November 10, 2021

Pradhanmantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana useful Information For All

 Pradhanmantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana useful Information For All

events and no benefit will become payable there under:

1) On attaining age 55 years (age near birth day) subject to annual renewal up to

that date (entry, however, will not be possible beyond the age of 50 years).
been extended up to 31st Aug’ 2015, by this date eligible persons can join the scheme

without giving self-certification of good health, even though eligible persons can join the

scheme on any date by paying the premium for full year. In case of claim the

nominees/heirs of the insured person have to contact respective bank branch where the

insured person was having bank account. A death certificate and simple claim form is

required to submit and the claim amount will be transferred to nominees account.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Government through the Budget Speech 2015 announced three ambitious

Social Security Schemes pertaining to the Insurance and Pension Sectors, namely

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha

Bima Yojana (PMSBY) and an the Atal Pension Yojana (APY) to move towards

creating a universal social security system, targeted especially for the poor and

the under-privileged. Hon’ble Prime Minister will be launched these schemes

nationally in Kolkata on 9th May, 2015.

Pradhanmantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana useful Information For All

In light of the fact that a large proportion of the population have no accidental

insurance cover, the Pradhan Mantri Suraksha Bima Yojana (PMJJBY) is aimed at

covering the uncovered population at an highly affordable premium of just Rs.12

per year. The Scheme will be available to people in the age group 18 to 70 years

with a savings bank account who give their consent to join and enable auto-debit

on or before 31st May for the coverage period 1st June to 31st May on an annual

renewal basis.

Under the said scheme, risk coverage available will be Rs. 2 lakh for accidental

death and permanent total disability and Rs. 1 lakh for permanent partial

disability, for a one year period stretching from 1st June to 31st May. It is offered by

Public Sector General Insurance Companies or any other General Insurance

Company who are willing to offer the product on similar terms with necessary

approvals and tie up with banks for this purpose. Participating Bank will be the

Master policy holder on behalf of the participating subscribers. It will be the

responsibility of the participating bank to recover the appropriate annual

premium in one instalment, as per the option, from the account holders on or

before the due date through ‘auto-debit’ process and transfer the amount due to 






Pradhanmantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana useful Information For All

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions. Further, in order to

assure a hassle free claim settlement experience for the claimants a simple and
subscriber friendly administration & claim settlement process has been put in

To ensure that the benefits of this scheme is brought to every uninsured
individual, who holds a bank account, wide publicity was given for this social
security measure through electronic media, radio, posters, newspapers

advertisements etc. Enrollment forms were widely distributed. Highly publicised
Enrollment camps were conducted by Banks, and Insurance Companies,
mobilising the entire net work of SLBC Co ordinators, state and district level nodal

officers, agents and banking correspondents, thereby fully utilising the reach of

these channels, for attracting large scale enrolment in the scheme.

Between the date of commencement of enrolment on 01st May till the date of

launch of the scheme by the PM on 9th May, 4.42 Crore subscribers were enrolled

in the PMJJBY scheme.

The simplified procedures and the documentary requirements and the procedures

to be followed in case of a claim under the policy has been widely publicised

through posters and advertisements at every location and point of contact which

a claimant is likely to get in touch in case of an accident resulting in a claim under

the scheme.

An IT enabled, web based system is in the process of being established to keep

the claimants informed seamlessly about the progress and status of the claim, till

it’s settlement.

Claim settlement will be made to the bank account of the insured or his nominee

in case of death of the account holder.

The enrolment drive is continuing without loss of momentum till date. As on 31st

May, that is, on the eve of commencement date of the policy, the number

enrolled under PMSBY scheme had reached 7.29 Crores.

Immediately after the close of the first phase of enrolments, banks have started

the process of auto debit of premium in the accounts of the enrolees and

remittance of premium to the insurers. So far premium has been debited to

around 65% of the accounts.

The enrollment is open till 31st August and the drive is continuing. Till 18

th June

2015 the number of enrolled under PMSBY stands at 7.68 Crore.

The scheme is expected to serve the goal of financial inclusion by achieving

penetration of insurance down to the weaker sections of the society, ensuring

their or their family’s financial security, which otherwise gets pulled to the ground

in case of any unexpected and unfortunate accident.


Basic concepts and legal regulation

According to Anglo-American property law, a mortgage occurs when an owner (usually of a fee simple interest in realty) pledges his or her interest (right to the property) as security or collateral for a loan. Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property. As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years. All types of real property can be, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk.

Mortgage lending is the primary mechanism used in many countries to finance private ownership of residential and commercial property (see commercial mortgages). Although the terminology and precise forms will differ from country to country, the basic components tend to be similar:

Property: the physical residence being financed. The exact form of ownership will vary from country to country and may restrict the types of lending that are possible.

Mortgage: the security interest of the lender in the property, which may entail restrictions on the use or disposal of the property. Restrictions may include requirements to purchase home insurance and mortgage insurance, or pay off outstanding debt before selling the property.

Borrower: the person borrowing who either has or is creating an ownership interest in the property.

Lender: any lender, but usually a bank or other financial institution. (In some countries, particularly the United States, Lenders may also be investors who own an interest in the mortgage through a mortgage-backed security. In such a situation, the initial lender is known as the mortgage originator, which then packages and sells the loan to investors. The payments from the borrower are thereafter collected by a loan servicer.[2])

Principal: the original size of the loan, which may or may not include certain other costs; as any principal is repaid, the principal will go down in size.

Interest: a financial charge for use of the lender's money.
Foreclosure or repossession: the possibility that the lender has to foreclose, repossess or seize the property under certain circumstances is essential to a mortgage loan; without this aspect, the loan is arguably no different from any other type of loan.

Completion: legal completion of the mortgage deed, and hence the start of the mortgage.

Redemption: final repayment of the amount outstanding, which may be a "natural redemption" at the end of the scheduled term or a lump sum redemption, typically when the borrower decides to sell the property. A closed mortgage account is said to be "redeemed".

Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example) or indirectly (through regulation of the participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, direct lending by state-owned banks, or sponsorship of various entities). Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system

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