mea.gov.in MGPSY Mahatma Gandhi Pravasi Suraksha Yojana : Ministry of External Affairs

Organisation : Ministry of External Affairs
Scheme Name : Mahatma Gandhi Pravasi Suraksha Yojana MGPSY
Applicable States/ UTs : All Over India
Home Page : http://mea.gov.in/
Details Here : https://www.statusin.in/uploads/36541-MGPSY.pdf

MEA MGPSY Scheme

** An estimated 5 Million semi-skilled and unskilled Indian nationals with ECR passports are working across 17 ECR countries.

Related : Procedures for Filing Compensation Claims for Indian Nationals who died United Arab Emirates : www.statusin.in/34515.html

** These workers are largely excluded from formal social security benefits.
** Pravasi Bharatiya Bima Yojana (PBBY), is the only and compulsory insurance scheme available for these workers supported by Government

Objective

1. MGPSY is a specially designed social security scheme launched by the Ministry of Overseas Indian Affairs (MOIA) for overseas Indian workers under ECR category working in UAE and other ECR countries.

2. The scheme is implemented using the existing platform offered by –
** Pension Fund Regulatory and Development Authority (PFRDA),
** Security and Exchange Board of India (SEBI), and
** Insurance Regulatory and Development Authority (IRDA) regulated products as per their institutional architectures.

3. The scheme demands for an integrated enrolment process for the subscribers who will be issued a unique MGPSY number upon enrollment.

Benefits in MGPSY

** Pension in old age through investment in PFRDA regulated NPS Lite
** Savings for Return & resettlement (R and R) by investment in a SEBI regulated UTI MIS scheme

** Free Life Insurance cover against natural and Accidental death during the period of coverage under Janashree Bima Yojana (JBY) of LIC

Government Co-contribution in MGPSY

** Rs.1,000 per annum per subscriber by Ministry in line with Swavalamban platform for all the subscribers who save between Rs.1,000 and Rs.12,000 per year in their NPS-Lite account;

** An additional co-contribution of Rs.1,000 per annum by Ministry for overseas Indian women workers who save between Rs.1,000 and Rs.12,000 per annum in NPS-Lite; and

** An annual co-contribution of upto Rs 900 by Ministry to each eligible subscriber who save Rs 4000 or more per annum towards Return and Resettlement
** Insurance to subscriber under MGPSY if free

Eligibility Criteria in MGPSY

** Indian Nationality
** ECR Stamped Passports
** Age between 18 & 50 years
** Emigrating or have already emigrated overseas on valid employment and contract Visa’s with necessary PoE Clearance

Nature of Scheme

** MGPSY is a voluntary scheme. The subscriber can join this scheme on his/her own discretion.

** MGPSY offers all the three Partner schemes in the form of a package not in isolation. Subscriber have to opt in all three partner schemes if he wishes to subscribe in MGPSY.

** Registration in MGPSY will stand cancelled if subscriber fails to get register in any of the three sub scheme.
** Government will co- contribute for a period of five financial years or till you return to India, whichever is earlier

Procedure to join MGPSY

For enrolling under MGPSY, Subscriber can approach –
** Any MGPSY Service Provider enrolment centre nearest :
i. City
ii. POE offices in India /Indian mission offices in ECR countries.

** Subscriber would need to fill up/Sign the prescribed integrated MGPSY application forms, KRA, SI/ECS mandate and provide KYC proof (Passport copy) along with 3 passport size photograph and necessary eligibility criteria proof.

** To join this scheme, s/he must have a valid bank account.
** Subscriber must provide details of atleast one nominee.