Government Schemes

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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme in India backed by the Government. It was announced in the 2015 budget. The life insurance scheme is valid for one year and is renewable from year to year, offering coverage in case of sudden death. It provides a cover of Rs.2 lakh on the sudden demise of a policyholder for a nominal premium of Rs.330 per annum.

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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Pradhan Mantri Suraksha Bima Yojana policy helps you stay prepared in cases of unforeseen emergencies. The pmsby scheme helps you especially when you are faced with unexpected death and impairments towards you and your family. The Pradhan Mantri Suraksha Bima Yojana has certain features and benefits that make the average person keen to invest in it. The premium to be paid is as low as Rs. 12 per annum, per member of the family. In case of death, the sum insured is 2 lakhs. Finally, in cases where there is a loss of eye or limb, the sum insured is 1 lakh.

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Varishtha Pension Bima Yojana

LIC Varishtha Pension Bima Yojana is a plan designed specifically for senior citizens. It is a pure retirement plan which provides lifetime pension in the form of immediate annuity to the pensioner. An annuity is a series of payments made to an annuitant over regular intervals. This plan was revived by the Government of India in 2014-2015 as the finance ministry clearly stated the popularity of this plan in the recent past. The Varishtha Pension Bima Yojana plan attracted a sellout of ₹6095 crore plus 3.16 lakhs policies. Since it for senior citizens, the minimum age of entry is 60 years and the mode of premium payment is single pay.

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MUDRA Yojana

Micro Units Development & Refinance Agency Ltd. (MUDRA) is a new institution set up by Government of India to provide funding to the non-corporate, non-farm sector income generating activities of micro and small enterprises whose credit needs are below ₹10 Lakh. Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has created three products i.e., 'Shishu', 'Kishore' and ‘Tarun’ as per the stage of growth and funding needs of the beneficiary micro unit.

    These schemes cover loan amounts as below:

  • Shishu: covering loans up to ₹50,000
  • Kishore: covering loans above ₹50,000 and up to ₹5,00,000
  • Tarun: covering loans above ₹5,00,000 and up to ₹10,00,000

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Pradhanmantri Jan Dhan Yojana

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Micro Credit, Insurance, Pension in an affordable manner. PMJDY accounts have “No minimum balance” requirement.

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