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t-6"il(ds'tt {t"0 u&l

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 theirretirement, 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 withguaranteed 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 .

4. Under the APY, subscribers would receive a fixed monthly pension of Rs' 1000 ' Rs' 2000'

Rs. 3000 , Rs. 4000 , Rs. 5000 at the age of 60 years, depending on their contributions,

which itself would vary according to the age of joining the scheme' The minimum age of

joining APY is 18 years and maximum age is 40 years' Therefore' minimum period of

contributionbyanysubscriberunderAPYwouldbe20yearsormore'

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

any statutory social security schemes, subject to the condition that the benefit of central

Government co-contribution of 50 % of the subscriber contribution or Rs 1000 per annum,

whichever is less, would be available to the subscribers for a period of 5 years' i'e from 2015-

16 to 2019-20, who joins the NPS before 31't December, 2015 and who are not income tax

payers. The existing swavalamban subscriber, if eligible, may be automatically migrated to

APYwithanoptiontooptout.However'thebenefitoffiveyearsofgovernmentCo-

contribution under Apy wourd not exceed 5 years for ail subscribers. This would imply that if,

as a swavaramban beneficiary, he has received the benefit of government co-contribution of

1 year, then the Government co-contribution under APY would be available only 4 years and

so on. Existing swavalamban beneficiaries opting out from the proposed APY will be given

Governmentco-contributiontill2016-lT,ifeligible,andtheNPSSwavalambancontinuedtill

such people attained the age of exit under that scheme'

6. The existing swavalamban subscribers between 18-40 years will be automatically

migrated to Apy. For seamress migration to the new scheme, the associated aggregator will

faciritate those subscribers for compreting the process of migration. Those subscribers may

arso approach the nearest authorised bank branch for shifting their swavaramban account

into APY with PRAN details'

7. The swavalamban subscribers who are beyond the age of 40 and do not wish to continue

may opt out the swavalamban scheme by complete withdrawal of entire amount in lump

sum, or may prefer to continue till 60 years to be eligible for annuities there under'

8. The prospective subscribers wish to join the scheme will have option to join the NPS as an

individuar as per the existing arrangements through point of presence (pop) or through

Aggregator,theapplicantshouldhaveAadharandvalidmobilenumber.Aadharandmobile

numbers are pre requisites for becoming pad of APY' The prospective subscribers may also

jointheschemewithoutAadharbutitshouldbesubmittedsubsequently.

9. For joining the scheme, the prospective applicant should have a bank account or open an

account. The bank account is to have facirity of auto debit for enabring standing instructions

to transfer the contributions on periodicar basis, this wiil read to reduction in contribution

collectioncharges.Thesubscribersshouldkeeptherequiredbalanceintheirsavingsbank

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

monthlycontributionpaymentisarrivedbasedonthedepositoffirstcontributionamount'ln

caseofrepeateddefaultsforspecifiedperiod,theaccountisliableforforeclosureandthe

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

eligibilityforbenefitsunderthisschemeforwhatsoeverreason,theentiregovernment

contribution shall be forfeited along with the penal interest'

l0.UnderAPY,theindividualsubscribersshallhaveanoptiontomakethecontributionona

monthry basis. Banks are required to cotect additionar amount for derayed payments, such

amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:

i. Re. 1 per month for contribution upto Rs' 100 per month'

ii.Re.2permonthforcontributionuptoRs.l0lto500/-permonth.

iii.Re5permonthforcontributionbetweenRs50l/-to1000/-permonth.

iv.Rsl0permonthforcontributionbeyondRsl00l/-permonth.

The fixed amount of interest/penalty will remain as part of the pension corpus of the

subscriber.

> Apy module will raise demand on the due date and continue to raise demand tillthe

amount is recovered from the subscriber's account'

F The due date for recovery of monthly contribution may be treated as the first day /or

any other day during the calendar month for each subscriber. Bank can recover

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'

D Monthly contribution will be recovered on FIFO basis- earliest due instalment will

recovered first along with the fixed amount of charges as mentioned above'

}Morethanonemonthlycontributioncanberecoveredinmonthsubjectto

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

fixed due amount, if any. ln all cases, the contribution to be recovered along with the

fixed charges. This will be banks' internal process. The due amount will be recovered

as an when funds are available in the account'

11. The banks should ensure transfer the accumulated contributions under APY on the

second day to the Trustee Bank which will in turn transfer the amount for further investment

as per existing PFRDA regulations applicable for Trustee Bank.

12. All bank branches of Public/Private under cBS will be sourcing APY accounts and the

banks will be adequately compensated for mobilization of eligible accounts as an incentive'

13. The banks may employ BCs/Existing non - banking aggregators' micro insurance agents'

and mutual fund agents as enablers for operational activities' The banks may share the

incentives received by them from PFRDA/Gol as deemed appropriate'

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.

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

gapfundingincaseofanydeficitinthepensioncorpusofsubscriberingrantingfixedpension

and promotional and development expenditure will be funded by grants from Government of

lndia, Actuarial valuation shall be conducted on every 2-3year to arrive at any gap may be

futly provided for'

2S.PFRDAmaypermitmembersofanexistingnonstatutorysocialsecurityschemeto

migrate to Nps under such terms and condition as may be approved by the Government'

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 lnsuranceScheme offering accidental death and disability cover for death or disability on accountof an accident. The scheme would be offered / administered through Public SectorGeneral lnsurance Companies (PSGlCs) and other General lnsurance companieswilling to offer the product on similar terms with necessary approvals and tie up withBanks for this purpose. Participating banks will be free to engage any such insurancecompany for implementing the scheme for their subscribers.

Scope of coverage: All savings bank account holders in the age 18 to 70 years inparticipating banks will be entitled to join. ln case of multiple saving bank accounts heldby an individual in one or different banks, the person would be eligible to join thescheme through one savings bank account only. Aadhar would be the primary KYC forthe bank account.

Enrollment Modality / Period: The cover shall be for the one year period stretchingfrom 1ttJune to 31't May for which option to join / pay by auto-debit from the designatedsavings bank account on the prescribed forms will be required to be given by 31ttM"yof 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 premiummay be possible on specified terms. However, applicants may give an indefinite / longeroption for enrolment / auto-debit, subject to continuation of the scheme with terms asmay be revised on the basis of past experience. lndividuals who exit the scheme at anypoint may re-join the scheme in future years through the above modality. New entrantsinto the eligible category from year to year or currently eligible individuals who did notjoin earlier shall be able to join in future years while the scheme is continuing.

Benefits: As per the following table:

Table of Benefits Sum lnsureda. Death Rs. 2 Lakhb. Total and irrecoverable loss of both eyes or loss of use

of both hands or feet or loss of sight of one eye andloss of use of hand or foot

Rs.2 Lakh

c. Total and irrecoverable loss of sight of one eye or lossof use of one hand or foot

Rs.1 Lakh

Premium: Rs.12l- per annum per member. The premium will be deducted from theaccount holder's savings bank account through 'auto debit'facility in one installment onor 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 thefirst day of the month following the auto debit.

The premium would be reviewed based on annual claims experience. However, barringunforeseen adverse outcomes of extreme nature, efforts would be made to ensure thatthere 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 / enableauto-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 ofthe participating subscribers. A simple and subscriber friendly administration & claimsettlement process shall be finalized by the respective general insurance company inconsultation with the participating Banks.

Termination of cover: The accident cover for the member shall terminate on any of thefollowing 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 theinsurance 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 berestricted 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 insufficientbalance on due date or due to any administrative issues, the same can bereinstated on receipt of full annual premium, subject to conditions that may belaid down. During this period, the risk cover will be suspended and reinstatementof risk cover will be at the sole discretion of lnsurance Company.

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

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

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

Enrollment form / Auto-debit authorization in the prescribed proforma shall be obtainedand 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 thesedocuments at any point of time.

The acknowledgement slip may be made into an acknowledgement slip-cum-certificateof 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 member2) Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1i- per annum

per member3) 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 nextAnnual 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 renewaldate 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 lnsureda. Death Rs. 2 Lakhb. Total and irrecoverable loss of both eyes or loss of use of both

hands or feet or loss of sight of one eye and loss of use of handor foot

Rs. 2 Lakh

c. Total and irrecoverable loss of sight of one eye or loss of use ofone hand or foot

Rs.1 Lakh

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 inforce, subject to re-calibration that may be deemed necessary on review of experienceof the scheme from year to year.

Q4. Who will offer / administer the scheme?The scheme would be offered / administered through the Public Sector Generallnsurance Companies (PSGlCs) and other General lnsurance companies willing to offerthe product with necessary approvals on similar terms, in collaboration with participatingBanks. Participating banks will be free to engage any such general insurance companyfor 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 beentitled to join. ln case of multiple saving bank accounts held by an individual in one ordifferent banks, the person would be eligible to join the scheme through one savingsbank 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 subscribersare expected to enroll and give their auto-debit option by 31" M"y 2015, extendable upto 31't August 2015. Enrolment subsequent to this date may be possible prospectivelyon 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 theirconsent for auto-debit before each successive May 3lttfor successive years. Delayedrenewal 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 insubsequent years?Yes, on payment of premium through auto-debit. New eligible entrants in future yearscan 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 bypaying 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 friendlyadministration & claim settlement process shall be finalized by pSGlCs / choseninsurance company in consultation with the participating bank

Q10. When can the accident cover assurance terminate?The accident cover of the member shall terminate / be restrictedthe following events:

i. On attaining age 70 years (age neared birth day).ii. Closure of account with the Bank or insufficiency of

accordingly on any of

balance to keep theinsurance in force.

iii. ln case a member is covered through more than one account and premium isreceived by the insurance company inadvertently, insurance cover will berestricted 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 appropriateannual premium in one installment, as per the option, from the account holderson or before the due date through 'auto-debit' process and transfer the amountdue to the insurance company.

iii. Enrollment form / Auto-debit authorization / Consent cum Declaration form in theprescribed proforma shall be obtained, as required, and retained by theparticipating bank. ln case of claim, PSGIC / insurance company may seeksubmission of the same. PSGIC / lnsurance Company also reserve ttre iigfrt tocall 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 schemethe 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 Schemeoffering 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 theproduct on similar terms with necessary approvals and tie ups with Banks for thispurpose. Participating banks will be free to engage any such life insurance company forimplementing the scheme for their subscribers.

Scope of coveraqe: All savings bank account holders in the age 18 to 50 years inparticipating banks will be entitled to join. ln case of multiple saving bank accounts heldby an individual in one or different banks, the person would be eligible to join thescheme through one savings bank account only. Aadhar would be the primary KYC forthe bank account.

Enrolment period: lnitially on launch for the cover period 1't June 2015 to 31't May2016, subscribers will be required to enroll and give their auto-debit consent by 31't May2015. 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 ofNovember, 2015. Those joining subsequently may be able to do so with payment of fullannual premium for prospective cover, with submission of a self-certificate of goodhealth in the prescribed proforma.

Enrolment Modatitv: The cover shall be for the one year period stretching from 1tt

@hichoptiontojoin/paybyauto-de-bitfromthedesignatedsavingsbank account on the prescribed forms will be required to be given by 31tt M"y of everyyear, with the exception as above for the initial year. Delayed enrollment with paymentof 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 bysubmitting a declaration of good health in the prescribed proforma.

ln future years, new entrants into the eligible category or currently eligible individualswho did not join earlier or discontinued their subscription shall be able to join while thescheme 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 theaccount holder's savings bank account through 'auto debit'facility in one installment, asper the option given, on or before 31ttMay of each annual coverage period under thescheme. Delayed enrollment for prospective cover after 31't May will be possible withfull payment of annual premium and submission of a self-certificate of good health. Thepremium would be reviewed based on annual claims experience. However, barringunforeseen adverse outcomes of extreme nature, efforts would be made to ensure thatthere 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 tojoin / enable auto-debit, as per the above modality, will 5e enrolled into thescheme,

b) lndividuals yrlo join after the initial enrollment period extending up to 3l.tAugust2015 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 thecritical illnesses as mentioned in the applicable Consent cum Declaration form ason date of enrollment or earlier.

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

Termination of assurance: The assurance on the life of the member shall terminate onany 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 tothat 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 theinsurance in force.

3) ln case a member is covered under PMJJBY with LIC of lndia / other companythrough more than one account and premium is received by LIC / other corpanyinadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premiumshall be liable to be forfeited.

4) lf the insurance cover is ceased due to any technical reasons such as insufficientbalance on due date or due to any administrative issues, the same can bereinstated on receipt of full annual premium and a satisfactory statement of goodhealth.

5) Participating Banks shall remit the premium to insurance companies in case ofregular enrolment on or before 30th of June every year and in other cases in thesame month when received.

Administration:The scheme, subject to the above, will be administered by the LIC p&GS Units / otherinsurance company setups. The data flow process and data proforma will be informedseparately.

It will be the responsibility of the participating bank to recover the appropriate annualpremium in one installment, as per the option, from the account holders.on or before thedue date through 'auto-debit' process.

Members may also give one-time mandate for auto-debit every year till the scheme is inforce.

Enrollment form i Auto-debit authorization / Consent cum Declaration form in theprescribed proforma shall be obtained and retained by the participating bank. ln case ofclaim, LIC i insurance company may seek submission of the samel LIC / lnsuranceCompany reserves the right to call for these documents at any point of time.

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

member2) Reimbursement of Expenses to BC/Micro/corporate/Agent : Rs.30l

per member3) Reimbursement of Administrative expenses to participating Bank:

annum per member

per annum

Rs.11l- per

The proposed date of commencement of the scheme will be lttJune 2015.The nextAnnual 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 renewaldate if circumstances so require.

FAQS ON PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA

Ql. What is the nature of the scheme?The scheme will be a one year cover Term Life lnsurance scheme, renewable from

year to year, offering life insurance cover for death due to any reason'

Q2. What would be the benefits under the scheme and premium payable?

Rs.2 lakhs is payable on a subscriber's death due to any reason. The premium payable

is Rs.330/- per annum per subscriber'

Q3. How will the Premium be Paid?The premium will be deducted irom the account holder's savings bank account through,auto debit' facility i;;" installment, as per the option to be given on enrolment'

Members may also give one-time maniate for auto-debit every year till the scheme is in

force, subject to re-6alibration 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 Llc and other Life lnsurance

companies willing io otter tfre product with necessary approvals on similar terms' in

collaboration wifl-r participating 'Banrs. participating banks will be free to engage any

such life inruranceLotplny f6r implementing the scheme for their subscribers'

Q5. Who will be eligible to subscribe?All savings bank acc6unt holders in the age 18 to 50 years in participating banks will be

entifled to join. rn case of multipre saving-bank accounts held by an individual in one or

different banks, th" p;til would be eiigible to join the scheme through one savings

bank account onlY'

Q6. What is the enrolment period and modality?

lnitially on tauncnlor the covbr period from 1't June 2015 to 31't May 2016 subscribers

are expected to eniotiand give their auto-debit option by 3'!" May ?0.15' extendable up

t. 3Fi"A,;d;iiiois inrotnient subsequent to thii date will be possible prospectivelv on

payment of fult ";;"1 ;;tment and su'bmission of a self-certificate of good health'

Subscribers who wish to continue beyond the first year will be expected to give their

consent for auto-debit before eacn sutcessive tvtay-atttfor successive years' Delayed

renewar subsequent to this date wiil be possibre or payment of fuil annual premium and

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

gooit h"ift6. f.f"* etiiiOte entrants in future years can also join accordingly'

Q8. Gan individuals who leave the scheme rejoin?

lndividuals who exit the scheme at any point may re-join the s_cheme in future years by

paying the annuai premium and submiiting a self declaration of good health'

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

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 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;c. Reimbursement of Administrative expenses to participating Bank: Rs.11/- 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.

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