Which loan is better? Personal loan or loan against Deposits?

— Personal loan or Over draft against FD or RD which one should you take?

— FED Rise – Over Draft facility  against Recurring Deposit, by Federal Bank

Indian Financial system is opening up for loans. After Overdraft on Fixed Deposit and Gold, Banks have started offering Overdraft facility against Recurring Deposits. This Bank offers loan against recurring deposits.

Loan against fixed deposits, Gold Loan OD is getting increasing popular for emergency needs or small business expenses owing to its low cost and efficient options for depositors. One more low cost loan available is Loan against Recurring Deposits. 

Personal Loan Vs. Over draft against Fixed deposits/ Recurring deposits

personal loan comes with minimum threshold, processing fee, and pre-payment charges. It also cheks back the repayment history of the borrower

Do you know, you can take Debit Card EMI for Amazon and Flipkart Purchase?

Over-draft facility has no processing fee, lower interest cost, no processing charges and flexible payment option. The limitation of OD is its capped at 90% of the FD or recurring deposit maturity amount. The repayment term is also capped at the tenure of the deposit.

Loan conditions Personal LoanOD against FDOD against RD
Minimum limitYesNoNo
Maximum LimitVaries95% of Fixed Deposit*90% of maturity amount
Flexible payment option NoYesYes
TenurePre-decidedUpto the maturity dateUpto the maturity date
Intereste ratesHigh FD Rates+1-2%RD Rates + 1-2%
Non-payment of EMICharges upto 2% of EMI amountFlexible payment upto the maturity dateFlexible payment upto the maturity date
Loan processing FeeYesNoMinimum
Pre-closure ChargesYesNoNo
Credit History MandatoryYesNoNo
DocumentationYesNoMinimum
Personal Loan/ Over Draft Facility

In this post, we will take the example of Federal Bank’s Over draft Facility on Recurring deposit – Fed Rise.  Fed Rise is an OD facility against recurring deposits. Federal Bank is one-of the first movers among Indian Banks in the Over Draft facility against Recurring deposits. Let us look at its features.

Fed Rise is an overdraft facility against recurring deposits

–Allows OD Facility upto 90% of the maturity value 

Overdraft Limit – 90% of the balance outstanding in recurring deposit can be availed by the customer at any point of time

Loan Tenure – Upto Maturity or 120 months, which ever is lower

–Minimal documentation and Quick processing 

–Facility to withdraw the amount through ATM, internet banking, POS and all other channels by linking to savings account balance.

–Repayment can be made as lumpsum 

–Customers including NRI’s who have recurring deposits maintained with Federal Bank in the name self or third party are eligible.

Interest rates – For own Deposit: RD Rates rate+2.00%, (approximately) for third party RD Rates +2.50%, whichever is higher – Please check the Federal Bank Website fo more details on Fed Rise

Processing Fee – For loans up to Rs. 10L : 0.15% of the sanction limit, subjected to a minimum of Rs 250/- . For loans above Rs 10L : 0.25% of the sanction limit 

FED Rise – Incase of Default – If the customer is defaulting in monthly installments in RD consecutively for 3 months, the limit shall be set off against RD

In this post I have taken the details of Federal Bank, however other Banks such as State Bank of India and ICICI Bank also has such option.

Loan against Recurring Deposit, ideal for business and emergency purpose, next best option after Overdraft against Fixed Deposits.

Sunday Book review – Rich Dad Poor Dad by Robert Kiyosaki

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I write on investment, insurance, Mutual Funds, Credit Cards, everything personal Finance and Financial Education. You can follow me on twitter and Facebook too. Look forward to see you soon. Do share your queries and suggestion in the comment box.

Overdraft Facility on Fixed Deposit: Best for emergency

This loan is Best for Emergency situations – Low cost and No time. May sound unrealistic, but it is true.

This is the lowest cost loan available from Bank, no question on credit rating, no due diligence is required from Bank on repayment ability. This option is handy, affordable and quick for the customers. Banks like SBI, ICICI, AXIS Bank, HDFC Bank, Bank of Baroda, Federal Bank offers this option. Please check your internet banking section or speak with the nearest Bank branch to get more information.

Overdraft Facility on Fixed Deposit: Lowest Cost Loan 

On emergency situation, education or business needs loan helps us sail through unplanned expenses. However, often in time as such, we end up taking a hasty decisions on swiping credit card or taking expensive Gold loan from NBFCs. While these loans can be taken quickly, it often have very high interest cost, and non-payment or long term EMI option can turn very expensive option. 

Federal Bank is offering OD Facility against Recurring Deposit too

Bank offers this option which is rarely used by the savings bank customers. Many big Banks offer Overdraft facility against Fixed deposit or term deposit. And the interest rate is 1-2% higher than the interest rate you are getting on the fixed deposit.You can easily apply for the OD on your term deposit through Net-Banking

Who can take OD against FD or term deposit?

This loan option can be taken by any account holder who has a fixed deposit with the Bank, except 5 year term Tax Saver Fixed Deposit

The loan amount is capped at 80% – 90% of the Fixed Deposit amount. For Example – Axis Bank has a cap of 85% on the Fixed deposit, Yes Bank OD has 90% cap on the loan.

Features of Over draft against Fixed Deposits 

No processing fee

Low interest cost 

Banks may have the individual OD eligibility criteria of minimum fixed deposit and Maximum OD limit etc

While taking OD, your FD will continue to earn interest.

Its a flexible option, one can take any amount up to the cap amount

One can withdraw multiple time and repay multiple time

Loan interest is charged daily basis, and only charged on the outstanding amount. 

If Overdraft is not availed, no interest charges are applied

The loan tenure can be be up till the term of the fixed deposit

No Pre-payment charges

One needs to have a Fixed deposit of the same Bank to avail the overdraft facility

This loan is much cheaper than unsecured personal loan or instant credit card loans. For Overdraft Against Term Deposit, the interest rate will not depend on the credit score, but on the interest rate of the Fixed Deposit.

Now Debit Card on Phone – In Retail Stores just Wave, Pay and Go

— You can wave your phone to make payments through your IDFC First debit card Wave phone 

–SafePay will make retail store or PoS payments contactless experience

IDFC FIRST Bank is set to launch SafePay, a digital facility that allows contactless debit card payments by simply waving one’s smartphone against a Near Field Communication (NFC)-enabled POS terminal. 

SafePay will help Debit card users to maintain social distance while making purchases at retail stores and malls. There is no need to hand over the card to a merchant or even carry it in the wallet or purse. 

Best Offer in Two-wheeler, Buy on Debit Card EMI

Users can simply wave, pay and go, making the payment process not only touch-free, but also faster, simpler and safer.

Contactless payment

The first such facility to be made available in an integrated mobile banking app, the SafePay feature has been tested successfully and certified by Visa. It will be available to users on the Bank’s mobile app in the next one week.  

SafePay enables contactless payments of up to Rs. 2,000 per transaction and up to a limit of Rs. 20,000 per day, making everyday purchases easy. 

To enable SafePay, consumers need to do a one-time activation by linking their IDFC FIRST Bank debit card to the mobile banking app. Once activated, users can then make payments at merchant locations by just unlocking the mobile phone and waving it against a NFC-enabled POS terminal, through which encrypted card information is transmitted wirelessly to the terminal. Users do not need to log into the Bank’s mobile app for every transaction. The debit card can be added to the mobile app and deleted if required. To enable a payment, the NFC-enabled smartphone needs to be waved at the terminal within 30 seconds of unlocking it. 

Overdraft Facility on Fixed Deposit: Best for emergency

SafePay is part of the Bank’s efforts to deliver a high quality digital experience to customers across its range of products and services. In the payments space, the Bank’s emphasis is to make transacting simple, seamless and safe. 

The facility is set to be available for resident Savings Account holders having VISA cards and IDFC FIRST Mobile App on NFC-enabled Android device with OS 5 & above.

To activate SafePay:

  1. Link the debit card to IDFC FIRST Bank Mobile App
  2. To pay, unlock the NFC-enabled smartphone
  3. Wave it against a NFC-enabled POS terminal; encrypted card information is transmitted wirelessly to the terminal 

Must read for Financial Education – 
Let’s Talk Money – Monika Halan
I will teach you to be rich – Ramit Sethi
Rich Dad Poor Dad – Robert Kiyosaki
Easy Money Triology – Vivek Kaul 
Aapka Paisa Aap Samhalein (आपका पैसा, आप संभालें)- Rajnish Kant 

I write on investment, insurance, Mutual Funds, Credit Cards, everything personal Finance and Financial Education. You can follow me on twitter and Facebook too. Look forward to see you soon. Do share your queries and suggestion in the comment box. #MyMoneyStreets

Best Offer in Two-wheeler, Buy on Debit Card EMI

Buy Scooty, Bikes from 947 showrooms of HeroMotocorp, Honda Motorcycle and TVS Motors with 1 Rupee down payment. No-Bank visit, No-processing charge, complete online. Flexible Repayment period – option of 3/6/9/12 months. EMI Without Credit Card, no hassle of going to Bank Branch.

अटल पेंशन योजना -pension for everyone – Financial security for all

This is also an ideal option for Essential Service Providers, Shops and Healthcare professionals, students, home makers and each one who risk themselves travelling in Public Transport or spend huge money in Taxi or Car. Buying a two-wheeler is no more an difficult or Costly option. With Debit Card EMI offer, now you can buy a scooty or Bike and travel alone to office and important work without being scared of catching the virus in Public Transport. In the pandemic times, Own vehicle is safe vehicle.

Federal Bank is one of the first Bank to come with this flexible offer. You don’t even have to Visit Bank Branch. Use your Federal Bank ATM Card to buy in EMI.

Federal Bank introduces EMI facility for holders of Federal Bank Debit Cards to purchase two wheelers. Eligible customers of Federal Bank can own their favorite two wheeler by making a payment of ₹ 1/- at 947 showrooms of Hero MotoCorp, Honda Motorcycle and TVS Motor. The financing process involves no paper work or bank visit and is done completely online. Unlike conventional two-wheeler loans, hypothecation in favor of the Bank is not required for vehicles purchased on Debit Card EMI from Federal Bank. Customers can choose a repayment period of 3/6/9/12 months. There is no processing fee charged on loans under this scheme.

Overdraft Facility on Fixed Deposit: Best for emergency

Customers who purchase two wheelers from 793 Honda Motorcycle showrooms across the country availing EMI on Debit Card from Federal Bank will also get a cash back of 5% as festival offer. Customers can check their eligibility for EMI by sending an SMS in the format DC<space>EMI to 5676762 or giving a missed call to 7812900900. 

Insurance claims do get rejected. What if it’s unjustified ?

With sale of passenger vehicles and two wheelers showing an upward trend on the back of demand spurred by festive season and social distancing protocols and a reduction in GST for two wheelers on the cards, this option of easy finance and cash back offer is expected to give further impetus for Federal Bank customers wishing to own brand-new two wheelers. The Bank offers EMI on Debit Cards for purchase of consumer durables at over 36,000+ stores PAN India. The Bank has recently started offering EMI for purchases on e-commerce portals Amazon and Flipkart too.

Must read for Financial Education – 
Let’s Talk Money – Monika Halan
I will teach you to be rich – Ramit Sethi
Rich Dad Poor Dad – Robert Kiyosaki
Easy Money Triology – Vivek Kaul 
Aapka Paisa Aap Samhalein (आपका पैसा, आप संभालें)- Rajnish Kant 

I write on investment, insurance, Mutual Funds, Credit Cards, everything personal Finance and Financial Education. You can follow me on twitter and Facebook too. Look forward to see you soon. Do share your queries and suggestion in the comment box.

Debit Card EMI For Easy Online Shopping And Retail Outlet

Easy monthly installment for Big Purchases in Retail outlet and online shopping: Debit Card EMI.

Easy payment options is not limited to Home and Car purchases. The benefit has now extended to other big-ticket purchases too. Online sopping websites as well as retail shops are offering EMI options on shopping as low as Rs. 5000/-. Debit card EMI offers option to the customer to buy high value products with easy monthly payments avoiding one time cash erosion from Bank Account. 

What is EMI on debit card? Is EMI available on debit card? How does EMI work on debit cards? What is the eligibility for debit card EMI? Is my debit card eligible for EMI?

The Benefits of Debit Card EMI

– You can shop for high value items in easy installments without braking your savings

– You can spread your expenses, one time expense wont stretch the monthly budget

– Keeping cash in Bank account longer and earn interest on it, maintain high  Quarterly average Balance to avoid charges too.

How to opt for Debit card EMI?

Debit Card EMI works both in Online shopping as well as retail stores.

For online shopping in Amazon,  EMI option will appear in checkout and payment section. You will need to check if your Bank is offering EMI option. If you simply search “EMI on Debit card” it will take you to a page showing the various Banks offering this options, you can check the eligibility by sending a SMS from registered mobile Number to your Bank. The SMS numbers to check the criteria is mentioned in the picture below, if you are a customer of one of the following six Banks. If you meet the eligibility criteria of your Bank, your purchase will be approved by your Bank for EMI option.

How debit card EMI works?

This is a pre-approved transaction by Bank, so check the eligibility first. This is like taking a loan in less than a minute, extensively used for purchase of consumer durable. However, the canvas of this Debit card EMI is expanding to other products and services. One attractive term used for this EMI option is “No Cost EMI”. Let us see how it works.

For No Cost Debit Card EMI offers, the interest is borne by the merchant or the product manufacturer. Bank may charge the GST on interest amount. For a shopper, the interest amount is discounted from the order price.  Total amount you pay to the Bank will be equal to the price of the item. For other EMIs, Banks may charge processing fee and  interest rates equivalent to personal loan interest rate.

In Retail shops, you can check at the store billing counter with your debit card to check. Though the offers are available with Amazon, Flipkart, and few big format shops, now PoS providers like MSwipe and PineLabs are enabling the retail shops to offer such benefits. 

Amongst many Brands, Amazon, Flipkart, Central, Croma are popular retail Brands. 

Amazon offers EMI on SBI debit card, HDFC Bank Debit card, Federal Bank Debit card, Axis Bank, ICICI Bank, Kotak Bank. On its Website, Federal Bank mentioned that it offers Debit Card EMI on Manipal Hospital Bills too apart from the retail purchases. 

I went through websites of these Banks to check the EMI offers, EMI eligibility criteria and other Debit card EMI conditions. I am using Federal Bank EMI option as a test case for sharing nuances of Debit card EMI facility as a test case. Other Banks may have slight difference in offerings.

The Key features of Federal Bank Debit card EMI

  1. Mentions in it’s website that it is not necessary to have the entire amount 
  2. EMI term could be – 3 months, 6 months, 9 months or 12 months, as opted by You
  3. No documentation, no down payment, no pre-closure charges, no amount blocked in account
  4. Minimum loan amount Rs. 5000 to Maximum Rs. 1,50,000
  5. Federal Bank offers no-cost EMI in Retail store purchase such as – Apple, BlueStar, Canon, Daikini, Haier, Godrej, Hitachi, Lloyd, Microsoft, Nikon, Nokia, LG, Oppo, Panasonic, Samsung, Toshiba, Vivo, Voltas, VLCC and Whirlpool. You can check available options in store locator options in Federal Bank Debit Card EMI section 
  6. Rate of Interest: varies between 14-15% based on tenure
  7. Debit Card EMI facility is not available for non-resident Indians
  8. For all offers where, ‘No Cost EMI’ is mentioned, the interest portion will be borne either by the merchant/brand.

Important things to remember on EMI on debit cards – 

Prior to the completion of the Facility/Pre-closure whichever is earlier, Customer cannot withdraw/cancel auto debit instruction on the Debit Card EMI Loan.

Incase of cancellation off product purchase, the customer should inform the Bank at the earliest to avoid any inconvenience. Also, the amounts charged towards shipping / cancellation/ return or of any other nature, for the cancellation/ return shall be paid by the customer along with applicable interests as afore-mentioned.

EMI offers an easy solution for difficult purchase. However, one should be cautious and calculative about such purchases. You shouldn’t get carried away with easy monthly scheme, as it can make a dent in your budget and regular savings habit. An ideal reason for purchasing in EMI should be for some important needs such as health and education. But, it could vary person to person depending on the stage of life, it could be laptop, good camera, furniture, refrigerator anything.

Choose the best Life insurance company and Term Plan

Claim settlement ratio? repudiation ratio / rejection ratio or the largest Insurance company?

Who is the best insurance company for you? How to choose the best company and best policy?

The main purpose of buying term insurance is to ensure that after the death of policyholder, nominee or legal heir gets the sum assured. It could be very sad in case the insurance company rejects the policy claim to the nominee. Hence, it is important to choose a right insurance while keeping in mind about the common exclusions.

While the popularity of Term insurance is catching pace, so is the complications coming to the fore. Many people including ones who sells endowment policy claims that in term insurance nobody gets money back. 

Well that is not true, term insurance is comparatively new and still finding its base, awareness is low and it will gain pace with time as people get hands on experiences. However, as it is likely and we all hope that most of the policyholders will outlive the policy term, (mostly ranges till 60-70 years of age), people feel it is unreasonable and unnecessary, many end up buying the cheapest policy online without any homework. There are also cases of hiding (or non-disclosures) of medical conditions to get cheaper premium, and not writing hobbies (adventures, bunjee jumipng, horse riding etc) to avoid rejection while buying the policy. There is a list of common exclusion which is followed by the life insurance companies. Apart from the common exclusion, we should also educate ourselves on criteria on how do choose the best insurance company, which will stand in our favour incase of life loss of the policy holder. 

You can give a weightage based marking system on the below mentioned parameters. Keeping 5 marks for each criteria, and marking 1 for lowest performance on the parameter and 5 for the highest. 

Though do check out the premium amount of each insurance, but it should not be a criteria of choosing insurance

Here is a list of criteria I personally followed while choosing term insurance – 

Which company is offering your desired insurance cover and package – List down what is the kind of cover you are looking at, are you looking for a rider like Personal accident cover/ Critical Illness benefits or Premium waiver or multiple option of payout of death benefit. First step is to short-list your requirement. 

Tip – Its a good idea to bundle your Critical Insurance cover with Life insurance and not health insurance, as in life insurance you lock your premium of entire term, while Health insurance premium keeps increasing based on age and claims 

Company history/reputation – In financial services, trust is the first factor. So, knowing how the Brand in general is perceived by you, your circle of friends who happens to work in financial services can come handy. Doing a google check on the news on the company/ promoter, checking its review would be helpful. Check how long the company is in operation specially in India and how the news have been on their claim settlement experience (simple google check – insurance company + issues on claim settlement) will give you some snapshot on how the negative experience have been on the particular company. It is good idea to short list companies a per their age – ideally more than 5 years of operations. 

Do keep a criteria on How long they’ve been in business; In which states they sell their products and how is their quality of service

Claim settlement Ratio – A crucial matrix for shortlisting the insurer. It is considered that higher the claim settlement ratio, higher the chances of settling your insurance claims. While considering an insurance company, check repudiation ratio and rejection ratio of the claims too.

Based on 2018-2019 IRDA data on claim settlement ratio of Life Insurance companies

Link to IRDAI Annual Reports 

According to latest Annual report of IRDAI, Claim settlement ratio of LIC was at 97.79% as at 31.03.2019 when compared to 98.04% as at 31.03.2018. For private insurers, settlement ratio had increased to 96.64% during the financial year 2018-19 when compared to 95.24 % during the previous year

Claim Amount settlement ratio –  Claim settlement ratio can be looked at in two ways, first is no. of claims settled based on claim received, a volume measure and second is the ratio of settlement ratio based on claimed amount

Claim repudiated / claim rejection ratio – This is an important parameter, in any scenario, if this ratio is closer to one or above 1%, just tick-off the insurance company off your list, even if it is meeting all other criteria

Image taken from IRDA Annual report 2018-2019

Pending claims ratio – This figures shows what are the pending claims application lying with insurance companies. Ideally a company should close the claim within 30 days, but there are times, when the companies take a lot of time to conclude their investigation resulting into agonizing waiting game.

Solvency ratio – Financial strength of your insurance is important. Minimum solvency ratio of insurance should be 150% as per IRDA. Higher solvency ratio is a good way to look at it, however, the decision should be made keeping in mind the claim settlement ratio as well.

We need to keep in mind Term policy is taken for a period of 25 – 35 years term, and all these ratios can alter in this time frame. Given all the above parameters play important role in deciding life insurance company and Term policy, the first priority remains filling the insurance application truthfully to ensure claims don’t get rejected.

Keep reading my blogs on investments, insurance, mutual funds, second income options, and many financial education topics.

Must read for Financial Education – 
Let’s Talk Money – Monika Halan
I will teach you to be rich – Ramit Sethi
Rich Dad Poor Dad – Robert Kiyosaki
Easy Money Triology – Vivek Kaul 
Aapka Paisa Aap Samhalein (आपका पैसा, आप संभालें)- Rajnish Kant

Insurance claims do get rejected. What if it’s unjustified ?

11 reasons Term-life insurance claim can be rejected

What to do if the claim rejection appears unreasonable

Buying a term-insurance doesn’t ensure the it will cover death of policy holder under any or all circumstances. There are death claims which gets rejected because of  exclusions in term-life insurance plans and also non-disclosure. Insurance is contract between two parties, the policy holder and the insurer, when you buy a policy online or through agent, you must read the form carefully, do not hide any fact about yourself what you ought to tell the insurance company, i.e. the questions mentioned in the insurance application. Also, keep a copy of of your filled up form, take a print out and keep it in a folder/ safe ocker for future reference.

Initially it me seem tempting to avoid habits like smoking/ drinking, hobbies like bungee jumping, horse riding etc, but you should know in advance for such activities Life Insurer may add extra premium. The focus here should be to ensure to respond to each query truthfully. Following are the nine common reasons why claims get rejected. But everything cannot be decided in black and white, and there are times when conflict may arise between the nominee and insurance company and nominee may feel the insurance is rejected on false grounds, will cover that too in the post. 

life insurance claim can be rejected

Also Read – Term Life MUST to secure future of loved ones

11 reasons Term-life insurance claim can be rejected –

Suicide or death due to self-inflicted injury – If the policy holder commits within one year of purchaisng the policy, nominee won’t get death benefit. However, the nominee will get the benefit second year onwards.

Death involving homicide: If death of the policy holder is suspected to be murder and the nominee(s) are suspect of the crime, the claim-compensation to that nominee(s) will stand rejected, until her/his innocence is established in a court of law

Death due to sexually transmitted diseases like HIV or AIDS – Death claim arising out of STDs will be rejected as per common exclusions, no insurance company will honour such claims

Death due to the pre-existing health conditions (condition present prior buying the insurance) – If policy holder happens to have pre-existing health condition such as diabetes, hypertension or any disease, such claims which may arise from death due to complication on such condition will be declined. As, many health condition appears little later part of our life, it is prudent to apply for term-life insurance policy as soon as getting a job, atleast by 30 years of age. 

Death caused due to the involvement in illegal or criminal activities – If a policy holder dies while engaging in any illegal or unlawful activities such as drug peddling, smuggling, unauthorised arm dealing any activity which is considered illegal as per Indian Law, the insurance will be rejected

Accidental death due to driving under the influence of alcohol or drugs – If the policyholder dies due to accident caused by driving under the influence of Alcohol

Death due to the participation in racing activities – Death caused by sports or adventorous activities like bike racing, car racing, traking, bunjee jumping, horse racing, any adventorus activities which has inherent life risk, claim arising from such activities are out of the scope of policy claim. Claim arising from fatal accident such as these will be outright rejected. 

Death due to pregnancy and childbirth – If the death of the policyholder takes place due to pregnancy complications or childbirth, the insurer would not pay the sum assured to the nominee.

Pre-existing disease / Condition – Death due to any condition that existed while availing the term insurance policy will not be settled by the insurer

Death due to natural disaster/ war/ nuclear calamity – It is a common exclsion in life insurance, in situations like war and nuclear calamity, insurance company protects itself from mass claim which may arise in such situations. 

Non-disclosure – Non-disclosure such as smoking habits, recent surgery, any medical procedure, family history or any point in the query list of the policy application form  will be counted as breach of the insurance contract conditions, and on discovery of such facts, Insurance companies will reject the claim

What to do if you feel the claim rejection was unjustified?

The above are the direct rejection reasons, but if nominee is not satisfied with the reason of rejection, delay in claim settlement the nominee can escalate the matter. Ideally, insurance claims needs to be settled within 30 days of claim application. If the claims are not settled on time and the nominee is not satisfied with the response from the insurance company, nominee can take following action. The nominee needs to file a complaint first with the insurance company through the consumer grievances section online or reach out grievances cell officer with written complaint and required supporting documents at the earliest, they should respond to your complaint within 15 days of complaint submission.

If Insurance company fails to resolve your query or sort the claim settlement issue, you can complaint to IRDAI (Insurance Regulator and Development Authority of India)approved Insurance Omudsman in a written format. Insurance Ombudsman scheme was created by government of India for individual policyholders to have their complaints settled out of the courts system in a cost-effective, efficient and impartial way.

IRDAI Website details out here when and how you can approach the ombudsman- https://www.policyholder.gov.in/ombudsman.aspx  

There are at present 17 Insurance Ombudsman in different locations in India. Ombudsman has authority to intervene in the claims below Rs. 30 lakhs. Incase of claims above 30 lakhs, one needs to approach the consumer court for sorting the matter with legal help. In consumer court, Court’s directive will be final for the insurance company. Insurance company cannot escalate the matter to any other court. If the nominee wins the case, the court can direct the insurance company to pay penalty and interest charges on the claim amount in favour of the complaint.

So, Read the policy application carefully, make comparison with few products, also check claim settlement ratio before making a decision. Even after buying a insurance policy, Policy holder gets a free-look period of 15 days, within which policyholder should go through the policy document, incase of dissatisfaction, policy holder can cancel the polcy and get back the premium paid (company may deduct medical expenses – if incurred).  

Check my blog for informative posts on financial products, second income options and financial education.

Must read for Financial Education – 
Let’s Talk Money – Monika Halan
I will teach you to be rich – Ramit Sethi
Rich Dad Poor Dad – Robert Kiyosaki
Easy Money Triology – Vivek Kaul 
Aapka Paisa Aap Samhalein (आपका पैसा, आप संभालें)- Rajnish Kant 

POSTED ON AUGUST 21, 2020 ”DID YOU KNOW PERSONAL ACCIDENT INSURANCE COSTS RS. 12?”

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Term Life MUST to secure future of loved ones

Why to buy Life Insurance? Life insurance is the best way to protect your family financially. In plain language, it protect the family members financially incase of death of the polcy holder. There are other benefits available apart from death benefit. I have come across calls from many insurance agents who try to sell other life insurance products like endowment plans and ULIPs trying to push as term plan. In this post, we will talk about why term plan/ protection plan/ peru life insurance makes sense for a bread winner. 

Term Insurance product has caught fancy of savvy Investors only recently , little more than a decade and constantly gaining popularity in Urban India especially. Let us look at what is a pure term insurance and how it works in our scheme of financial planning

Read – How life insurance claims gets rejected? What to do if claim is rejection is wrong?

“Insurance” is a contract to protect against risk. Investment components are added to the product to make it more attractive. I must add, that a chunk of lump-sum money payout  together at a deferred term incase of ULIP and Endowment insurance plans makes the products (savings/Investment + Insurance) a very attractive offer. But this one is unable to over any family adequately. 

For all Life Insurance insurance plans, IRDAI (Insurance regulator and Development Authority of India) has mandated a maximum premium to be capped at 10% of the sum assured (or Sum Assured to be 10 times) to be annual policy premium to become eligible for tax deduction benefit under income tax section 80C for and total maximum investments capped at Rs. 1,50,000 as on FY 2020-2021 . 

Let us consider we have 3 insurance policy options – a) Option offering 10 times Sum Assured and Option B) 20 Times of Sum Assured and a 3) A Term policy. For illustration we are chosing a 30 year old male non-smoking with 1 crore sum assured for 3 years. I will not mention any insurance company here, as I am doing this illustration for education purpose and understanding only. I am also not including the saving or investing benefits offered by option A and Option B (Cause they do have assurance of retun on maturity, Option C is only death benefit, No Maturity value). 

I am taking HDFC Life insurance Term insurance premium for illustration purpose.

Life Insurance coverage10 times of yearly premiumPlan A20 times of yearly premiumPlan BTerm Insurance (Pure protection plan) [HDFC Life]Plan C [approx]
25 Lakh2.5 lakh1.25 lakhRs. 3,600/- (approximate)
50 Lakhs5 lakh2.5 lakhRs. 6,000/- (approximate)
75 Lakhs 7.5 lakh3.75 lakhsRs. 8,000/-(approximate)
1 Crore10 lakhs5 lakhsRs. 10,000/*- (approximate)

So we can see, the premium for adequate life coverage can be bought at a very affordable rate in Term insurance plan, while the other plans offer same insurance cover at 40 to 80 times of the term plan. 

However, Plan A and Plan B has additional investment component – Noteworthy, your investment cannot be partially withdrawn, making it an illiquid investment option through out the policy term. If you have job change, take sabbatical or some minor setback, Plan A and Plan B will become a burden and on non-payment Insurance benefit will be compromised. 

What we can Expect from a pure-term Insurance plan? It is a low cost high coverage insurance plan. It is designed for financially protect the family of the policy holder in-case of untimely death. This insurance is only for the bread-winner of the family whoseuntimely demise can shake the financial foundation of the loved ones. , it should be taken by anyone who has responsibilities like elderly dependant parents, dependant wife and children, home loan, car loan etc. One should consider higher insurance cover incase of medical conditions of self or family members, impending college education cost for children or absence of retirement kitty. 

Term insurance benefits

As Life insurance acts as protection against untimely death, it is said that one should take atleast 10 times of one’s annual salary, to adequately protect the loved ones to protect against inflation, child education, non-earning spouse, dependent elderly etc. 

Term plan doesn’t guarantee a return on your premium. There is no financial product which is risk free. But I have learnt with experience, that biggest ‘risk’ in finanacial product is not knowing the product and category well. So check the exclusions each insurance company has mentioned in their websites and learn and choose the insurer after reading and taking proper feedbacks. 

Important factors to choose term insurance policy – 

How many dependents you have – If you have elderly parents dependent on your income or you are married and your spouse is a home maker (and) or school going Children

Family financial Goals – If you have not yet saved enough for adequate critical milestones like children higher education, have outstanding big loans (home loan/ vehicle loan)

What is the adequate life cover you need– Do some calculation on this. Apart from 10 times of yearly salary rule, do you have any high liability like children high education/ outstanding Home loan etc

Compare a few options based on coverage amount, claim-ratio, policy exclusions and rejection ratio

Term plan is not a substitute for investment. It offers a support  system. In ideal situation, term-insurance premium we should consider as a yearly premium to Insurance company for protecting future of your loved ones in your absense, while buying this insurance, we really hope and pray that we should never require to file this claim settlement form ever. As this insurance cover offers a lumpum benefit to the immediate family members in case of death, this works like a parachute or a cushion from a hard-landing.

Investment and Insurance are both essential and important part of our financial plan. But, both has different purpose in the plan. Even if you choose to buy ULIP or Endowment, you should do some research and learn about all the insurance option before opting for an insurance plan 

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POSTED ONEDIT”अटल पेंशन योजना -PENSION FOR EVERYONE – FINANCIAL SECURITY FOR ALL”

अटल पेंशन योजना -pension for everyone – Financial security for all

Old age deserves some peace of mind and happiness. But millions of people under poverty line, that is still distant dream in India. To fight the perils of poverty and old age, PM Narendra Modi introduced multiple social security scheme in year 2015. And Atal Pension Yojana is one of them.

What is Atal Pension Yojana? This is a pension yojana now you can suggest your maid, cook, Kirana wala, Plumber and contract labours and everyone who doesnt have one and doesn’t pay income tax yet.. 

Read here about Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana,

In 2015, Indian Government introduced important financial inclusion and social security programs for the financially non-protected citizens especially. To enseure financial security to especially for those working in informal sector or self-employed Indian citizens, The Government launched Life Insurance, Personal Accident Insurance and Pension Scheme – a simple savings scheme

Atal Pension Yojana is a scheme aimed at protecting the financial future of the low-income self employed people and people with unorganized sectors, like shop-keepers, contract labours etc.

This scheme is open to citizens of India who doesn’t pay income tax yet and not empanelled under EPF and other schemes (chart mentioned below), one can subscribe to it between 18-40 years, the contribution can be made till 60 years of age. Under this scheme, a subscriber will receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month after attaining the age of 60 years, depending upon his contributions. According to a recent announcement in July 2020, Finance Ministry is considering a proposal to relaxing the maximum monthly pension to Rs 10,000 from Rs. 5000 currently and raise the maximum age limit for entry age in the Atal Pension Yojana scheme to 50 years.

Finance ministry is also considering the proposal to  enable the Atal Pension Yojana (APY) subscribers to increase/decrease their pension plans as per their changed income levels and capacity to pay APY contributions, which will be very uselful foo continue the subscriber contributions in the scheme till 60 years.”

How can One apply for Atal Pension Yojana (Online too)?

This scheme is currently being distributed through 258 active APY Service Providers consisting of Banks and post-offices as this scheme is only available to those who have a Savings Bank account. Having a Aadhaar card will be very useful in this. 

Who can Apply?

Any Indian Citizen Between Age 18 – 40 can enter the scheme and continue the contribution till 60 years. Who is not empanelled with any other government pension / EPF scheme. 

What is the minimum contribution requirement for APY? And how frequently one has to pay?

The contribution will depend on the entry age and target pension, . One can choose monthly, quarterly or half-yearly payment. The contribution can be made by auto-debit facility. 

Atal Pension Yojana Chart

You can change the deposit amount during the course of accumulation phase, once a year. One can get physical transaction receipt every year. 

There is a small-payment on non-payment on non-contribution. Banks are required to collect Rs. 1 per month for contribution of every Rs. 100, or part thereof, for each delayed monthly contributions. On non-payment, one has to make the contribution next month. 

Does your house maid has a life Insurance? It costs Rs. 330

It is mandatory to provide nominee details in APY account. If the subscriber is married, the spouse will be the default nominee. Unmarried subscribers can nominate any other person as nominee & they have to provide spouse details after marriage.

How to Check the Status of your contribution in Atal Pension Yojana?
Find Atal pension yojana statement here – Keep Your PRAN No. handy. 
https://www.npscra.nsdl.co.in/scheme-details.php
Then click on APY e-PRAN/Transaction Statement View
You will be directed to your contribution page. 

How does Pension distribution happen?
Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years. The monthly pension would be transferred to the subscriber’s account, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.

Ask your plumber to get a personal accident insurance cover- It costs Rs. 12

In case of premature death of subscriber (death before 60 years of age), spouse of the subscriber can continue contribution to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.

Other pension plans are there like NPS, lic pension plan, Annuity plan etc you can check online for them.

Who cannot apply for Atal Pension Yojana?
Indian Citizens who are already part of a social security system such as mentioned below cannot apply for it.

Employees’ Provident Fund and Miscellaneous Provision Act, 1952
The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948
Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955
Seamens’ Provident Fund Act, 1966
Jammu Kashmir Employees’ Provident Fund and Miscellaneous Provision Act, 1961. 
Or any other statutory social security scheme 

Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana aims to cover the lower section of our society, let us spread the word about the benefits to the people who may need it. 

Banks – State Bank of India, Canara Bank, Punjab National Bank, Federal Bank, UCO Bank and many more 
You can open Atal Pension Yojana account at India Post office branches too. The forms are available in Hindi, Bangla, Gujarati, Marathi, Tamil,Telegu, Oriya etc. 

Find more details at –https://npscra.nsdl.co.in/nsdl/scheme-details/APY_Scheme_Details.pdf


Must read for Financial Education – 
Let’s Talk Money – Monika Halan
I will teach you to be rich – Ramit Sethi
Rich Dad Poor Dad – Robert Kiyosaki
Easy Money Triology – Vivek Kaul 
Aapka Paisa Aap Samhalein (आपका पैसा, आप संभालें)- Rajnish Kant https://www.youtube.com/embed/XE2iFvR5rQc?feature=oembedPOSTED ONEDIT”DID YOU KNOW PERSONAL ACCIDENT INSURANCE COSTS RS. 12?”

Did You Know Personal Accident Insurance costs Rs. 12?

Many a times lack of awareness is what makes us feel helpless. During this lock-down phase, I have spoken to many women who work as house-helps, other jobs earning small sum, many of them didnot have Jan-dhan account, the ladies who had Jan-dhan account, most of them, depending on the eligibility, got the money deposited in their account as promised by government. We may not have ultra-social security facilities, but we do have many benefits which a lot of people are not aware of. Let us take the responsibility and share the information on Jan Dhan account, Life Insurance – Pradhan Mantri Jeevan Jyoti Bima Yojana, Personal accident insurance (Pradhan Mantri Suraksha Bima Yojana) and Atal Pension Yojana.https://www.youtube.com/embed/XE2iFvR5rQc?start=43&feature=oembed

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana offers Accident cover for only Rs. 12 per year. Let us look at Eligibility, Cover and benefits. It is a government-backed accident insurance scheme.

It is an personal accident insurance, introduced by PM Narendra Modi in the year 2015, to include all Indian Citizen under this social security cover. This is helpful for people especially who don’t have life insurance or health insurance cover to  financially protect the policy holder incase of permanent partial or total disability incase of an accident.

Pradhan Mantri Suraksha Bima Yojana

Tip – To keep your PMSBY and PMJJBY insurance working, ensure to keep Rs. 340 in your Bank Account in Month of May, so that there is no default, otherwise insurance will expire and you will happy to apply fresh.

What are the features of PMSBY?

PMSBY gives the policy holder to insure oneself against unfortunate events that can lead to death or disability.

The premium is Rs. 12 per year

Insurance cover is Rs. 2 lakh

One can only have one policy under this scheme

What are the top benefits of PMSBY scheme

In case of accidental death, as the claim amount can be availed by the nominee.

Flexibility to continue or discontinue as per one’s wish

Tax deduction as per Income tax Section 80C and Sum Insured of Rs. 1 lakh is non-taxable as per Section 10(10D)

Incase of Permanent total disability policy holder gets Rs. 2 lakh (insurance cover)

Incase of Permanent partial disability, policy holder gets Rs. 1 lakh (insurance cover)

What is the premium payment process?

The premium payment process relies on the auto-debit facility. The policyholder must approve of this while enrolling for the scheme.

When will the policy be terminated?

The policy will be terminated in the cases if the registered bank account is closed, the account balance is insufficient in the time of the yearly premium payment or the policyholder reaches the age of 70. 

Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana

The minimum entry age for this scheme is 18 years 

Age limit for availing this insurance benefit is 70 years

Applicant’s saving bank account should be integrated with the person’s Aadhaar card

PMSBY application form is available in several regional languages apart from English and Hindi. For example, the form is available in Hindi, Gujarati, Marathi, Tamil, Telegu, Oriya

Must read for Financial Education – 

  1. Let’s Talk Money – Monika Halan
  2. I will teach you to be rich – Ramit Sethi
  3. Rich Dad Poor Dad – Robert Kiyosaki
  4. Easy Money Triology – Vivek Kaul 
  5. Aapka Paisa Aap Samhalein (आपका पैसा, आप संभालें)- Rajnish Kant

अटल पेंशन योजना -pension for everyone – Financial security for all

Old age deserves some peace of mind and happiness. But millions of people under poverty line, that is still distant dream in India. To fight the perils of poverty and old age, PM Narendra Modi introduced multiple social security scheme in year 2015. And Atal Pension Yojana is one of them.

What is Atal Pension Yojana? This is a pension yojana now you can suggest your maid, cook, Kirana wala, Plumber and contract labours and everyone who doesnt have one and doesn’t pay income tax yet.. 

Read here about Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana,

 In 2015, Indian Government introduced important financial inclusion and social security programs for the financially non-protected citizens especially. To enseure financial security to especially for those working in informal sector or self-employed Indian citizens, The Government launched Life Insurance, Personal Accident Insurance and Pension Scheme – a simple savings scheme

Atal Pension Yojana is a scheme aimed at protecting the financial future of the low-income self employed people and people with unorganized sectors, like shop-keepers, contract labours etc.

This scheme is open to citizens of India who doesn’t pay income tax yet and not empanelled under EPF and other schemes (chart mentioned below), one can subscribe to it between 18-40 years, the contribution can be made till 60 years of age. Under this scheme, a subscriber will receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month after attaining the age of 60 years, depending upon his contributions. According to a recent announcement in July 2020, Finance Ministry is considering a proposal to relaxing the maximum monthly pension to Rs 10,000 from Rs. 5000 currently and raise the maximum age limit for entry age in the Atal Pension Yojana scheme to 50 years.

Finance ministry is also considering the proposal to  enable the Atal Pension Yojana (APY) subscribers to increase/decrease their pension plans as per their changed income levels and capacity to pay APY contributions, which will be very uselful foo continue the subscriber contributions in the scheme till 60 years.”

How can One apply for Atal Pension Yojana (Online too)?

This scheme is currently being distributed through 258 active APY Service Providers consisting of Banks and post-offices as this scheme is only available to those who have a Savings Bank account. Having a Aadhaar card will be very useful in this. 

Who can Apply?

Any Indian Citizen Between Age 18 – 40 can enter the scheme and continue the contribution till 60 years. Who is not empanelled with any other government pension / EPF scheme. 

What is the minimum contribution requirement for APY? And how frequently one has to pay?

The contribution will depend on the entry age and target pension, . One can choose monthly, quarterly or half-yearly payment. The contribution can be made by auto-debit facility. 

Atal Pension Yojana Chart

You can change the deposit amount during the course of accumulation phase, once a year. One can get physical transaction receipt every year. 

There is a small-payment on non-payment on non-contribution. Banks are required to collect Rs. 1 per month for contribution of every Rs. 100, or part thereof, for each delayed monthly contributions. On non-payment, one has to make the contribution next month. 

Does your house maid has a life Insurance? It costs Rs. 330

It is mandatory to provide nominee details in APY account. If the subscriber is married, the spouse will be the default nominee. Unmarried subscribers can nominate any other person as nominee & they have to provide spouse details after marriage.

How to Check the Status of your contribution in Atal Pension Yojana?
Find Atal pension yojana statement here – Keep Your PRAN No. handy. 
https://www.npscra.nsdl.co.in/scheme-details.php 
Then click on APY e-PRAN/Transaction Statement View
You will be directed to your contribution page. 

How does Pension distribution happen?
Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years. The monthly pension would be transferred to the subscriber’s account, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.

Ask your plumber to get a personal accident insurance cover- It costs Rs. 12

In case of premature death of subscriber (death before 60 years of age), spouse of the subscriber can continue contribution to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.

Other pension plans are there like NPS, lic pension plan, Annuity plan etc you can check online for them.

Who cannot apply for Atal Pension Yojana?
Indian Citizens who are already part of a social security system such as mentioned below cannot apply for it.

Employees’ Provident Fund and Miscellaneous Provision Act, 1952
The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948
Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955
Seamens’ Provident Fund Act, 1966
Jammu Kashmir Employees’ Provident Fund and Miscellaneous Provision Act, 1961. 
Or any other statutory social security scheme 

Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana aims to cover the lower section of our society, let us spread the word about the benefits to the people who may need it. 

Banks – State Bank of India, Canara Bank, Punjab National Bank, Federal Bank, UCO Bank and many more 
You can open Atal Pension Yojana account at India Post office branches too. The forms are available in Hindi, Bangla, Gujarati, Marathi, Tamil,Telegu, Oriya etc. 

Find more details at – https://npscra.nsdl.co.in/nsdl/scheme-details/APY_Scheme_Details.pdf


Must read for Financial Education – 
Let’s Talk Money – Monika Halan
I will teach you to be rich – Ramit Sethi
Rich Dad Poor Dad – Robert Kiyosaki
Easy Money Triology – Vivek Kaul 
Aapka Paisa Aap Samhalein (आपका पैसा, आप संभालें)- Rajnish Kant 

Did You Know Personal Accident Insurance costs Rs. 12?

Many a times lack of awareness is what makes us feel helpless. During this lock-down phase, I have spoken to many women who work as house-helps, other jobs earning small sum, many of them didnot have Jan-dhan account, the ladies who had Jan-dhan account, most of them, depending on the eligibility, got the money deposited in their account as promised by government. We may not have ultra-social security facilities, but we do have many benefits which a lot of people are not aware of. Let us take the responsibility and share the information on Jan Dhan account, Life Insurance – Pradhan Mantri Jeevan Jyoti Bima Yojana, Personal accident insurance (Pradhan Mantri Suraksha Bima Yojana) and Atal Pension Yojana.

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana offers Accident cover for only Rs. 12 per year. Let us look at Eligibility, Cover and benefits. It is a government-backed accident insurance scheme.

It is an personal accident insurance, introduced by PM Narendra Modi in the year 2015, to include all Indian Citizen under this social security cover. This is helpful for people especially who don’t have life insurance or health insurance cover to  financially protect the policy holder incase of permanent partial or total disability incase of an accident.

Pradhan Mantri Suraksha Bima Yojana

Tip – To keep your PMSBY and PMJJBY insurance working, ensure to keep Rs. 340 in your Bank Account in Month of May, so that there is no default, otherwise insurance will expire and you will happy to apply fresh.

What are the features of PMSBY?

PMSBY gives the policy holder to insure oneself against unfortunate events that can lead to death or disability.

The premium is Rs. 12 per year

Insurance cover is Rs. 2 lakh

One can only have one policy under this scheme

What are the top benefits of PMSBY scheme

In case of accidental death, as the claim amount can be availed by the nominee.

Flexibility to continue or discontinue as per one’s wish

Tax deduction as per Income tax Section 80C and Sum Insured of Rs. 1 lakh is non-taxable as per Section 10(10D)

Incase of Permanent total disability policy holder gets Rs. 2 lakh (insurance cover)

Incase of Permanent partial disability, policy holder gets Rs. 1 lakh (insurance cover)

What is the premium payment process?

The premium payment process relies on the auto-debit facility. The policyholder must approve of this while enrolling for the scheme.

When will the policy be terminated?

The policy will be terminated in the cases if the registered bank account is closed, the account balance is insufficient in the time of the yearly premium payment or the policyholder reaches the age of 70. 

Eligibility Criteria for Pradhan Mantri Suraksha Bima Yojana

The minimum entry age for this scheme is 18 years 

Age limit for availing this insurance benefit is 70 years

Applicant’s saving bank account should be integrated with the person’s Aadhaar card

PMSBY application form is available in several regional languages apart from English and Hindi. For example, the form is available in Hindi, Gujarati, Marathi, Tamil, Telegu, Oriya

Must read for Financial Education – 

  1. Let’s Talk Money – Monika Halan
  2. I will teach you to be rich – Ramit Sethi
  3. Rich Dad Poor Dad – Robert Kiyosaki
  4. Easy Money Triology – Vivek Kaul 
  5. Aapka Paisa Aap Samhalein (आपका पैसा, आप संभालें)- Rajnish Kant 

Find jobs during lockdown – 6 skills will help you

Claim settlement Process – Pradhan Mantri Suraksha Bima claim settlement form

Nominee has to approach the Bank, referring to the savings account which is attached with the Policy. Nominee needs to fill the form withe required documents mentioned in the form within 30 days of accident resulting claim.

What is not covered under Pradhan Mantri Suraksha Bima Yojana?

Suicide death is not covered in the policy

Banks Participating in PMSBY

State Bank of India, Union Bank of India, UCO Bank, Punjab National Bank, Canara Bank, Federal Bank, HDFC Bank, ICICI Bank, and many others. Please check with you Bank or closest Bank Branch of any Bank for further details. 

Insurance offers cover to unforseen difficulties. Pradhan Mantri Jeevan Jyoti Yojana and Pradhan Mantri Suraksha Bima Yojana hundreds and thousands of families in India financial support in times of grief and difficulties. 

Thanks for reading, share with a few people who may need this information.

Will come back to you with more informative blog posts. You can share your suggestions, queries and your experience on PMSBY, PMJBBY, Jan Dhan account in the comment box to help others. 

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