PA Exam Materials - Examination point of view - 36
PLEASE READ AND KEEP MEMORY THE FOLLOWING POINTS
READ FOR THE EXAMINATION PURPOSE
PLEASE READ AND KEEP MEMORY THE FOLLOWING POINTS
READ FOR THE EXAMINATION PURPOSE
1. Pradhan Mantri Suraksha Bima Yojna (PMSBY):
• Target Audience: Depositors with Savings Accounts in CBS-migrated EDBOs/SOs/HOs, or any Indian Citizen opening such an account.
• Nature of Scheme: One year cover Personal Accident Insurance Scheme, renewable annually.
• Coverage: Protection against death or disability due to accident.
• Death Benefit: ₹2 lakhs payable on death due to accident.
• Premium: ₹12 per annum per member.
• Premium Deduction: Auto-debit from the savings bank account in one installment (annual mandate option available).
• Administered By: Public Sector General Insurance Companies (PSGICs) and other General Insurance companies.
• Eligibility: Savings bank account holders aged 18 to 70 years in participating banks.
• Restriction: Can join through one savings bank account only.
• Termination/Restriction of Cover:
o Attaining age 70 years.
o Closure of account or insufficient balance.
o Coverage limited to one account if premium received inadvertently for multiple accounts (premium forfeited for extra accounts).
• Premium Distribution:
o Insurance Premium to PSGIC / other insurance company: ₹10 per annum per member.
o Reimbursement of Expenses to BC/Micro/Corporate/Agent: ₹1 per annum per member.
o Reimbursement of Administrative expenses to participating Bank: ₹1 per annum per member.
2. Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY):
• Target Audience: Depositors with Savings Accounts in CBS-migrated EDBOs/SOs/HOs, or any Indian Citizen opening such an account.
• Nature of Scheme: One year cover Term Life Insurance Scheme, renewable annually.
• Coverage: Life insurance cover for death due to any reason.
• Death Benefit: ₹2 lakhs payable on death due to any reason.
• Premium: ₹330 per annum per subscriber.
• Premium Deduction: Auto-debit from the savings bank account in one installment (annual mandate option available).
• Administered By: LIC and other Life Insurance companies.
• Eligibility: Savings bank account holders aged 18 to 50 years in participating banks.
• Restriction: Can join through one savings bank account only.
• Termination/Restriction of Assurance:
o Attaining age 55 years (subject to annual renewal up to that date; entry not possible beyond age 50).
o Closure of account or insufficient balance.
o Assurance limited to ₹2 Lakh if premium received inadvertently for multiple accounts (premium forfeited for extra accounts).
• Premium Distribution:
o Insurance Premium to LIC / other insurance company: ₹289 per annum per member.
o Reimbursement of Expenses to BC/Micro/Corporate/Agent: ₹30 per annum per member.
o Reimbursement of Administrative expenses to participating Bank: ₹11 per annum per member.
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