There are several pension schemes that help people during their hard times. On April 1st 2020, the West Bengal government introduced the scheme to assist all the impoverished people of the state as the 'Joy Bangla Pension scheme'. It is generally explicit as 'WB Joy Bangla Pension Scheme' and is initiated into two stages. These two stages of the scheme support back-end with the aim of providing assistance to socially backward society such as Scheduled tribes and Scheduled caste.
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The scheme that was introduced for the Scheduled Caste or SC category is called the Taposali Bandu pension scheme, whereas the category of Scheduled Tribe is called Jai Johar Scheme. It mainly aims to provide security to the poor people and uplift a socially backward society.
To get the advantages of the Joy Bangla Pension Scheme, a person has to satisfy some guidelines that will make them eligible for the retirement scheme. Here are the criteria that have to be met by a person to claim the benefits.
The scheme of Joy Bangla Pension holds specific features that are associated with the welfare of the state people. Here are some of the features of the scheme:
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The Joy Bangla Pension scheme offers several benefits to the backward community.
In case of the beneficiary candidate's demise, the Joy Bangla Pension provides an option for the nominee to be benefited. The pension officials will take the necessary steps.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
In the process of applying for the scheme of Joy Bangla Pension, there is a list of documents required to be submitted:
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Step 1: Visit the West Bengal Government website for this scheme and download the application form.
Step 2: Take a printout of the application form.
Step 3: The application forms will also be available in the nearby government offices.
Step 4: Fill in the details required, like the type of scheme to be availed, name of the beneficiary, personal Details, income Details, and Contact Details.
Step 5: Check the list of documents to be enclosed and attach a photocopy of them.
Step 6: The completely filled application can be submitted in the government offices that are listed below in accordance with the residential area of the applicant:
Step 7: There are some points that are to be kept in mind by the applicant while filling the form,
Step 8: Once the application has been submitted, the following steps will be carried out to ensure the eligibility of the applicant and offering the required funds according to the scheme of Joy Bangla Pension.
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A1. Yes, it is essential that the applicant needs to have an active bank account. The pension amount will be credited every month only when the applicant has a bank account of their own.
A2. No, the Joy Bangla Scheme is a pension scheme. Persons who are aged above 60 years belonging to the scheduled caste and scheduled tribe are eligible to apply for the scheme. In addition to them, widows and PwD can apply as well.
A3. Yes, the applicant has to submit certain photocopies of documents such as bank passbook, caste certificate, voter id, Digital ration card and some more essential documents.
A4. When your application is selected under the Joy Bangla Pension, a monthly payment is paid into your bank account associated with the scheme's registration process.
A5. The application form can be downloaded from the official website, or it is available in the government offices. The applicant can choose between these two options based on their convenience.
A6. Once your pension is sanctioned, the amount will be credited at the first of every month in the bank account provided by the beneficiary.
A7. Yes, you can have a nominee under this scheme.
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*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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