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Yoga Bramha Guruji SatyaMurthy

Pradhan Mantri Sneha Bandhan Yojana-A Gift scheme to your loved — August 10, 2015

Pradhan Mantri Sneha Bandhan Yojana-A Gift scheme to your loved

Pradhan Mantri Sneha Bandhan Yojana is a new Government scheme which is going to be launched on 1st August, 2015. This scheme is going to be special on this year’s Raksha Bandhan Festival (Rakhi Festival). The Government planned to launch Pradhan Mantri Sneha Bandhan Yojana on Raksha Bandhan Festival as a Fixed Deposit Scheme to gift to your loved one.

Before this launch, Government already launched three schemes and they are as below.

Name of this scheme is almost final. However, we may expect the change and I update the same as and when I get this information.

Under this scheme, you can buy either Gift Card or Banker’s cheque and gift it to your loved one. The receiver of this gift card must visit her Bank (if already have Bank Account) or open a zero balance account and deposit this gift card.

These gift cards available in three denominations of Rs.201, Rs.351 and Rs.5,001.

#1: Pradhan Mantri Sneha Bandhan Yojana Gift Card Rs.201.

Pradhan-Mantri-Sneha-Bandhan-Yojana-Gift-Card-Rs.201

  • Once the Gift Card deposited to Bank then Rs.12 will be deducted from that Gift card towards one year premium of Pradhan Mantri Suraksha Bima Yojna. This covers the Accidental Insurance for Sum Insured of Rs.2,00,000.
  • The next year’s Rs.12 premium towards Pradhan Mantri Suraksha Bima Yojana will be parked separately in a savings account as the premium for a second year.
  • Rs.177 (Rs.201-Rs.12-Rs.12) will be converted as Bank FD which will fetch 8% return for the next 10 Yrs. This means Rs.177 will earn yearly Rs.14.16. This interest will be sufficient to pay the yearly interest of Rs.12 towards Pradhan Mantri Suraksha Bima Yojana.

#2: Pradhan Mantri Sneha Bandhan Yojana Gift Card Rs.351.

Under this Gift Card, you are gifting Rs.351 to buy Rs.2,00,000 of Accidental Insurance under Pradhan Mantri Suraksha Bima Yojana and Rs.2,00,000 of Life Insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana. Rs.351 will be utilised in below manner.

Pradhan-Mantri-Sneha-Bandhan-Yojana-Gift-Card-Rs.351

  • Once the Gift Card deposited to Bank then Rs.12 will be deducted from that Gift card towards one-year premium of Pradhan Mantri Suraksha Bima Yojna. This covers Accidental Insurance for Sum Insured of Rs.2,00,000.
  • Rs.330 will be deducted from Gift Card as a one-year premium of Pradhan Mantri Jeevan Jyoti Bima Yojana. This covers the Life Insurance for Sum Assured of Rs.2,00,000.
  • Remaining Rs.9 (Rs.351-Rs.12-Rs.330) will be deposited into a savings account to whom you gifted.
  • From the second year onward, insured must pay the premium for both the schemes from his/her own pocket.

#3: Pradhan Mantri Sneha Bandhan Yojana Gift Card Rs.5,001.

Under this Gift Card, you are gifting Rs.5,001 to buy Rs.2,00,000 of Accidental Insurance under Pradhan Mantri Suraksha Bima Yojana and Rs.2,00,000 of Life Insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana. The rest of the amount will be deposited in a bank to facilitate the premium for both the schemes on a yearly base. Rs.5,001 will be utilised in below manner.

Pradhan-Mantri-Sneha-Bandhan-Yojana-Gift-Card-Rs.5001

  • Once the Gift Card deposited to Bank then Rs.342 will be deducted from that Gift card towards one-year premium of Pradhan Mantri Suraksha Bima Yojna and Pradhan Mantri Jeevan Jyoti Bima Yojana. This covers Accidental Insurance for Sum Insured of Rs.2,00,000 and Life Insurance of Rs.2,00,000.
  • Next year’s premium towards both these insurance plans will be kept in savings account (Rs.342).
  • Remaining Rs.4,317 will be converted into an FD of either 5 yrs or 10 yrs which will fetch an interest of 8% per annum. This deposit generates a yearly income of Rs.345.36 and be utilised towards the premium payment of both the schemes.

Few Conditions

  • Managing of the insurance schemes (timely payment) rests with the insured (but not the gifted person).
  • As per tax laws, TDS will be deducted from FDs.

This is just an information I am having as of now. Let us see more details once it is launched.

Under this Gift card, you are gifting your loved one to cover their accidental insurance for Rs.2,00,000 under the scheme of Pradhan Mantri Suraksha Bima Yojana (PMSBY). The rest of the amount will be converted to 10 years Bank FD at a rate of 8% per annum. Rs.201 will be used in below manner.