Eligibility of the Scheme Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)

Eligibility of the Scheme Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)

Be a citizen of India. Have an ECR passport. Be employed in a foreign country. Have a monthly income of at least Rs. 10,000....

Benefits of Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)

Financial security in old age: MGPSY subscribers can accumulate savings for their old age through the NPS Lite scheme. The government also contributes to the savings, up to a maximum of Rs. 1,000 per year. Financial assistance to families in case of death: MGPSY subscribers are covered by a life insurance policy, which provides financial assistance to their families in case of the subscriber’s death. The death benefit is up to Rs. 2 lakhs. Help with return and resettlement in India: MGPSY subscribers can use their savings to help them return to India and resettle. The government also provides a one-time grant of Rs. 5,000 to help with return and resettlement. Tax-free benefits: The benefits of MGPSY are tax-free. This means that subscribers do not have to pay any taxes on their savings, the government’s co-contribution, or the death benefit....

Important Points Related to Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)

The scheme was launched in 2013. The scheme is administered by the National Insurance Company Limited (NICL). The benefits under the scheme are tax-free. The scheme is open to OIWs who have an ECR passport and a monthly income of at least Rs. 10,000. The subscriber can contribute Rs. 100 per month or they can pay a single premium of Rs. 20,000. The benefits under the scheme include pension, life insurance, and return and resettlement....

Why the Scheme was closed in 2018 and again restarted in 2022

MGPSY) was closed in 2018. The government decided to close the scheme due to low subscription rates. As of 2018, only about 100,000 people had enrolled in the scheme, which was well below the target of 1 million subscribers....

Key Changes in Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) Scheme:

The contribution rates have been reduced. The benefits have been enhanced. The scheme is now open to OIWs who have an ECR passport and a monthly income of at least Rs. 5,000....

FAQs on Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)

Q. What is the maximum amount of money that can be claimed under MGPSY?...