The Government of India has implemented several insurance schemes with the aim of providing financial security to its citizens. These schemes offer life, accident and pension coverage at low premiums.
The central government led by Prime Minister Narendra Modi is introducing many life insurance schemes through nationalized banks and the Department of Posts.
Here is information on which scheme implemented by the Government of India is the best to choose. Especially, there is a chance to get a life insurance of Rs 2 lakh by paying a premium of just Rs 20 per year.
Pradhan Mantri Suraksha Bima Yojana : Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
A one-year, renewable life insurance scheme. It provides insurance cover in case of death due to any reason.
Eligibility: Bank account holders between the ages of 18 and 50 years. If the policy is taken out before the age of 50, the coverage can be extended up to 55 years.
Premium: ₹436 per annum.
Sum Assured: ₹2 lakh (to the nominee in case of death).
Renewal: Renewal through automatic debit from June 1 to May 31 every year.
Tax Benefits: Eligible for tax deduction under Section 80C.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
A one-year, renewable accident insurance scheme. It provides insurance cover in case of death or total/partial disability due to an accident.
Eligibility: Must be between 18 – 70 years of age. Must have a bank account.
Premium: Just ₹20 per annum.
Summary:
For death or total and irreparable disability due to an accident: ₹2 lakh.
For partial but irreparable disability: ₹1 lakh.
Atal Pension Yojana (APY)
A pension scheme focused on unorganised sector workers, providing them with financial security after retirement.
Eligibility: All Indian citizens (not income tax payers) between the ages of 18 and 40. Must have a savings bank account or post office savings account.
Benefits: Pension will be decided based on the age of the person joining this scheme. Moreover, a pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 will be available every month only after the age of 60.
Government Contribution: Eligible subscribers will be given 50% of their contribution or ₹1,000 (whichever is lower) by the central government for a period of five years.
Ayushman Bharat- Pradhan Mantri Jan Arogya Yojana
The world’s largest health insurance scheme. It helps the economically weaker sections (BPL) meet the cost of hospital admission.
Eligibility: Only families identified in the SECC-2011 data will be eligible for this scheme.
Benefit: Cashless health insurance coverage of up to ₹5 lakh per family per year. This will also cover pre- and post-hospitalisation expenses.
Note: There are reports that there are some implementation challenges with the Ayushman Vayo Vandana Yojana, which has been extended to the elderly.
These schemes play a vital role in providing financial and social security to the common citizens of India, especially the weaker sections, at low cost or free of cost.
For more information, you can visit the official websites of the relevant schemes or contact your nearest bank or post office.