme holders savings bank account. The subsequent insurance premium will have to be deposited by scheme holder for continuing the insurance cover.

The Pradhan Mantri Suraksha Bandhan Yojana – Gift Card Rs. 5001
(Insurance under Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana)
The amount invested in the scheme will be used to pay the premium for 1st year of Pradhan Mantri Suraksha Bima Yojana (PMSBY) + Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) = (Rs. 342) and Rs. 342 will be parked for second year premium for both schemes. The remaining balance of Rs. 4317 will be invested as term deposit for 10 years at the rate of 8% per annum. Interest earned on this deposit Rs. 345.36 will be used as insurance premium at the current rate, till the date of term deposit.

Maintenance of the gifted schemes will be the responsibility of insured. Tax will be deducted as per the tax laws on fixed deposit.

Caring is good. Buy today Pradhan Mantri Suraksha Bandhan Yojana gift cards for your loved ones.

Happy Independence Day to all.

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Nikhil Ughade

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