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Suraksha Bandhan Yojana

REG: INSURANCE FOCUSSED DEPOSIT SCHEME:

  • JEEVAN SURAKSHA GIFT CHEQUE - For Rs. 351/-
  • SURAKSHA DEPOSIT SCHEME - For Rs. 201/-
  • JEEVAN SURAKSHA DEPOSIT SCHEME - For Rs.5001/-

Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY) announced by Hon’ble Prime Minister earlier, are under implementation. Now, on the occasion of Raksha Bandhan, three specially designed gift products are being announced by Honourable 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, on all festivals and occasions. The scheme is to be launched on 01.08.2015.

Details of the three products are as under:

  • JEEVAN SURAKSHA GIFT CHEQUE - For Rs. 351/-
  • SURAKSHA DEPOSIT SCHEME - For Rs. 201/-
  • JEEVAN SURAKSHA DEPOSIT SCHEME - For Rs.5001/-

1. JEEVAN SURAKSHA GIFT CHEQUE - For Rs. 351/- (A Gift for Composite Insurance Premium Payment for one year under PMSBY and PMJJBY Schemes):

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.

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

2. SURAKSHA DEPOSIT SCHEME - For Rs. 201/- (A Gift of Fixed Deposit for Payment Of Insurance Premium perpetually under PMSBY Scheme only):

For Perpetual Premium Payment of 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 (say 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:-

  • Rs. 12/- will be immediately paid to the insurance company as first years’ premium.
  • Rs.12/- will be parked separately in a SB account of the insurer towards payment of second years’ premium.
  • Balance amount of Rs. 177/- will be invested in a T.D (Term Deposit) for ten years at the then prevalent interest rate (say 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.

3. JEEVAN SURAKSHA DEPOSIT SCHEME - For Rs.5001/-(A Gift of Fixed Deposit for payment of Composite Insurance Premium perpetually under PMSBY and PMJJBY):

For Composite Insurance Premium Payment perpetually 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 (say 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:-

  • Rs. 342/- will be immediately paid to the insurance company as first years’ premium.
  • Rs.342/- will be parked separately in a SB account of the insurer towards payment of second years’ premium.
  • 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 (say 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:

  • Maintenance of desired insurance schemes’ premium will be the responsibility of the customer/insured.
  • Prevailing rate of interest will be paid on the Term/Fixed Deposits.
  • Extant guidelines related to deduction of tax at source will be applicable on the Term/Fixed Deposit Accounts.
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