वरिष्ठ पेंशन बीमा योजना में ‘बीमा’ जैसा कुछ भी नहीं

केंद्र सरकार ने वरिष्ठ पेंशन बीमा योजना (वीपीबीवाई) की फिर से शुरुआत कर दी है। यह योजना वरिष्ठ नागरिकों के लिए जीवन के अंतिम वर्षों में नियमित आय का इंतजाम करती है। इसके जरिए देश के वरिष्ठ नागरिकों को हर महीने 500 रुपए से लेकर 5,000 रुपए तक की पेंशन मिलेगी। हालांकि इस योजना का नाम भले ही वरिष्ठ पेंशन बीमा योजना दिया गया हो, लेकिन इसमें बीमा जैसा कुछ भी नहीं है। दरअसल इस योजना में योजना धारक की ओर से दी गई प्रीमियम की राशि ही उसकी मौत के बाद उसके नॉमिनी को वापस कर दी जाती है।  

साल 2014-15 के लिए आम बजट पेश करते हुए वित्त मंत्री जेटली ने इसका प्रस्ताव किया था। इससे पहले एनडीए की पिछली सरकार ने साल 2003-04 में यह योजना चलाई थी। पिछली बार की ही तरह इस बार भी इस योजना को चलाने की जिम्मेदारी भारतीय जीवन बीमा निगम (एलआईसी) को ही दी गई है। इस बार यह योजना 15 अगस्त 2014 से 14 अगस्त 2015 तक की सीमित अवधि के लिए खोली जाएगी।

क्या हैं इस योजना की अहम बातें

नरेंद्र मोदी के नेतृत्व वाली नई सरकार की ओर से फिर से शुरू की गई इस योजना की अहम खासियतें इस तरह हैं-

=> यह योजना 60 साल और इससे अधिक उम्र के लोगों के लिए होगी।
=> पेंशन मासिक, त्रैमासिक, छमाही और सालाना आधार पर मिलेगी।
=> बीमा खरीदने के तीन सालों बाद कर्ज लिया जा सकेगा।
=> कर्ज की राशि जमा प्रीमियम के अधिकतम 75 फीसदी तक हो सकती है।
=> व्यक्ति की मौत के बाद पूरी प्रीमियम राशि उसके नॉमिनी को वापस कर दी जाएगी।
=> योजना के तहत पेंशन का पेमेंट ईसीएस या एनईएफटी से होगा।
=> इसे खरीदने के लिए किसी मेडिकल जांच की जरूरत नहीं है।

कैसे काम करेगी यह योजना

यह योजना देश के बुजुर्ग लोगों को हर महीने एक निश्चित पेंशन उपलब्ध कराने के लिए शुरू की गई है। साठ साल से अधिक उम्र का कोई भी व्यक्ति इसे खरीद सकता है। आप जितनी अधिक पेंशन चाहते हैं, आपको उसी अनुपात में एकमुश्त प्रीमियम देना होगा। एक बार खरीद करने के बाद आपको जीवन भर वह तय पेंशन मिलती रहेगी। अगर कोई व्यक्ति हर महीने 500 रुपए पेंशन पाना चाहता है, तो उसे 68,725 रुपए जमा करना होगा। जिसे हर महीने 5,000 रुपए पेंशन चाहिए, उसे 6,87,265 रुपए जमा करने होंगे। आप अपनी सुविधा के हिसाब से चाहें तो तिमाही, छमाही या सालाना आधार पर भी पेंशन ले सकते हैं।

दरअसल इस योजना के तहत योजना धारक को उनकी जमा राशि पर 9.38 फीसदी सालाना की दर से रिटर्न मुहैया कराया जाता है। इस योजना में मासिक आधार पर 9 फीसदी, तिमाही आधार पर 9.07 फीसदी और छमाही आधार पर 9.17 फीसदी रिटर्न दिया जाता है। लेकिन दिक्कत की बात यह है कि हर साल 5,000 रुपए से अधिक पेंशन लेने वाले लोगों का टीडीएस काटा जाएगा।

किसी भी बीमा योजना में प्रीमियम की राशि उसे लेने वाले व्यक्ति की उम्र पर निर्भर करती है। लेकिन वरिष्ठ पेंशन बीमा योजना में किसी भी उम्र के व्यक्ति के लिए प्रीमियम की राशि एक ही है। जिस व्यक्ति को हर साल 6,000 रुपए बतौर पेंशन चाहिए, उसे 65,936 रुपए प्रीमियम जमा करना होगा, चाहे उसकी उम्र 61 साल हो या 81 साल।

योजना के प्रावधान के अनुसार, किसी भी समय योजना धारक की मौत हो जाने की स्थिति में उसके नॉमिनी को वह पूरी राशि मिल जाती है, जो उसने योजना में शामिल होते समय जमा की थी। यानि अगर किसी व्यक्ति ने 6,87,265 रुपए जमा किए थे, तो उसके नॉमिनी को इतनी ही राशि मिलेगी। इस योजना में सम एश्योर्ड के तौर पर कोई राशि योजना धारक को देने का प्रावधान नहीं है, जो किसी भी बीमा योजना की मूल विशेषता होती है। आपको वही पैसे लौटा दिए जाते हैं, जो आपने शुरू में जमा किए थे।

(मनी भास्कर डॉट कॉम में प्रकाशित)

Reaching Grassroots through BCs

•             Only around 40 per cent of the Indian population is currently connected to the banking system. There are over 70,000 villages (with a population of over 2000 as per the 2001 census), which are yet unbanked.

•             The RBI has issued a directive to public sector banks to ensure that all these villages with population above 2000 be brought under the formal banking net by 2012.

•             To increase banking penetration keeping in line with its goal of total financial inclusion, Business Correspondent (BC) model was developed by RBI in January 2006.

•             In year 2010, RBI allowed banks to appoint "for profit" institutions like mobile service providers, NGOs, cooperative societies and post offices as their business correspondents.

Who Can Become BC?

•             BC is an intermediary between the customer and the bank. The BC model is a type of branchless banking wherein the agents appointed by the BCs themselves reach out to the customers on behalf of the bank.  BCs are retail agents for providing banking services at locations other than bank branches or ATMs.

•             Retired bank employees, retired teachers, owners of kirana store, retired government employees and ex-servicemen, medical, fair price shops and individual Public Call Office (PCO) operators, among others, are permitted to work as BCs.

Services

•             BCs help big banks acquire and service customers who are located far. BCs help banks serve populations which are too small for most banks to service directly. BCs provide all the basic banking facilities like saving accounts, deposits and remittances etc. BCs don’t have a portfolio of services as expansive as the modern banking channel has.

Charges

•             In November 2009, the central bank permitted banks to charge customers reasonable fees for using BCs under board-approved policies. The permission is likely to boost the margins of these companies and make the sector more feasible. Till late 2009, banks were not allowed to charge customers.

•             Payments to the business correspondents are typically modeled on a commission or percentage basis. Banks pay about Rs10 for every new account opened and a commission of about 0.5 per cent of the value for a cash in-cash out transaction. A fee of about Rs 40 is also paid per active customer on an annual basis. BCs like FINO and AWL, which provide the technology solutions, get paid a little extra.

•             Most of the bigger BCs have got into disbursing government funds and entitlements for schemes like NREGS and RSBY. These schemes provide the prospect of adding new customers. Typically, a commission of 1.5-1.75 per cent of the transaction value is given in the NREGS funds. However, it varies from state to state and bank to bank.

Advantages of BCs

•             Since BC services are offered at the customer’s doorstep, it saves a great deal of time and money of customers.

•             Since BCs do not represent any single bank, they offer the best suitable products to the poor rather than push the services of a single organization.

•             BCs have developed various innovative solutions which are cost effective and done away with the cost intensive traditional branch based banking system.

•             Inclusion of local agents has enabled BCs build necessary local acceptance and trust among the illiterate target population. 

(Published in Money Mantra)

Will history repeat itself?

Looking historically, Sensex has given negative returns in even years in the month of May. Is history going to repeat itself?

There is an old Wall Street axiom that stock market investors should sell in May and go away. This refers to the historical underperformance of stocks in the US markets. How significant is this in Indian stock markets at current juncture? 

 To say the least, we are in a big mess. As we all know that the state of the domestic stock market is largely decided by the foreign investors. If they are not feeling good about things, the Indian stock markets are not likely to go anywhere. The enthusiasm that propelled Indian markets at the start of year 2012 is fizzling, as investors see big challenges ahead but there is very little confidence that policymakers would be able to manage them well.

 There are a number of domestic headwinds as of now which are pushing foreign investors to view the country with a negative bias. The biggest risk as of now is the price of crude oil. Weak investment cycle is another big concern. Experts say that this may not only affect consumption, but also the future employment potential. That could in turn affect economic growth. There is concern over fiscal deficit. With subsidies rising, the possibility of fiscal deficit coming under control is under question. The rupee is under pressure because of the current account deficit and capital flows, which have been volatile.

 There has been a significant slowdown in terms of FII flows and GAAR is also adding to the confusion. So FII flows will continue to be weak due to local issues as well as due to global liquidity. All the trouble seems to be concentrated in Spain these days. Other European countries are not doing too well either. That will certainly have an impact on the Indian markets as well.

 But there are a few positives as well. As far as valuations of Indian markets are concerned, the valuation is now comfortable at 13x FY13 earnings, which is close to the historical average. On the companies side the balance sheet are much stronger than they were in 2009. Softening of commodity prices, manageable inflation levels and a pick-up in the investment cycle can lead to an upside.

 Looking historically, Sensex has given negative returns in month of May in even years. In the month of May, Sensex fell 4.81 per cent in 2000, dipped 6.36 per cent in 2002 and nosedived 15.8 per cent in 2004. The trend continued in later years as well. Sensex dipped 12.26 per cent in 2006, 5.04 per cent in 2008 and 3.5 per cent in 2010 in May. What is going to happen this May? Will history repeat itself?

 If we look technically, 5350 has acted as a strong supply level for Nifty on the higher side. Downward targets in this case are 5,036 and 4,848. Key medium-term support for the index remains at 4,950 and investors need to get worried only if it goes on to record a strong weekly close below this level.

(Published in Money Mantra)

Offering a memorable Gift

You won't disagree if I say it is really difficult at times to buy a gift. Giving gifts to the near and dear ones is a special moment for you as well as for the receiver. Hence, everyone thinks of presenting such gifts that are meaningful, functional and at the same time outstanding. A number of people plan for it so that their gifts become acceptable, admirable and remembered always. They think about the recipient and then think about the gift that will spread excitement and joy. They pay a lot of time in thinking, but still they choose wrong ones at times. Recently, one of my friends gifted a child insurance plan for my son. I already had one for my son and regretting. In fact, it really needs a logical thought process especially when you are choosing a financial gift. In this article, we have discussed few gifts for your near and dear ones which would make them happy. 

For kids

 

Gold coins 

Gold makes a great gift idea for valued relationships. And when you talk about important relationships you should not settle for anything but the best. Presenting an envelope of cash to your colleague’s son or daughter doesn’t look better. There is no other gift other than gold in the Indian context, as it makes the recipient feel more important, than the expression of love, respect and piousness. A gift of a few gold coins would really be helpful in future for that kid whom you are presenting that.  

Gift Cheques

If you are going in a birthday party of your friend’s son, it is better to present a gift cheque rather than cash. Certain banks in India issue gift cheques of various denominations.  A number of banks in the country issue gift cheques of the denominations of Rs. 51, Rs.101, Rs.501 etc. These gift chques are generally issued free of charge. The cheques are encashable at par at all branches in India.

Savings account

Open a savings account on the name of your child. This little step taken would create awareness about savings and investments in the child. By doing this, you are laying a strong foundation of financial management in the child. Children get cash on various occasions like birthday etc. They should deposit this cash in that account.

Term Insurance

Every family has a lifestyle and a standard of living. But it would be really difficult for your family and children to maintain the same lifestyle in case you meet with any unfortunate incident. Hence, it is prudent to buy a term insurance for yourself and make your children its nominee.

SIP in mutual fund

Starting a mutual fund SIP in your child's name is another great gift. Just as drops of water make an ocean, smaller but regular investments would build wealth over a longer period. There are various schemes available in which you can deposit as little as Rs.100 regularly every month. 

Fixed deposit

If you are a new generation person, you may consider fixed deposits a bit old fashioned. But with the interest rates going up and considering the security factor underlying with this, fixed deposit is really a hot avenue. You may consider gifting a fixed deposit to the child at his young age. This amount may prove beneficial when he would need a lump sum amount later.

For Sister

Gold bars and coins

You may be thinking that she has enough of jewellery and that is being kept in the locker only. Hence, if you really want to gift her Gold, it is better to go with Gold coins and bars. These make better investment sense than jewellery, simply because when you sell them, you get almost the full value. Making charges on Gold coins and bars are negligible if you compare it with jewellery. 

Prepaid Gift card

Gift card is a prepaid card supported by a magnetic strip that can be used at a number of merchant outlets across the country either for shopping, eating or for other purposes.  These cards can be loaded with any value between Rs.500 and Rs.50,000.  This card is far more better than cash, as it will give her the freedom to choose her own gift. Some banks have also given the flexibility of re-loading the gift cards. 

Single premium ULIP

Suppose your sister is getting married. Instead of giving an extra household item, you may gift her single-premium unit-linked insurance. As the name suggests, the buyer needs to pay just one premium. Hence you pay for it and your sister doesn't need to pay later. The majority of the premium, after deducting the premium allocation charge, is invested. Other than the investment, the life of the individual is insured for a certain amount of sum assured. 

For Elders

Health insurance

It is really a nice idea to gift a mediclaim policy to parents. It would really relieve them from the pressure of paying hospital bills. No issues, if your parents haven't got mediclaim policy yet. There are number of insurers who cover senior citizens above 60 years. Usually, these companies charge more premium for providing health cover to elderly people. Besides, most of the companies offer cover to these people with co-payment option.

Monthly income scheme

Parents would get pension when they would retire, but as a son or daughter; it is really wonderful to gift them an investment plan which would provide them a monthly income to take care of their daily expenses. There are possibilities that your parents may not be depending on your financial help, but this monthly extra cash flow from this investment gift will allow them to enjoy their life more. Asset management companies are offering number of Monthly Income Plans (MIPs) which can do for you. Besides, Monthly Income Scheme (MIS) from India Post can also be considered.

For Friend 

The Silver notes are looked upon as a good investment and gift option vis-a-vis coins and bars nowadays. The denomination of the note is equivalent to Silver weight. For example, an Rs.50 note is equivalent to 50 grams of silver. Jewellers are minting notes of various denominations such as Rs 500 and Rs 1,000. Your near one would feel really happy with this gift.

For Driver

It is a nice thing to gift a personal accident policy to your driver. He may think that buying a cover is very costly and avoid investing. There are number of personal accident policies available with insurance companies which provide compensation in the event of death or disability. For him, you should choose such a policy which offers compensation in case of death or bodily injury to the insured person, directly and solely as a result of an accident, by external, visible and violent means.

For Maid and Servant

Maids and household servants care for us a lot and it is our moral duty to return something to them apart from their salary. They don't buy mediclaim policies, but are bound to pay heavy prices when they visit hospitals. Hence, you may consider buy and gift a mediclaim policy for your household servant and your maid. In addition, you can buy maid insurance policy as well for your maid.

Remember, your gift can be taxed 

Though India does not have a gift tax, but as per the income tax provisions a gift of sum of money or gift of property exceeding Rs. 50,000 without a consideration could trigger income tax in the hands of the recipient of the gift. For the purpose of taxation of gifts, property means: immovable property being land or building or both, shares and securities, jewellery, archaeological collections, drawings, paintings, sculptured, bullion/ Silver and any work of art. Tax will be triggered, if the transaction entails gift of property, other than immovable property without consideration, if the aggregate fair market value of property exceeds fifty thousand rupees. The 'fair market value' of a property will be the price it would fetch if sold in the open market on the valuation date as determined by a registered evaluator. Gift of sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees is taxable. As for where an immovable property is gifted, without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property will be taxed in the hands of recipient. The recipient of gift has to pay tax on the value of the gift.

All the thought behind a gift is to give some happiness and not to add to the worries of the recipient. Hence, gifts of sum of money or property received are not taxable in the hands of the recipient in the following cases: (a) from any relative; or (b) on the occasion of the marriage of the individual; or (c) under a will or by way of inheritance; or (d) in contemplation of death of the payer or donor, as the case may be; or (e) from any local authority as defined in the law; or (f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution as specified in the law; or (g) from any trust or institution registered under law.Any gift you receive from your relatives is not taxed irrespective of its value. For the purposes of taxation of gifts, relative means: (i) a spouse; (ii) brother or sister; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of any person referred to above.

Gifts received at the time of marriage

All gifts received by you at time of marriage are tax free, irrespective of their amounts and irrespective of the person gifting them to you. The gift doesn't have to be given on the exact day of your marriage - it can even be a day before or after. There is no specific limit of time, but you should be able to establish that the gift was given for your marriage.

Income from gifts

If one invests the cash gifted to in shares, the income generated from this will be taxed. Though the one who receives the gift has to bear the tax burden on any interest earning from it, the case is different in the case of spouses. Suppose a man gifts his spouse Rs 5 lakh and the entire amount is put in a fixed deposit earning 9% interest a year. This means that the wife will earn Rs 45,000 as interest income, but this money will be added to the husband's account and he will have to pay tax on it.

Transferring assets to spouse or fiancé

If you transfer a property, for example a house to your spouse, any income accruing to your spouse from this property would be clubbed with your income. However if you transfer the same property to your fiancé to which you are getting married soon, then even after your marriage, any income generated from this property shall not be clubbed under you income.

(Published in Money Mantra)