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pc: asianetindia.com

Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)

Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)

The Ministry of External Affairs (Govt. of India) introduced the Mahatma Gandhi Pravasi Suraksha Yojana for Indians working abroad. This is a pension and life insurance fund scheme for overseas workers who have Emigration Check Required (ECR) passports.

Encourages people by giving government contribution to:

  • Save for their Return and Resettlement (R & R)
  • Save for their old age
  • Obtain a Life Insurance Cover against natural death during the period of coverage

Eligibility:

  • Overseas Indian workers with ECR passports
  • He / she should be between the age of 18-50 years

Benefits:

  • Pension in old age
  • contribution of Rs. 1,000 per annum in line with Swavalambam platform for all the MGPSY subscribers who save between Rs. 1,000 – Rs. 12,000 per year in NPS-Lite
  • An additional contribution of Rs. 1,000 per annum by MOIA for women workers who save between Rs. 1,000 – Rs. 12,000 per year in NPS-Lite

How to Apply:

The beneficiary may approach one of the following service providers:

Bank of Baroda, State Bank of Travancore, Indian Bank, IFMR Rural Finance Services (P) Ltd., ESAF Microfinance and Investments (P) Ltd., Alankit Assignments Ltd., Canara Bank, Corporation Bank

For offline application: Click Here

Instructions for filling the form: Click Here

Availability:

The scheme is available for a period of 5 years or till the return of subscribed worker to India (whichever is earlier)

For More Information: Click Here

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