AWARENESS TALK ON PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY) ( Extra Curricular )

Oct 06 , 2023

Research Department of commerce organised an awareness talk to faculty.

As a part of financial literacy program, the Research Department of Commerce organised an awareness class on PMSBY for faculty members of the college. One faculty from each department attended the program. The class was conducted as an initiative of the commerce department to provide 100 percent accident insurance coverage to the students of the entire college. The resource person was Mr Johnson P Louis who was the Financial Counselor of Ashwas Financial Literacy Centre, Irinjalakuda and retired Asst.Vice President of Federal bank. The Financial Literacy Centre is an offshoot of the Reserve Bank of India directive to banks as a part of financial inclusion initiative. The main objective of the Centre is to impart knowledge to public especially rural and lower level about financial planning, inculcate savings habits and create awareness about financial products, alternate banking channels and thereby to achieve meaningful financial inclusion. The classes are taken by Financial Literacy Councilors to Gramasabhas, school/college students and faculty members, agricultural labourers and other labour classes etc.

The program started by invoking the blessings of Lord Almighty. Ms Amritha Thomas, NSS coordinator & Assistant Professor of Research Department of commerce offered the formal note of welcome. Johnson sir explained various investment avenues available namely mutual funds, LIC, Real estate, Post office, various pension schemes of central government, Share market, Recurring deposit etc. He gave a brief introduction of various loans that can be availed especially gold depository loan and talked about Sovereign gold scheme. He emphasized that investment should be made according to goal. He also gave tips on how to plan expenses and how to save expenses. According to his opinion, 30 percent of income is to be saved and 70 percent for loan and other expenses.

Then he explained about various insurance schemes available for working employees as well as retired persons. PMSBY is an accident insurance scheme offering accidental death and disability cover for death or disability on account of an accident of Rs 200000. It is for one year and automatically renewable from year to year. The PMSBY age limit is 18-70 years and those who hold bank account. The yearly premium excluding service tax is Rs 20, automatically deducted from the scheme holder’s bank account. It is most beneficial for less fortunate people or for BPL families. The blank application forms and brochures were distributed among faculty members and the details to be filled in the form were explained.

The session ended with a formal vote of Thanks by Ms Remya S, HOD, Research department of commerce. Around 20 faculty members from various departments of the college attended the session and it helped to gain a thorough insight on need of saving, investment avenues, insurance schemes available and the procedures to be followed while availing loan.