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/I092
July 20, 2015
Indian Banks’ Association
Chief Executives of all Member Banks
Dear Sirs/Madam,
Pradhan Mantri Sneh Bandhan Scheme –
An insurance focused Deposit Scheme
Please 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.
