214329 SIP myths you must know!

The rising COVID-19 cases are weighing on the Indian economy. In the last one year, people have faced challenges on economic and healthcare front. Many lost their jobs and sources of income. Businesses across sectors were affected. In such unforeseen crisis, government came out to assist certain sections of the society. Atal Beemit Vyakti Kalyan Yojana, which comes under the purview of Employees’ State Insurance Corporation (ESIC) has been a part of this assistance. This scheme has now been extended till 30 June.

What is Atal Beemit Vyakti Kalyan Yojana
Atal Beemit Vyakti Kalyan Yojana was introduced by the ESIC on pilot basis for a period of 2 years with effect from 1 July 2018  to provide relief to the insured persons who are unemployed. However, in view of the COVID-19 crisis, its duration has been extended from 1 July 2020 to 1 June 2021.

Benefits of Atal Beemit Vyakti Kalyan Yojana
Under this scheme relief in the form of cash compensation to the extent of 50 per cent of the average per day earning is paid up to a maximum of 90 days of unemployment. The employee should have completed two years of insurable employment and should have contributed not less than 78 days in each of the four consecutive contribution periods immediately preceding to the claim of the relief.

Claim shall become due 30 days after date of unemployment. Earlier this period was 90 days.
The claim of the insured person need not be forwarded by the employer. The claim may be submitted in the prescribed claim form duly completed online or directly to the branch office.

If you lost your job during the lockdown and are employed right now, you can still benefit from this scheme.

Only those who lost their jobs between March 24, 2020 and December 31, 2020 are eligible for this scheme.