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|Mahatma Gandhi Pravasi Suraksha Yojana Scheme PDF
|No. of Pages
|Jul 20, 2022
Mahatma Gandhi Pravasi Suraksha Yojana Scheme Overview
Mahatma Gandhi Pravasi Suraksha Yojana is a special social security scheme which includes Pension and Life Insurance, introduced by Ministry of Overseas Indian Affairs for the overseas Indian workers in possession of Emigration Check Required (ECR) passports. It is a voluntary scheme designed to help workers to meet their three financial needs: saving for retirement, saving for their return and resettlement, and providing free life insurance offering coverage for death from natural causes.
The ways in which MGPSY can be closed are:
- Migration of NPS lite pension subscribers of the age group of 18 to 40 years to Atal Pension Yojana (APY)
- Continuation of NPS lite pension subscribers of the age of above 40 years with Pension Fund Regulatory and Development Authority (PFRDA).
Benefits of Mahatma Gandhi Pravasi Suraksha Yojana:
- Mahatma Gandhi Pravasi Suraksha Yojana provides benefits in the form of life insurance and pension
- It helps them to save for their pension in old age through NPS-Lite (National Pension Scheme)
- Save for their return and resettlement and obtain free cost of life insurance cover, Ministry will also co-contribute under this scheme for a period of five years or till the return of workers to India, whichever is earlier
- The scheme will help the worker to save for their old age. Old age savings will be managed by credible public sector pension funds. While a worker saves between Rs. 1000 to Rs. 12000 in his/her pension account they will get a co-contribution of Rs. 1000 in case of male and Rs. 2000 in case of female in the NPS-Lite account from Ministry
- Free cost life insurance cover and applicable as long as they are working in ECR country
- Copy of ECR passports
- Aadhar card
- Identity proof
- Bank details e.g. account number, IFSC code, MICR code, branch name
- Other documents may be required
- Candidate must be domicile of India
- Overseas Indian workers having Emigration Check Required (ECR) passports
- Overseas Indian workers with ECR passports and aged between 18 and 50 years on an employment/contract visa are eligible to join the scheme.