PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)

 

The scheme will be a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason. Rs.2 lakhs is payable on a subscriber’s death due to any reason. The premium payable is Rs.330/- per annum per subscriber. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrollment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

 

The scheme would be offered / administered through LIC.

 

All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.

 

Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extend-able up to 31st August 2015. Enrollment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health.Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health.

 

Eligible individuals who fail to join the scheme in the initial year can join in subsequent years on payment of premium through auto-debit and submission of a self-certificate of good health. New eligible entrants in future years can also join accordingly.

 

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health.

 

Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process is finalized by LIC.

 

Administration

  • The scheme will be administered by LIC.
  • It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process and transfer the amount due to the insurance company.
  • Enrollment form / Auto-debit authorization / Consent cum Declaration form in the prescribed proforma, as required, shall be obtained and retained by the participating bank. In case of claim, LIC may seek submission of the same. LIC also reserve the right to call for these documents at any point of time.

This cover will be in addition to cover under any other insurance scheme the subscriber may be covered under.

 

PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY)

 

The scheme will be a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.

 

The benefits are as follows:

a Death Rs. 2 lakh
b Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot Rs. 2 lakh
c Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Rs. 1 lakh

Premium payable is Rs.12/- per annum per member.

 

The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrollment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

The scheme would be offered / administered through Oriental Insurance Company Ltd. All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.

 

Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extend-able up to 31st August 2015. Enrollment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that may be laid down.Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that may be laid down.

 

A subscriber is enrolled on payment of premium through auto-debit. New eligible entrants in future years can also join accordingly.

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions that may be laid down.Participating Banks will be the Master policy holders. Administration & claim settlement process is simple and subscriber friendly.

 

The accident cover of the member shall terminate / be restricted accordingly on any of the following events.

  • On attaining age 70 years (age neared birth day).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.

Administration

  • The scheme will be administered by Oriental Insurance Company Limited, in our bank.
  • It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process and transfer the amount due to the insurance company.
  • Enrollment form / Auto-debit authorization / Consent cum Declaration form in the prescribed proforma shall be obtained, as required, and retained by the participating bank. In case of claim, insurance company may seek submission of the same. Insurance Company also reserve the right to call for these documents at any point of time.
  • This cover will be in addition to cover under any other insurance scheme the subscriber may be covered under.

ATAL PENSION YOJANA (APY)

 

A Pension provides people with a monthly income when they are no longer earning.Need for Pension:

  • Decreased income earning potential with age.
  • The rise of nuclear family-Migration of earning members.
  • Rise in cost of living.
  • Increased longevity.

Assured monthly income ensures dignified life in old age.

 

Atal Pension Yojana (APY), is a pension scheme for citizens of India focused on the unorganized sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

 

Any Citizen of India can join APY scheme. The following are the eligibility criteria,

  • The age of the subscriber should be between 18 – 40 years.
  • He / She should have a savings bank account/ open a savings bank account.
  • The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.

Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not co-beneficiaries who are covered under statutory social security schemes are not eligible to receive Government co-contribution.

 

Guaranteed minimum pension of Rs 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000/- per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.

 

Procedure for opening APY Account

  • Approach the branch where individual’s savings bank account is held.
  • Fill up the APY registration form.
  • Provide Aadhaar/Mobile Number.
  • Ensure keeping the required balance in the savings bank account for transfer of monthly contribution

It is not mandatory to provide Aadhaar number for opening APY account. However, For enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.

 

For joining APY, savings bank account is mandatory.

 

All the contributions are to be remitted monthly through auto-debit facility from savings bank account of the subscriber.

The due date for monthly contribution will be as per the initial date of deposit of contribution into APY.

 

Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:

  • Rs 1 per month for contribution up to Rs. 100 per month.
  • Rs 2 per month for contribution up to 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.

Discontinuation of payments of contribution amount shall lead to following:

  • Rs 1 per month for contribution up to Rs. 100 per month.
  • Rs 2 per month for contribution up to 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.

Discontinuation of payments of contribution amount shall lead to following:

  • After 6 months account will be frozen.
  • After 12 months account will be deactivated.
  • After 24 months account will be closed.

Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.

The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

Investment in APY to get the guaranteed pension of Rs.1000.

Age of Joining

Years of Contribution

Indicative Monthly contribution

18

42

42

20 40 50
25 35

76

30

30

116

35 25 181
40 20 291

 

All the contributions are to be remitted monthly through auto debit facility from savings bank account of the subscriber.

 

It is mandatory to provide nominee details in APY account. The spouse details are also mandatory wherever applicable. Their aadhaar details are also to be provided.

A subscriber can open only one APY account and it is unique.

The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April.

 

The withdrawal procedure from APY

A. On attaining the age of 60 years:

The exit from APY is permitted at the age with 100% annunciation of pension wealth. On exit, pension would be available to the subscriber.

B. In case of death of the Subscriber due to any cause:

In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.

C. Exit Before the age of 60 Years:

The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease. The status of contributions will be intimated to the registered mobile number of the subscriber by way of periodical SMS alerts. The Subscriber will also be receiving physical Statement of Account.

Periodic statement of APY account will be provided to the subscribers.

The contributions may be remitted through auto debit uninterruptedly even in case of dislocation.

 

PMJDY OVERVIEW

 

Facilities of Jan Dhan Yojana

  • Deposit Withdrawal facility at your own Place / village.
  • Remittance facility across the Country.
  • Credit facility depending upon the Customer necessity.
  • Overdraft facility up to Rs 5000/-.
  • Accidental insurance up to Rs 1 Lakh.
  • Banking Facility at your door steps through Bank Mitra.
  • Accounts without initial deposit.
  • Need not visit the bank branch.
  • No minimum balance required in SB account.
  • Safety and attractive interest for your deposit amount.

Performance of HPGB in PMJDY is as under:

S. No.

As on

No. Of Accounts

Total Accounts

No. of Accounts with Zero balance

No of Rupay Debit Cards Issued

Balances in PMJDY Accounts (in Lac)

Aadhaar Linked

Rural

Urban

1

31.03.2016

1,32,240

4,616

1,36,856

5368

90,325

63,03.38

46,375

2

30.09.2016

1,56,665

4,695

1,61,360

665

99,075

91,07.38

1,08,243

AADHAR ENABLED PAYMENT SYSTEM

 

Aadhaar Payment Bridge System (APBS)

Introduction

Aadhaar Payment Bridge System is a payment service offered by the National Payments Corporation of India (NPCI) using the Aadhaar‟ number, issued by the Unique Identification Authority of India (UIDAI). APBS will be used for credit transactions for Government / Government agency disbursements. Therefore, these Procedural Guidelines will be used only for APBS – Credit.

 

Objectives of APBS

APBS has the following objectives.

  • To sub-serve the goal of Government of India (GOI) and Reserve Bank of India (RBI) in furthering Financial Inclusion by way of processing government disbursement using Aadhaar number.
  • To promote electronification of retail payments.
  • To support various Schemes like NREGA, Social Security Pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, to send financial details to the beneficiary using Aadhaar number.

 

APBS in Himachal Pradesh Gramin Bank

HPGB is a member of APBS and processing APBS files on daily basis to provide benefits using Aadhaar Numbers directly to beneficiary’s accounts.

 

Aadhar Enabled Payment System (AEPS)

Background

AEPS is a bank led model which allows online interoperable financial inclusion transaction through the Business correspondent of any bank using the Aadhaar authentication.

The four Aadhaar enabled basic types of banking transactions are as follows:-

  • Balance Inquiry
  • Cash Withdrawal
  • Cash Deposit
  • Aadhaar to Aadhaar Funds Transfer

Objectives

  • To empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance inquiry, Cash deposit, cash withdrawal, remittances that are intrabank or interbank in nature, through a Business Correspondent.
  • To sub-serve the goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion.
  • To sub-serve the goal of RBI in electronification of retail payments.
  • To enable banks to route the Aadhaar initiated interbank transactions through a central switching and clearing agency.
  • To facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar and authentication thereof as supported by UIDAI.
  • To facilitate inter-operability across banks in a safe and secured manner.
  • To build the foundation for a full range of Aadhaar enabled Banking services.

Services Offered by AEPS

  • Balance Inquiry
  • Cash Withdrawal
  • Cash Deposit
  • Aadhaar to Aadhaar Fund Transfer

AEPS – Status in HPGB

HPGB has successfully implemented AEPS at all BC Locations.