of Overseas Indian Affairs has introduced a Pension and Life Insurance
fund scheme called Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)
for the Overseas Indian workers having Emigration Check Required
objective of MGPSY is to encourage and enable the overseas Indian
workers by giving government contribution to:
• Save for their Return and Resettlement (R&R)
• Save for their old age,
• Obtain a Life Insurance cover against natural death during
the period of coverage.
The government contribution available under the MGPSY is for a
period of five years or till the return of subscribed worker back
to India, whichever is earlier.
main attractions of MGPSY are:
• Government contribution of Rs.1,000 per annum in line
with Swavalamban platform for all MGPSY subscriber who save between
Rs.1,000 and Rs.12,000 per year in NPS-Lite.
• An additional government contribution of Rs.1,000 per
annum by MOIA for the overseas Indian women workers who save between
Rs.1,000 to Rs.12,000 per year in NPS-Lite.
• A special government contribution of Rs.900 by MOIA towards
Return and Resettlement (R&R) of the overseas Indian workers
who save Rs.4,000 or more per annum.
GANDHI PRAVASI SURAKSHA YOJANA (MGPSY) - Brochure