Tuesday, December 16, 2014

GIFT A PENSION

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GIFT A PENSION





WHAT IS GIFT-A-PENSION?

It is the first e-commerce platform for financial inclusion in the world. It aims to deliver an integrated social security solution, including pension, life insurance and health insurance, to India's 35-millionplus domestic workers through the Internet.

WHAT ARE THE FEATURES?

Anyone aged between 18 and 55 years can open the account which falls under NPS-Lite Swavalamban account. On turning 60, the savings in the NPS-Lite account are paid back as a monthly, life-long pension. Pre-retirement withdrawals are not permitted. Everyone is also provided a term life insurance cover of `30,000 through SBI Life Insurance at an annual premium of `135-345

WHAT ARE THE CHALLENGES?


Tiny savings, high volume, irregular deposits and poor financial literacy of helps make them unattractive targets for traditional financial firms. Gift-a-Pension has figured out a way to tackle this.

IS IT EMPLOYERS' HEADACHE?


Actually no. Employers have to just help enroll online and pay a onetime fee of `300. Then the help gets a pre-paid Visa-Ratnakar Bank card which can be used at over 2.5 lakh outlets to deposit money. Just like mobile phone recharge, one gets an instant transaction alert via SMS.

WHAT IF A HELP CHANGES JOBS?

The new employer can continue to make the contribution on the help's behalf or the latter can make the payment by herself. Also, there is a multi-lingual helpline: 080-23014545.

HOW SECURE IS IT?

As secure as it can get. The savings are managed by PFRDA-regulated pension funds set up by UTI, SBI and LIC. They invest the savings in the same portfolio as the savings of millions of central government employees. Also, anyone who saves `1000-12,000 a year, gets `1,000 co-contribution a year from the Centre until 2017.

CAN ANYONE OPEN AN ACCOUNT?

Yes. But for the Centre's co-contribution, the person should not be covered by EPFO or any other government pension or provident fund scheme.


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