Government Sponsored Socially Oriented Insurance Schemes - India

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For the well-being and safeguarding the health and wealth of the citizens of the country, the Government of India has launched various insurance policies. These are as follows:

Government Sponsored Socially Oriented Insurance Schemes

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

  • This policy is for people in the age group of 18 to 50 years having a bank account.
  • The life cover of Rs. 2 lakhs in case of death of the insured, due to any reason is provided for the period of one year from 1st June to 31st May and, is renewable.
  • The premium of Rs. 436 per annum is auto-debited from the insured’s bank account on or before 31st May of each year.
  • This policy is provided by LIC and all other life insurers who are willing to offer the product on similar terms with necessary approvals

𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐭𝐨 𝐦𝐲 𝐘𝐨𝐮𝐓𝐮𝐛𝐞 𝐂𝐡𝐚𝐧𝐧𝐞𝐥 𝐭𝐨 𝐥𝐞𝐚𝐫𝐧 𝐏𝐲𝐭𝐡𝐨𝐧 𝐚𝐧𝐝 𝐒𝐐𝐋 𝐟𝐨𝐫 𝐀𝐜𝐭𝐮𝐚𝐫𝐢𝐞𝐬
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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • This policy is for people in the age group of 18 to 70 years having a bank account.
  • The risk coverage under the scheme is Rs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.
  • The premium of Rs. 20 per annum is auto-debited from the insured’s bank account on or before 31st May of each year.
  • This policy is offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals.
Life Cover under Pradhan Mantri Jan Dhan Yojana (PMJDY)

  • This yojana sets out to provide a basic bank account to every family, which will come with a RuPay debit card with built-in accidental insurance cover of Rs. 1 lakh.
  • Additional benefit of life cover of Rs. 30,000 to those subscribing to a bank account with a RuPay debit card before 26th January, 2015.
  • The scheme aims to provide security to families from economically weaker sections who cannot afford direct purchase of such insurance and the premium of life cover is borne by the Government of India.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

  • To protect the elderly persons aged 60 and above against a future fall in their interest income due to the uncertain market conditions and to provide social security during old age, a simplified scheme of assured pension of 8% is launched through LIC.
  • On the payment of a lump sum amount of minimum Rs. 1,50,000 for a pension of Rs. 1000/- per month to a maximum Rs. 7,50,000 for a pension of Rs. 5000/- per month. Subscribers will get an assured pension based on a guaranteed rate of return of 8% per annum, payable monthly.

Pradhan Mantri Fasal Bima Yojana (PMFBY)

  • PMFBY provides a comprehensive insurance cover against crop failure thus helping farmers to earn a stabilised income.
  • The scheme covers all food & oilseeds crops and annual commercial/horticulture crops for which past yield data is available and for which requisite number of Crop Cutting Experiments (CCEs) are conducted under General Crop Estimation Survey (GCES).
  • The scheme is implemented by empanelled general insurance companies.
  • Selection of Implementing Agency (IA) is done by the concerned State Government through bidding.
  • The Scheme is compulsory for loanee farmers availing Crop Loan/KCC account for notified crops and voluntary for others.

Restructured Weather Based Crop Insurance Scheme (RWBCIS)

  • Weather Based Crop Insurance Scheme (WBCIS) aims to mitigate the hardship of the insured farmers against the likelihood of financial loss on account of anticipated crop loss resulting from adverse weather conditions relating to rainfall, temperature, wind, humidity etc.
  • WBCIS uses weather parameters as ‘proxy’ for crop yields in compensating the cultivators for crop losses. Pay-out structures are developed to the extent of losses deemed to have been suffered using the weather triggers.
  • The claims process starts once the weather data is received. Claims processing is strictly as per the insurance scheme provisions.
  • All standard claims are processed and paid within 45 days from the end of the risk period.

𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐭𝐨 𝐦𝐲 𝐘𝐨𝐮𝐓𝐮𝐛𝐞 𝐂𝐡𝐚𝐧𝐧𝐞𝐥 𝐭𝐨 𝐥𝐞𝐚𝐫𝐧 𝐏𝐲𝐭𝐡𝐨𝐧 𝐚𝐧𝐝 𝐒𝐐𝐋 𝐟𝐨𝐫 𝐀𝐜𝐭𝐮𝐚𝐫𝐢𝐞𝐬

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