Tuesday, December 1, 2020

How to take benefit of Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

प्रधानमंत्री सुरक्षा बीमा योजना से लाभ कैसे उठाये ?

Important features of PMSBY:


Any individual aged between 18 to 70 years having a Savings Bank account and Aadhar Card. Joint a/c holders can also join the scheme if all the joint a/c holders are eligible to join and join the scheme. If an individual has multiple Savings Bank a/c, he/she can join from one a/c only. The premium paid from more  than one account is liable to be forfeited.

Nature of the Policy:

It is a one-year Personal Accident Insurance cover policy, which can be renewed from year to year up to the age of 70 years, offering financial compensation against death or permanent irrecoverable disability due to accident. There is no provision for compensation / reimbursement for medical/hospitalization expenses.


Rs. 12/- per year (1 Jun to 31 May), to be auto-debited from the Savings Bank account, irrespective of date of joining the scheme. The policy has no maturity or surrender value.

Where to submit the application:

Approach a BCA/ CSP/ Bank Mitra/ Bank Branch with whom the SB account or Jan Dhan Yojana a/c is opened. If the Aadhar Card  is linked with the Savings Bank a/c, opening the PMSBY a/c is very easy and there is no need to give a copy of the Aadhar Card. If the Aadhar Card  is not linked, a copy of the Aadhar Card is to be given. Some banks are also opening the PMSBY a/c online.

Sum Insured:



Sum Insured


Accidental Death*

Rs. 2 Lakh


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 hand or foot

Rs. 2 Lakh


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

Rs. 1 Lakh

* Natural death, suicide, death due to disease, death due to Corona are not covered. However, death due to natural calamities and murder are covered.

Administration of the scheme:

The policy is issued by general insurance companies through banks. The bank is the holder of the Master Policy issued  by the insurance company.

Exit and re-joining  the scheme:

The subscriber can exit from the scheme by instructing the bank in writing at any point of time. After exiting from the scheme, one can re-join the scheme by submitting a fresh application to the bank.


Facility of  the nomination is available. No signature or KYC document of nominee is required while making nomination. A minor can also be a Nominee.

Waiting Period for coverage of the risk:

The risk is covered from the date of joining the  scheme.

Coverage under  more than one similar policy:

If the subscriber has any other such policy/ies, a separate  claim will be admissible under all the policies, thereby getting higher claim amount.

Termination of the policy: 

      . On attaining the age of 70 years 

      . Closure of account with the Bank

      . Insufficiency of balance to pay the renewal premium on due date. 

      . Instruction in writing  to the bank to exit from the policy

      Procedure  for submitting the claim: 

     . Inform the bank in writing as soon as the death / disability occurs. 

     . Seek the advice of the bank for filing up the claim. 

   . Submit the claim with all required documents as quickly as possible. Obtain the acknowledgement from the bank branch vouching the receipt of the claim. 

     .  Depending upon the circumstances of the case some or all the following documents will be required:

Claim Form duly filled in, Death Certificate (in case of death), Post-mortem Report  (in case of death), Police FIR, Panchnama, Discharge Summary form the Hospital,  Competent Doctor’s Certificate in case of disability, etc.

In addition to above, following documents of the Nominee is required if the claim is lodged  by the nominee:

    .  KYC documents

    .  The details of the Bank a/c (in which the claim is to be credited) – give a cancelled cheque or a copy of the Passbook pages, giving the details of the account and the branch.

   .  Discharge voucher (in advance) in favour of the Insurance Company, signed by the nominee across the revenue stamp.

The quality of your life is in direct proportion to the amount of uncertainty you can comfortably deal with….Tony Robbins               

A prudent man may not know the uncertainties lying ahead but he can certainly take measures to mitigate the loss that might arise in the eventuality of an uncertainty becoming a reality. Insurance is a well thought plan to deal with the uncertainties in life. Now a days, most of us have some sort of insurance to deal with the uncertainties. In spite of preventive measures, death and bodily injuries are becoming more common in modern life than what was found a decade ago. 

   Though, Personal Accident Insurance Policy was in vogue in our country since long, it was not much popular amongst middle class and the masses, where it is much required. However, with the launch of PMSBY in 1915, the personal accident insurance is availed by these groups also in a large number. As of Dec 2019, about 17.03 crores enrollments have been done under PMSBY in a short span of 4 years. Large part of the credit goes to a strong network of 11.80 Business Correspondent Agents (BCAs) (also called CSPs/ Bank Mitra/ VLEs) set up under Financial Inclusion Plan of Govt of India. 

To open an account in Pradhan Mantri Suraksha Bima Yojana, Contact us at 8448444245 or visit - www.gujaratinfotech.com

Disclaimer: The information given in the blog is only for general awareness and must not be construed as a professional advice. Readers are advised to consult the professionals in any subject matter of the blog before acting on the information discussed in the blog. The readers who are acting otherwise are doing so at their own risk.

(The reader’s comments are welcome at gnpatel@gujaratinfotech.com)



Monday, November 2, 2020

How to Get Benefit from Pradhan Mantri Jeevan Jyoti Bima Yojana?

प्रधानमंत्री जीवन ज्योति बीमा योजना का लाभ कैसे उठाये ?

The Govt of India has launched Prime Minister’s Jivan Jyoti Bima Yojana (PMJJBY) in 2015 and has covered 7.46 crore persons (Sept 2020). The PMJJBY is administered by Life Insurance Corporation of India through participating banks

The salient features of the PMJJBY are as under:

1.     Eligibility : Entry Age 18 to 50 years, must have Aadhar Card and an SB account (PMJDY A/c also called Zero Bal a/c  holders are also eligible –) in a participating bank.

2.     Sum Insured : Rs. 2 lakhs on the death (natural or accidental) of the insured person

3.     Initial Premium Amt: Rs. 330/- per year to be debited from the bank account. There is no GST on PMJJBY premium.

4.     Renewal Premium Amt: Rs. 330/- per year to be debited from the bank account for which the applicant must give auto-debit authority to debit the premium every year and maintain sufficient balance at the time of renewal. If the sufficient balance is not available in the account, policy will not be renewed. The premium is debited between 25th May to 1st June every year. The Policy will not be renewed after 55 years of age. If for any reason, the policy is not renewed for a particular year, the applicant can re-join the PMJJY before the age of 55 years after submitting fresh application and Auto-debit authority.

5.     Period of the insurance : from 1st June to 31st May irrespective of the date of payment of premium.

6.    Nature of Insurance Policy: Term Insurance Policy which covers only mortality ( in simple words, except in sad event of death of the insured, the applicant will not receive any money even after the policy period is over. The policy has neither any maturity value nor any surrender value).

7.     Enrollment Period: Applicant can join PMJJY on any date. The amt of premium payable will as under:

 Premium on fresh PMJJBY will be charged on pro-rata basis as under:-

For all fresh PMJJBY done during the months of:- 

Period and amt of  premium Amount :

·        June To August Rs 330.00

·        Sep. To Nov: Rs 258.00

·        Dec To Feb: Rs 172.00

·        March To May: Rs 86.00

·        All policies fall due for renewal on 31st May every year and the Renewal Premium will be Rs. 330.00. 

8.     Medical examination / Certificate for joining PMJJY : not required.

9.     Role of BCA / CSP / Bank Mitra : They can also open the PMJJBY of their customers.

10.  A person might have more than one SB a/c but can take  the PMJJBY cover only from one SB account. Insurance premium paid from more than one SB account will be forfeited.

11.  A person having other life insurance policy can also enroll for PMJJBY cover

12. Claim Procedure: In the unfortunate eventuality of the death of the insured, nominee has to approach the bank  branch and submit the Claim Form, Death Certificate, Discharge Receipt (signed across 1 Rupee Revenue Stamp)  in token of receipt of payment of the claim, a blank unsigned cancelled cheque / copy of Bank Passbook pages giving details of the Bank Account of the nominee’s account, etc to the bank branch. It is advisable to obtain the acknowledgement from the branch in token of having received the dully filled claim form. Under usual circumstances, the claim will be settled  by the insurance company within 30 days after receipt of all the required papers from the branch.

13. Pre-existing disease, if any, does not affect the claim adversely.

14. Deaths resulting from natural calamities (e.g. flood, earthquake, etc) are also covered.

15. The subscribers enrolling for the first time on or after the 1st of June 2016, insurance cover will not be available for death (other than due to an accident) occurring within the first 45 days from the date of enrolment into the scheme.

16. Nomination facility is available. A minor can also be a nominee. Nominee’s signature or ID proof is not required while making nomination.

17. In case of a joint account, all holders of the said account can join the scheme provided they satisfy the eligibility criteria.  

18. A person can join PMJJBY and also PMJSBY (Prime Minister’s Jivan Suraksha Bima Yojana) simultaneously if otherwise eligible under respective policy norms.

19. NRI, if otherwise eligible, can also join he PMJJBY. However, the claim will be paid in Indian Rupees only.

20. Norms are subject to change, with or without notice, by the authority.

Are you covered under PMJJBY? If not, join today. It is easy and cheap. Contact our BCA (Bank Mitra) today.

Providing necessities of life to dependents in the family is the prime responsibility of the bread winners which they discharge to their best ability. However, the more important responsibility of planning for the providing the same in their absence  is lost sight of by large section of the society in our country. Our 84% of the people are engaged  in unorganized sector where there is no institutional arrangement for compulsory savings for future. 

Though the data on how many individuals in India have life insurance is not available, it can be said that about 25%  working population in urban area and hardly about 5% in rural area is covered. No doubt the average household income in rural area is low but still they can have sufficient life insurance cover if they divert, to life insurance premium, their only half of frivolous expenses spent on addictions. 

We are much concerned about our so-called life after death but less concerned about the life of our beloved ones after our death. In order to provide some succor to bereaved family, Govt of India has, through PMJJBY,  made Life Insurance also a one of the components of popular Financial Inclusion Programme. 

 (The blogger can be contacted at gnpatel@gujaratinfotech.com).

 "Disclaimer: The information given in the blog is only for general awareness and must not be construed as a professional advice. Readers are advised to consult the official documents / resources  in any subject matter of the blog before acting on the information discussed in the blog. The readers who are acting otherwise are doing so at their own risk."


Wednesday, October 14, 2020

Mastering Tally can provide you vast Job opportunities

Why Tally?

There are various Accounting Softwares available in our country – some home grown and a few exotic. Tally is developed by an Indian firm based in Bangalore taking a holistic view of needs of the business units in the country and being updated as per the needs of the users considering the changes in Government policy. Tally is a leading and most popular accounting package in India. It is GST ready and also supports 9 Indian languages in addition to English.

    The main features of Tally:·     

· It is being updated from time to time. The latest version ERP 9 (6.5.2) is GST ready.

· It is a windows-based Enterprise Resource Planning accounting software.

· It handles Accounting, Inventory Management, Order Management, Tax Management, Payroll, Banking and many such requirements of the business.

·   It provides for generation of various periodical returns for statutory compliance

· It provides for generation of various periodical reports and statements for managers to facilitate taking various decisions

· It supports all day-to-day processes from recording invoices to generating various MIS reports.

·  Its functions are highly scalable as per the needs of the business

·   It is capable to manage large numbers of customers/ companies

·  It allows you to access your business data from anywhere.

·  It can manage multiple inventories and multiple warehouses/godowns

·  It can synchronize the data easily from two locations with the help of the Sync option.

·  It is a simple but robust software protecting the integrity of the data.

· It provides for configuring user-level rights for the access of data depending on the role of an employee.

·  Its set up is easy for new users.

· It is capable of other secondary functions e.g. Master Address Book, preparing quotations, interest calculation, reminders on Due Date, Payroll, etc.

·  It has strong network of accredited partners for after sales service

· It has strong network of accredited training institutions for training and certification

· It is India's first and most popular accounting software and have more that 1 million licensed user clients in its fold         

· It is tailored to suit wide range of business verticals: Retail, Hospitality, Logistics, Healthcare, Manufacturing, Education, Construction, eCommerce, etc. 

·  Its on-screen look and navigation are user friendly.

· It is not a cloud-based software but can be configured to access from any location through internet, on any device.

Prospect of getting a job after training:

Tally is the most popular accounting software for small and medium size business units in our country. Generally, these units are family managed businesses. They need an entry level Tally certified account person. Introduction of GST has increased the scope for such persons with a reasonable salary. It must be borne in mind that mere a commerce degree does not fit the bill. Tally is specialized skill which is mastered through training at a Tally Accredited institution. This training improves your employability and makes you “Market Ready”. 

If you have a commerce degree and a Tally certificate, you can earn more. Some training institutions are also providing placement services for getting a job to the trainees. 

If you prefer to be your own boss, you can launch your own accounting services firm for client companies on retainer basis. After working with a small or medium size organization for a short period, you can look for a better prospect with big corporates, including a Fortune 500 company. Further, if you are conversant with Tally ERP 9, it is very easy to learn other exotic accounting softwares in vouge in foreign countries. 

Finding a job is itself a full-time job in a country like India teeming with millions of youth in search of a job. The awareness and avenues for higher education are increasing and also the unemployment. The present economic growth in terms of production and GDP is a jobless growth. The slowing down of the economy due to corona virus pandemic has added fuel to the fire. It is an uphill task to find a sustainable job merely on the base of a graduation without some specialized accredited skill. Our large chunk of unemployed educated youth are commerce graduates- B Com.  They are required by commerce and industries for accounting work. These are generally entry level job which requires that the candidate must have completed Tally ERP 9 Certificate training course from an accredited Tally Academy. 

There is also a good scope for doing client work from multiple clients on retainer basis rather that doing a job for a single employer. GST and computerization have further increased the scope of employment for Tally Accountants as our traditional small business community has little time for tedious work of GST and limited skill for computer. Generally, they assign the work on contract basis to a certified account expert.

Importance of Accounting profession in business:

Books of Accounts are the mirror of the business. The toils of all employees, working  of all machinery, business acumen of the management, return on investment, market conditions and many other factors are converted into monetary unit and reduced in black and white on paper which can be interpreted in a meaningful way by stake holders. This credit goes to the accounting professionals. Most importantly, for external stake holders, Statements of Accounts is a stethoscope to judge the health of a company.

Selecting a training institution:

Select a reputed training institute which is accredited by the Tally Solutions, Bangalore. Gujarat Infotech Ltd (JAMSAB Computers), Naranpura, Ahmedabad is a such well known accredited institute. Visit www.jamsab.com for more information on Tally Online Courses \ Classroom training.

           ------------------------------------------  =   --------------------------------------------

             * Tally is a Registered Trademark of Tally Solutions, Bangalore (India)

                 (Blogger can be reached at gnpatelbanker@gmail.com)