Prime Minister earlier announced two schemes of Govt. of India i.e Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY).

On the occasion of Raksha Bandhan, three specially designed gift products are now being announced by Hon’ble Prime Minister, which will be purchased from the Banks on payment of specified amount, for gifting the same as detailed below. However, the scheme will be available at all the times.

(i) Gift for Composite insurance under PMSBY and PMJJBY:- For One time premium payment

Amount (A)	One Year Premium for PMSBY (B)	One Year Premium for PMJJBY (C)	Total (D=B+C)	Balance to be credited in the SB Account ( A-B-C)
351	12	330	342	9

An individual may gift an amount of Rs. 351/- on Raksha Bandhan towards funding of the recipients one time insurance premium for PMSBY and PMJJBY (Rs. 12/- + Rs. 330/- i.e Rs. 342/-), with the balance amount of Rs. 9/- to be credited to the savings bank account of the insured. Subsequent insurance premia will have to be deposited by the insurer for continuing the insurance cover.

(ii) Gift of Fixed deposit for insurance under PMSBY only:

Total Deposit Amount to be paid (A)	1st Year Premium (B)	2nd Year Premium * (C)	Total Amount of FD (D=A-B-C)	Returns on (D) @ applicable ROI (8% p.a)
201	12	12	177	14.16

* To be parked in SB account of the insurer till the date of next premium.

An individual may invest an amount of Rs. 201/- any time during the year for gifting from which:-

(a) Rs. 12/- will be immediately paid to the insurance company as first years’ premium.

(b)Rs.12/- will be parked separately in a SB account of the insurer towards payment of second years’ premium.

(c)Balance amount of Rs. 177/- will be invested in a T.D (Term Deposit) for ten years at the then prevalent interest rate (8% p.a) for earning annual interest income of Rs. 14.16 which will be sufficient for annual insurance premiums, at the current rate, up to the date of the Term Deposit.

(iii)Gift of Fixed deposit for composite insurance under PMSBY and PMJJBY:

Total Deposit Amount to be paid (A)	1st Year Premium (B)	2nd Year Premium * (C)	Total Amount of FD (D=A-B-C)	Returns on (D) @ applicable ROI (8% p.a)
5001	342	342	4317	345.36

* To be parked in SB account of the insurer till the date of next premium

An individual may invest an amount of Rs. 5001/- any time during the year for gifting from which:-

(a)Rs. 342/- will be immediately paid to the insurance company as first years’ premium.

(b)Rs.342/- will be parked separately in a SB account of the insurer towards payment of second years’ premium.

(c)Balance amount of Rs. 4317/- will be invested in a T.D (Term Deposit) for Five or Ten years at the then prevalent interest rate (8% p.a) for earning annual interest income of Rs. 345.36 which will be sufficient for annual insurance premiums, at the current rate, up to the date of the Term Deposit.

TERMS AND CONDITIONS:

1.Maintenance of desired insurance schemes’ premium will be the responsibility of the customer / insured.

2.Prevailing rate of interest will be paid on the term / fixed deposits.

3.Extant guidelines related to deduction of tax at source will be applicable on the term / fixed deposit accounts.