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 The Government of lndia is extremely concerned
about the old age income security
of the working poor and is focused on encouraging
and enabling them to join the National
Pension system (NPS)' To address the longevity
risks among the workers in unorganised
sector and to encourage the workers in unorganised
sector to voluntarily save for their
retirement, who constitute 88% of the total labour
force of 4T.2g crore as per the 66th Round
of NSSo survey of 2011-12, but do not have any formal pension
provision, the Government
had started the Swavalamban Scheme in 2O1O_11. However, coverage under
swavalamban scheme is inadequate mainly due
to lack of guaranteed pension benefits at
the age of 60 therefore, announced a new initiative called
Atal pension yojana with
guaranteed pension benefits' The new scheme
is scheduled for launch on 1rt June 2015. The

Scheme is designed to convert the pension less society

into pensioned society.

2' The APY will be applicable on all citizens of the country

in the unorganised sector and the
scheme is administered by the Pension Fund Regulatory
and Development Authority
(PFRDA) through NPS' An income tax payer
or who is covered under statutory social
security schemes can also join APY but those subscribers
will not be eligible for Gol co-
contribution.

3' The statutory social security schemes not eligible for receiving
Government co-
contribution under Apy are as mentioned below:

. Employees' provident Fund and Miscellaneous provisions

Act,1952
. The coal Mines provident Fund and Miscellaneous provisions
Act,194g
. The Seamen's provident Fund Act, 1966

' The Assam Tea Plantations Provident Fund and pension

Fund Scheme Act
,1 955

' The Jammu and Kashmir Emproyees' provident

Fund Act, 1961 .
 monthly pension of Rs' 1000 ' Rs' 2000'
4. Under the APY, subscribers would receive a fixed
years, depending on their contributions,
Rs. 3000 , Rs. 4000 , Rs. 5000 at the age of 60
joining the scheme' The minimum age of
which itself would vary according to the age of
period of
joining APY is 18 years and maximum age is 40 years' Therefore' minimum

contributionbyanysubscriberunderAPYwouldbe20yearsormore'
part of
in the unorganised sector' who are not a
5. The APY will be applicable to all persons

any statutory social security schemes, subject

to the condition that the benefit of central
contribution or Rs 1000 per annum,
Government co-contribution of 50 % of the subscriber
for a period of 5 years' i'e from 2015-
whichever is less, would be available to the subscribers
December, 2015 and who are not income tax
16 to 2019-20, who joins the NPS before 31't
may be automatically migrated to
payers. The existing swavalamban subscriber, if eligible,

APYwithanoptiontooptout.However'thebenefitoffiveyearsofgovernmentCo-
years for ail subscribers. This would imply that if,
contribution under Apy wourd not exceed 5
the benefit of government co-contribution of
as a swavaramban beneficiary, he has received
under APY would be available only 4 years and
1 year, then the Government co-contribution
out from the proposed APY will be given
so on. Existing swavalamban beneficiaries opting

Governmentco-contributiontill2016-lT,ifeligible,andtheNPSSwavalambancontinuedtill
that scheme'
such people attained the age of exit under

years will be automatically

6. The existing swavalamban subscribers between 18-40
migrated to Apy. For seamress migration to
the new scheme, the associated aggregator will

process of migration. Those subscribers may

faciritate those subscribers for compreting the

arso approach the nearest authorised bank branch

for shifting their swavaramban account

into APY with PRAN details'

 to continue
are beyond the age of 40 and do not wish
7. The swavalamban subscribers who
by complete withdrawal of entire amount
in lump
may opt out the swavalamban scheme
for annuities there under'
sum, or may prefer to continue till 60 years to be eligible
join the NPS as an
to join the scheme will have option to
8. The prospective subscribers wish
through point of presence (pop) or through
individuar as per the existing arrangements

Aggregator,theapplicantshouldhaveAadharandvalidmobilenumber.Aadharandmobile
prospective subscribers may also
numbers arepre requisites for becoming pad of APY' The

jointheschemewithoutAadharbutitshouldbesubmittedsubsequently.

or open an
joining the scheme, the prospective applicant should have a bank account
9. For
instructions
facirity of auto debit for enabring standing
account. The bank account is to have
basis, this wiil read to reduction in contribution
to transfer the contributions on periodicar

collectioncharges.Thesubscribersshouldkeeptherequiredbalanceintheirsavingsbank
for
accounts on the stipulated due dates
to avoid any late payment penalty' Due dates

monthlycontributionpaymentisarrivedbasedonthedepositoffirstcontributionamount'ln

caseofrepeateddefaultsforspecifiedperiod,theaccountisliableforforeclosureandthe
Also any false declaration about his/her
Gol co_contributions, if any shall be forfeited.

eligibilityforbenefitsunderthisschemeforwhatsoeverreason,theentiregovernment
with the penal interest'
contribution shall be forfeited along

l0.UnderAPY,theindividualsubscribersshallhaveanoptiontomakethecontributionona
payments, such
monthry basis. Banks are required
to cotect additionar amount for derayed
shown below:
1 per month to Rs 10/- per month as
amount will vary from minimum Re

Rs' 100 per month'

i. Re. 1 per month for contribution upto

ii.Re.2permonthforcontributionuptoRs.l0lto500/-permonth.
iii.Re5permonthforcontributionbetweenRs50l/-to1000/-permonth.
iv.Rsl0permonthforcontributionbeyondRsl00l/-permonth.
 pension corpus of the
The fixed amount of interest/penalty will remain as part of the

subscriber.

on the due date and continue to raise demand tillthe

> Apy module will raise demand

amount is recovered from the subscriber's account'

first day /or
F The due date for recovery of monthly contribution may be treated as the
Bank can recover
any other day during the calendar month for each subscriber.

amount any day till the last day of the month' lt will imply that contribution are

recovered as and when funds are available any point during

the month'

instalment will
D Monthly contribution will be recovered on FIFO basis- earliest due
above'
recovered first along with the fixed amount of charges as mentioned

}Morethanonemonthlycontributioncanberecoveredinmonthsubjectto
availability of the funds. Monthly contribution will be recovered
along with the monthly

recovered along with the

fixed due amount, if any. ln all cases, the contribution to be
will be recovered
fixed charges. This will be banks' internal process. The due amount

as an when funds are available in the account'

under APY on the

11. The banks should ensure transfer the accumulated contributions
the amount for further investment
second day to the Trustee Bank which will in turn transfer
Bank.
as per existing PFRDA regulations applicable for Trustee

12. All bank branches of Public/Private under cBS will be

sourcing APY accounts and the

eligible accounts as an incentive'

banks will be adequately compensated for mobilization of

13. The banks may employ BCs/Existing non - banking

aggregators' micro insurance agents'

The banks may share the

and mutual fund agents as enablers for operational activities'
appropriate'
incentives received by them from PFRDA/Gol as deemed
 14. The subscribers shall submit the required application to the bank for enrolling under Apy

along with the required monthly contribution amount for the monthly guaranteed pension

which is opted for.

15. The subscribers of APY, if they subsequently become part of any social statutory

schemes, should inform the bank and opt out of the scheme with immediate effect. Those

subscribers may also transfer APY account into other variants of NpS as per
terms/conditions stipulated for the respective scheme. lf they have decided to exit from the

scheme, the Gol co-contribution shall be forfeited and own contribution will be refunded.

16. The amount collected under APY are managed by Pension Funds appointed by pFRDA

as per the investment pattern specified by Gol. The subscriber has no option to choose either

the investment pattern or Pension Fund.

17 ' APY scheme provides guaranteed pension for the subscriber and to the spouse with

return of corpus to the nominees. Hence, the spouse details and nominee details are to be

captured while sourcing the accounts, or to be updated as per requirement, along with their

Aadhar to obviate any dispute regarding pension entiilements.

18. The subscribers are required to opt for a pension from Rs 1000- Rs5000 as per the chart

and ensure payment of stipulated monthly contribution regularly. The subscribers can opt to

decrease or increase pension amount during the course of accumulation phase. However,

the switching option shall be provided once in year during the month of April.

19. Detailed APY contribution chart for different age level shall be supplied by pFRDA to all

the banks for reference.

20. Each subscriber will be provided with an acknowledgement slip after joining Apy which

would invariably record the guaranteed pension amount, due date of contribution payment,

PRAN etc. ln case of defaulted payment for a month, the overdue amount will be recovered
in the subsequent months along with penalty. For any gap in contribution subscriber

rejoin only with the pending contribution and the penal rate of interest /penalty.

21. Upon completion of 60 years, the subscribers will submit the request to the associated

bank for drawing the guaranteed pension.

22. APY accounts opened from 11612015 - 3111212015 are eligible for Gol co-contribution at
the rate of 50% of the subscriber contribution amount with a cap of Rs 1000 per

annum..However the scheme will continue after this date but Govt. Co-contribution will not be

available. The Gol co-contribution is payable to eligible PRANs by PFRDA after receiving the

confirmation from Central Record Keeping Agency at such periodicity as may be decided by

PFRDA.

23. Periodical information to the subscribers regarding balance in the account, contribution

credits etc. will be intimated to APY subscribers by way of SMS alerts. The subscribers will

have the option to change the non - financial details like nominee's name, address, phone
number etc whenever required.

24. All subscribers under APY remain connected on their mobile so that timely SMS alerts

can be provided to them at the time of making their subscription, auto-debit of their accounts

and the balance in their accounts.

25. All banks to be registered with PFRDA and all their branches to act as the points of
Presence/collection directly from the subscribers or indirectly through the BCs including the

NBFCs, MFls and individuals to be appointed as BCs by the banks.

26. Banks will have the choice of uploading the data/information from individual branches or

from their nodal centres depending on the nature of connectivity with the CRA with due

regard to ease of operations.

 the
the Government co-contribution under APY'
27. Since APY is based on defined benefits,

gapfundingincaseofanydeficitinthepensioncorpusofsubscriberingrantingfixedpension
will be funded by grants from Government of
and promotional and development expenditure
on every 2-3year to arrive at any gap may
be
lndia, Actuarial valuation shall be conducted

futly provided for'

2S.PFRDAmaypermitmembersofanexistingnonstatutorysocialsecurityschemeto
as may be approved by the Government'
migrate to Nps under such terms and condition
 RULES FOR THE PMDHAN MANTRI SUBAKSHA BIMA YOJANA

DETAILS OF THE SCHEME:

The scheme will be a one year cover, renewable from year to year, Accident lnsurance
Scheme offering accidental death and disability cover for death or disability on account
of an accident. The scheme would be offered / administered through Public Sector
General lnsurance Companies (PSGlCs) and other General lnsurance companies
willing to offer the product on similar terms with necessary approvals and tie up with
Banks for this purpose. Participating banks will be free to engage any such insurance
company for implementing the scheme for their subscribers.

Scope of coverage: All savings bank account holders in the age 18 to 70 years in
participating banks will be entitled to join. ln 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. Aadhar would be the primary KYC for
the bank account.

Enrollment Modality / Period: The cover shall be for the one year period stretching
from 1ttJune to 31't May for which option to join / pay by auto-debit from the designated
savings bank account on the prescribed forms will be required to be given by 31ttM"y
of every year, extendable up to 31't August 2015 in the initial year. lnitially on launch,
the period for joining may be extended by Govt. of lndia for another three months, i.e.
up to 30th of November,2015. Joining subsequently on payment of full annual premium
may be possible on specified terms. However, applicants may give an indefinite / longer
option for enrolment / auto-debit, subject to continuation of the scheme with terms as
may be revised on the basis of past experience. lndividuals who exit the scheme at any
point may re-join the scheme in future years through the above modality. New entrants
into the eligible category from year to year or currently eligible individuals who did not
join earlier shall be able to join in future years while the scheme is continuing.

Benefits: As per the following table:

Table of Benefits Sum lnsured

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

c. Total and irrecoverable loss of sight of one eye or loss Rs.1 Lakh
of use of one hand or foot

Premium: Rs.12l- per annum per member. The premium will be deducted from the
account holder's savings bank account through 'auto debit'facility in one installment on
or before 1tt June of each annual coverage period under the scheme. However, in
cases where auto debit takes place after 1tt June, the cover shall commence from the
first day of the month following the auto debit.
The premium would be reviewed based on annual claims experience. However, barring
unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that
there is no upward revision of premium in the first three years.

Eliqibilitv Conditions:
The savings bank account holders of the participating banks aged between 18 years
(completed) and 70 years (age nearer birthday) who give their consent to join / enable
auto-debit, as per the above modality, will be enrolled into the scheme.

Master Policv Holder: Participating Bank will be the Master policy holder on behalf of
the participating subscribers. A simple and subscriber friendly administration & claim
settlement process shall be finalized by the respective general insurance company in
consultation with the participating Banks.

Termination of cover: The accident cover for the member shall terminate on any of the
following events and no benefit will be payable there under:

1) On attaining age 70 years (age nearest birth day).

2) Closure of account with the Bank or insufficiency of balance to keep the

insurance in force.

3) ln case a member is covered through more than one account and premium is
received by the lnsurance Company inadvertently, insurance cover will be
restricted to one only and the premium shall be liable to be forfeited.

4) lf the insurance cover is ceased due to any technical reasons such as insufficient
balance on due date or due to any administrative issues, the same can be
reinstated on receipt of full annual premium, subject to conditions that may be
laid down. During this period, the risk cover will be suspended and reinstatement
of risk cover will be at the sole discretion of lnsurance Company.

5) Participating banks will deduct the premium amount in the same month when the
auto debit option is given, preferably in May of every year, and remit the amount
due to the lnsurance Company in that month itself.

Administration:
The scheme, subject to the above, will be administered as per the standard procedure
stipulated by the lnsurance Company. The data flow process and data proforma will be
provided separately.

It will be the responsibility of the participating bank to recover the appropriate annual
premium from the account holders within the prescribed period throuqh 'auto-debit'
process.

Enrollment form / Auto-debit authorization in the prescribed proforma shall be obtained

and retained by the participating bank. ln case of claim, the lnsurance Company may
seek submission of the same. lnsurance Company reserves the right to call for these
documents at any point of time.

The acknowledgement slip may be made into an acknowledgement slip-cum-certificate

of insurance.

The experience of the scheme will be monitored on yearly basis for re-calibration etc.,
as may be necessary.

Appropriation of Premium:
1) lnsurance Premium to lnsurance Company: Rs.10/- per annum per member
2) Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1i- per annum
per member
3) Reimbursement of Administrative expenses to participating Bank: Rs.1/- per
annum per member

The proposed date of commencement of the scheme will be 1ttJune 201S.The next
Annual renewal date shall be each successive 1tt of June in subsequent years.

The scheme is liable to be discontinued prior to commencement of a new future renewal

date if circumstances so require.
 FAQs on PRADHAN MANTRI SURAKSHA BIMA YOJANA

Q1. What is the nature of the scheme?

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

Q2. what would be the benefits under the scheme and premium payabre?
The benefits are as follows:

Table of Benefits Sum lnsured

a. Death Rs. 2 Lakh
b. Total and irrecoverable loss of both eyes or loss of use of both Rs. 2 Lakh
hands or feet or loss of sight of one eye and loss of use of hand
or foot
c. Total and irrecoverable loss of sight of one eye or loss of use of Rs.1 Lakh
one hand or foot
Premium payable is Rs.1 2l- per annum per member.
Q3. How will the premium be paid?
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 enrolment.
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.
Q4. Who will offer / administer the scheme?
The scheme would be offered / administered through the Public Sector General
lnsurance Companies (PSGlCs) and other General lnsurance companies willing to offer
the product with necessary approvals on similar terms, in collaboration with participating
Banks. Participating banks will be free to engage any such general insurance company
for implementing the scheme for their subscribers.

Q5. Who will be eligible to subscribe?

All savings bank account holders in the age 18 to 70 years in participating banks will be
entitled to join. ln 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.

Q6. What is the enrolment period and modality?

lnitially on launch forthe cover period from 1't June 2015 to 31't May 2016 subscribers
are expected to enroll and give their auto-debit option by 31" M"y 2015, extendable up
to 31't August 2015. Enrolment 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 3lttfor 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.

Q7. Can eligible individuals who fail to join the scheme in the initial year join in
subsequent years?
Yes, on payment of premium through auto-debit. New eligible entrants in future years
can also join accordingly.
1
Q8. Can individuals who leave the scheme rejoin?
lndividuals 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.

Q9. Who would be the Master policy holder for the scheme?
Participating Banks will be the Master policy holders. A simple and subscriber friendly
administration & claim settlement process shall be finalized by pSGlCs / chosen
insurance company in consultation with the participating bank

Q10. When can the accident cover assurance terminate?

The accident cover of the member shall terminate / be restricted accordingly on any of
the following events:
i. On attaining age 70 years (age neared birth day).
ii. Closure of account with the Bank or insufficiency of balance to keep the
insurance in force.
iii. ln 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.

Ql1. what will be the role of the insurance company and the Bank?
i. The scheme will be administered by PSGICs or any other General lnsurance
company which is willing to offer such a product in partnership with a bank /
banks.
ii. lt 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.
iii. Enrollment form / Auto-debit authorization / Consent cum Declaration form in the
prescribed proforma shall be obtained, as required, and retained by the
participating bank. ln case of claim, PSGIC / insurance company may seek
submission of the same. PSGIC / lnsurance Company also reserve ttre iigfrt to
call for these documents at any point of time.

Q12. How would the premium be appropriated?

a. lnsurance Premium to PSGIC / other insurance company: Rs.10/- per annum
per member;
b. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1/- per
annum per member;
c. Reimbursement of Administrative expenses to participating Bank: Rs.1/- per
annum per member.

Q13. Will this cover be in addition to cover under any other insurance scheme
the subscriber may be covered under?
Yes.
 RULES FOR PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA

DETAILS OF THE SGHEME:

The scheme will be a one year cover, renewable from year to year, lnsurance Scheme
offering life insurance cover for death due to any reason. The scheme would be offered
/ administered through LIC and other Life lnsurance companies willing to offer the
product on similar terms with necessary approvals and tie ups with Banks for this
purpose. Participating banks will be free to engage any such life insurance company for
implementing the scheme for their subscribers.

Scope of coveraqe: All savings bank account holders in the age 18 to 50 years in
participating banks will be entitled to join. ln 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. Aadhar would be the primary KYC for
the bank account.

Enrolment period: lnitially on launch for the cover period 1't June 2015 to 31't May
2016, subscribers will be required to enroll and give their auto-debit consent by 31't May
2015. Late enrollment for prospective cover will be possible up to 31't August 2015,
which may be extended by Govt. of lndia for another three months, i.e. up to 30th of
November, 2015. Those joining subsequently may be able to do so with payment of full
annual premium for prospective cover, with submission of a self-certificate of good
health in the prescribed proforma.

Enrolment Modatitv: The cover shall be for the one year period stretching from 1tt
@hichoptiontojoin/paybyauto-de-bitfromthedesignatedsavings
bank account on the prescribed forms will be required to be given by 31tt M"y of every
year, with the exception as above for the initial year. Delayed enrollment with payment
of full annual premium for prospective cover may be possible with submission of a self-
certificate of good health.

lndividuals who exit the scheme at any point may re-join the scheme in future years by
submitting a declaration of good health in the prescribed proforma.

ln future years, new entrants into the eligible category or currently eligible individuals
who did not join earlier or discontinued their subscription shall be able to join while the
scheme is continuing, subject to submission of self-certificate of good health.

Benefits: Rs.2 lakhs is payable on member's death due to any reason

Premium: Rs.330l 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 given, on or before 31ttMay of each annual coverage period under the
scheme. Delayed enrollment for prospective cover after 31't May will be possible with
full payment of annual premium and submission of a self-certificate of good health. The
premium would be reviewed based on annual claims experience. However, barring
unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that
there is no upward revision of premium in the first three years.
Eliqibilitv Conditions:
a) The savings bank account holders of the participating banks aged between 1g
years (completed) and 50 years (age nearer birthdayf who givelheir consent to
join / enable auto-debit, as per the above modality, will 5e enrolled into the
scheme,

b) lndividuals yrlo join after the initial enrollment period extending

up to 3l.tAugust
2015 or 30th November 2015, as the case may be, will Oe reqriireO to give a self-
certification of good health and that he i she does not su*er from lny of the
critical illnesses as mentioned in the applicable Consent cum Declaration form as
on date of enrollment or earlier.

Magtel Policv HoldeJ: Participating Banks will be the Master policy holders. A simple
and subscriber friendly administration & claim settlement process shall be finalized by
Llc / other insurance company in consultation with the participating bank.

Termination of assurance: The assurance on the life of the member shall terminate on
any of the following events and no benefit will become payable there under:
1) On attaining age 55 years (age near birth day) sunlect to annual renewal up to
that date (entry, however, will not be possible beyond the age of 50 years).

2) Closure of account with the Bank or insufficiency of balance to keep the

insurance in force.
3) ln case a member is covered under PMJJBY with LIC of lndia / other company
through more than one account and premium is received by LIC / other corpany
inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium
shall be liable to be forfeited.
4) lf the insurance cover is ceased due to any technical reasons such as insufficient
balance on due date or due to any administrative issues, the same can be
reinstated on receipt of full annual premium and a satisfactory statement of good
health.

5) Participating Banks shall remit the premium to insurance companies in case of

regular enrolment on or before 30th of June every year and in other cases in the
same month when received.
Administration:
The scheme, subject to the above, will be administered by the LIC p&GS Units / other
insurance company setups. The data flow process and data proforma will be informed
separately.

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.

Members may also give one-time mandate for auto-debit every year till the scheme is in
force.
Enrollment form i Auto-debit authorization / Consent cum Declaration form in the
prescribed proforma shall be obtained and retained by the participating bank. ln case of
claim, LIC i insurance company may seek submission of the samel LIC / lnsurance
Company reserves the right to call for these documents at any point of time.

The acknowledgement slip may be made into an acknowledgement slip-cum-certificate

of insurance.

The experience of the scheme will be monitored on yearly basis for re-calibration etc.,
as may be necessary.

Appropriation of Premium:
1) lnsurance Premium to LIC / insurance company : Rs.289/- per annum per
member
2) Reimbursement of Expenses to BC/Micro/corporate/Agent : Rs.30l per annum
per member
3) Reimbursement of Administrative expenses to participating Bank: Rs.11l- per
annum per member

The proposed date of commencement of the scheme will be lttJune 2015.The next
Annual renewal date shall be each successive 1't of June in subsequent years.

The scheme is liable to be discontinued prior to commencement of a new future renewal

date if circumstances so require.
 FAQS ON PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA

Ql. What is the nature of the scheme? renewable from

The scheme will be a one year cover Term Life lnsurance scheme,
reason'
year to year, offering life insurance cover for death due to any

and premium payable?

Q2. What would be the benefits under the scheme
reason. The premium payable
Rs.2 lakhs is payable on a subscriber's death due to any
is Rs.330/- per annum per subscriber'

Q3. How will the Premium be Paid?

savings bank account through
The premium will be deducted irom the account holder's
,auto debit' facility i;;" installment, as per the option to be given on enrolment'
every year till the scheme is in
Members may also give one-time maniate for auto-debit
on review of experience
force, subject to re-6alibration that may be deemed necessary
of the scheme from Year to Year'

Q4. Who will offer / administer the scheme?

The scheme would be offered / administered through Llc and
other Life lnsurance
product with necessary approvals on similar terms' in
companies willing io otter tfre 'Banrs.
participating banks will be free to engage any
collaboration wifl-r participating
for their subscribers'
such life inruranceLotplny f6r implementing the scheme

Q5. Who will be eligible to subscribe?

years in participating banks will be
All savings bank acc6unt holders in the age 18 to 50
held by an individual in one or
entifled to join. rn case of multipre saving-bank accounts
join the scheme through one savings
different banks, th" p;til would be eiigible to
bank account onlY'

Q6. What is the enrolment period and modality?

2015 to 31't May 2016 subscribers
lnitially on tauncnlor the covbr period from 1't June
by 3'!" May ?0.15' extendable up
are expected to eniotiand give their auto-debit option possible prospectivelv on
t. 3Fi"A,;d;iiiois inrotnient subsequent to thii date will be
payment of fult ;;tment and su'bmission of a self-certificate of good health'
";;"1
year will be expected to give their
Subscribers who wish to continue beyond the first
successive years' Delayed
consent for auto-debit before eacn sutcessive tvtay-atttfor
payment of fuil annual premium and
renewar subsequent to this date wiil be possibre or
submission of a self-certificate of good health'

Q7. Can eligible individuals who fail to

join the scheme in the initial year join in
subsequent Years?
yes, on payment of premium through auto-debit and submission of a self-certificate of
join accordingly'
gooit h"ift6. f.f"* etiiiOte entrants in future years can also

Q8. Gan individuals who leave the scheme rejoin?

the s_cheme in future years by
lndividuals who exit the scheme at any point may re-join
good health'
paying the annuai premium and submiiting a self declaration of
Q9. Who would be the Master policy holder for the scheme?
participating Banks will be the Master policy holders. A simple and subscriber friendly
administration & claim settlement process shall be finalized by LIC / chosen insurance
company in consultation with the participating bank.

Q{0. When can the assurance on life of the member terminate?

The assurance on the life of the member shall terminate / be restricted accordingly on
any of the following events:
i On attainin! age 55 years (age near birth day), subject to annual renewal up to
that date lentry, however, will not be possible beyond the age of 50 years).
ii. Closure of account with the Bank or insufficiency of balance to keep the
insurance in force.
iii. ln case a member is covered through more than one account and premium is
received by LIC / insurance company inadvertently, insurance cover will be
restricted to ns. 2 Lakh and the premium shall be liable to be forfeited.

Q11. What will be the role of the insurance company and the Bank?
i. The scheme will be administered by LIC or any other Life lnsurance company
to offer such a product in partnership with a bank / banks.
which is willing-responsibility
ii. lt will be the 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.
iii. Enrollment form / Auto-debit luthorization / Consent cum Declaration form in the
prescribed proforma, as required, shall _be obtained and retained by the
participating bank. ln case of claim, LIC / insurance company may seek
submissioriof the same. LIC / lnsurance Company also reserve the right to call
for these documents at any point of time.

Q12. How would the premium be appropriated?

a. lnsurance Piemium to LIC /other insurance company: Rs.289/- per annum
per member;
b. Reimbursement of Expenses to BCiMicro/Corporate/Agent : Rs.30/- per
annum Per member;
per
c. Reimbursement of Administrative expenses to participating Bank: Rs.11/-
annum Per member'

Q13. Will this cover be in addition to cover under any other insurance
scheme the
subscriber may be covered under?

Yes.
****************